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Should you let your child own or operate a debit or credit card?
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Kids today are more tech-smart than previous generations. But when it comes to finances or money, they may have a lot to learn from elders – especially about the significance of savings. In view of this, it becomes debatable as to whether one should let his/her child own or operate a debit or a credit card on their own.
Legally, some banks in India provide debit cards and bank accounts for kids as a way to instil some confidence in them for handling money and savings. Bank credit cards are not allowed to individuals below 18 years. These days some new fintech companies like are offering prepaid cards for children and these can be used for online as well as offline spending.
Several industry experts say that it would be wise to make the
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