The financial world is changing rapidly, and the new generations are not far behind. In Spain, more and more children and young people are choosing to use bank cards to manage their expenses. This phenomenon, which may seem advanced to some, is actually a tool that promotes financial education and economic independence for teenagers. But what options are there and which is the most suitable for pre-university and university students? Here we tell you.
What are the advantages of having a bank card for minors?
Cards for minors are designed to teach teenagers how to manage their money safely and responsibly. Although parents must supervise their use, these cards are a great opportunity to introduce young people to the world of personal finance. From covering leisure activities to buying school supplies, these tools allow them to balance necessary expenses with everyday pleasures.
Banks usually offer these cards from 14 years of age, starting with prepaid or purse cards, which allow parents to allocate a fixed budget and avoid the risk of overdrafts.
Key features of cards for minors
When it comes to juniors, financial institutions often include specific benefits to make the cards accessible and attractive. Some of the most common features are:
1. No fees.
Most cards aimed at minors have no issuing, maintenance or other fees, such as cash withdrawals or foreign currency purchases. This makes them easy to use, especially for those with limited income, such as a monthly allowance.
2. Exclusive discounts.
Many banks offer promotions linked to leisure and cultural activities: discounts at cinemas, theaters, concerts, and even on national and international transportation. This encourages the use of cards in everyday environments for young people.
3. Integration with the European Youth Card.
The European Youth Card, promoted by the autonomous communities in Spain, includes advantages for young people in transportation, educational programs, leisure and more. Some entities issue financial cards that combine the functionalities of this card with those of a bank card.
Types of cards recommended for minors
1. Prepaid cards: the safest option.
Perfect as a first card, prepaid cards do not require linkage to a bank account and allow full control over spending. Parents can charge a fixed amount, ensuring that the child does not spend more than expected.
2. Debit cards: for more advanced control.
For youngsters more accustomed to handling money, debit cards are ideal. These are linked to a savings account or youth account, allowing cash withdrawals and payments in stores up to the available balance. However, it is recommended to set daily spending limits.
How can minors apply?
Minors from the age of 14 can have their own bank card, but they cannot sign up for it on their own. It is up to the parents or legal guardians to manage the process, ensuring that the minor understands the conditions and limits of use. This encourages open communication about finances in the family.
Advantages of using bank cards from a young age
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1. Early financial education: Learning to manage a budget and prioritize spending is an essential skill.
2. Security: Compared to cash, cards allow greater control in case of loss or theft.
3. Ease of online shopping: With the rise of digital commerce, these cards are an indispensable tool.
4. Access to exclusive benefits: Promotions and discounts on services tailored to your needs.
What to keep in mind to avoid problems
– Parental supervision: Accompanying minors in the use of their cards helps to identify bad practices and prevent mishaps.
– Clear limits: Establishing spending limits and encouraging savings are key to responsible use.
– Cybersecurity education: Teaching them to protect their financial data is essential in an increasingly digitalized world.
Bank cards for minors and young people in Spain are more than a payment method; they are a gateway to independence and financial education. Whether you choose a prepaid card to get started or a debit card for more advanced use, the important thing is that both parents and children work together to ensure responsible use. If you are a young person living or planning to live in Spain, explore these options and get ready to manage your finances like an expert. The future is in your hands!
«Content offered by Ibercaja within the Financial Education program in collaboration with Funcas».
