Finance

7 Top Debit Cards for Young Adults and Beginners in 2021

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We all get excited when we are going to use the debit card for the very first time, which we have only dreamed about, right? Especially when we are young adults or teens. I still remember my first debit card or prepaid debit card, which I got from our local bank in 1996. Those are the amazing days when I can simply make a purchase even though the bank is closed. I also can easily deposit the money in a very short period of time. Besides, my debit card is quite different compare to today’s cards, which are available for teens. That’s because we can’t get lots of features compared to today’s available card. Okay for now, if you are a younger person who is getting the first debit card of your life, then here we have 7 top debit cards for young adults and beginners in 2021.

Today’s debit cards for teenage offers more flexibility when it comes to reloading fund and to use. It also even charge a minimal fee and allows the best parental control to the card. In fact, the debit cards for teen even offers a free service like to check their account balance through the online and mobile application.

When we talk through the parent perspective, giving children’s a debit card is a good way to teach them how to save money and be responsible person regarding finance. In addition, they will also know the value regarding the actual debt and how to handle it properly.

So, if you are giving your child their first debit card in order to teach them regarding money management, check out the list of top debit cards for younger adults or kids of 2021 down below. But before moving to the main topic, let’s be clear more about the debit card.

What is a Debit Card?

A debit card is a plastic card that is issued by the bank, which is used for payment of a purchase. Your debit card is linked to your bank account, so whenever you make a withdrawal or buy something using your card, then the money will be deducted from your bank account balance.

A debit card is different from a credit card because, in a credit card, you are borrowing money from the bank, and at the end of the month, you have to pay the interest. In addition, you have to repay the money which you have lends from the bank or any other financial institution. But in the case of a debit card, it does not work like that; you don’t have to pay any interest nor have to return back the money; you can only make a purchase as long as you have money in your bank account.

Likewise, if you are running out of money in your bank account, you don’t have any other choice but to add funds to your account. So, you have to be very careful with your spending.

List of 7 Top Debit Cards For Young Adults and Beginners in 2021

As a beginner, these listed debit cards helps a lot to understand the working process of debit card. Besides, when you completely understand the money management process and become a responsible cardholder, then, later on, you can shift to the other cards in the future.

Till then, use one of these debit cards, which are listed below.

FamZoo Prepaid Debit Card [Best for Overall]

FamZoo Prepaid Debit card is considered as the best debit card for young adults, which gives real-time financial education. A card is also a solid option for parents who are looking for a way to help their kids to stay on a budget and how to handle the fund in a responsible way. Likewise, parents also can lock and unlock the card for security purposes – if the card gets stolen, unauthorized purchase, or protect from fraud.

How this card is different from other cards is because of its separate accounts category. A cardholder can divert his money into saving, spending, investing, or giving category, which helps us to manage our money properly.

Another best thing about the FamZoo Prepaid Debit card is that a card doesn’t charge any fee for reloading, overdraft, and ATM. In addition, you even don’t have to pay a fee for direct deposit. Besides, in order to load funds into your account, you can choose many options such as a load from retail stores like Walmart, Rite, Walgreens, 7-Eleven, and more. You also can reload your account via PayPal transfer and with Wells Fargo SurePay.

So, FamZoo Prepaid Card is a one-stop debit card where you can easily manage the fund, make a payment, Share money within accounts, track purchases.

Card Purchase Fee: First 4 cards are free, after that $2 for each card

Monthly Fee: $5.99

ATM Fee: None

Reload Fee: Can charge $6 on different reload method

Akimbo Prepaid Mastercard [Best Budget Card]

Akimbo Prepaid Mastercard is best when it comes to budgeting. It is a Prepaid branded Mastercard, which is widely accepted around the world. In fact, a card is the best choice for those families who has more than one kid in order to manage their separate account. That’s why; akimbo lets you create 5 additional sub-categories for your different children.

You can create a first sub-account for free, and after that, if you add other additional categories, then you have to pay an extra $4.95 for each category. You can transfer your monthly budget to each sub-card at no charge. Besides, Akimbo even makes an app that lets the cardholder to easily manage their all accounts in a single device. That’s very helpful for parents and even for a teen that doesn’t have to go to the bank each and every time to view the card report.

As we talk more about the akimbo app, you can enable and disable your every card and also get a notification if any update has been made in the account. This app feature is very important for those parents who want to monitor their child’s spending.

When we talk about the fee structure, there are not any monthly fees, activation fees, and signature purchases. But it does charge a PIN purchase and ATM fee, which is $.99 and $1.98. In addition, you also have to pay the ATM balance inquires fee, which is $.33.

Likewise, adding funds into your Akimbo card is simple because it accepts Direct deposit, Mobile check deposit, Online bank transfer, and cash reload. So, you can choose any of these options to reload your account.

Besides, what we don’t like about Akimbo Prepaid Card is that if your account is inactive for 12 months, then you need to pay $5.95.

Card Purchase Fee: $4.95

Monthly Fee: None

ATM Fee: $1.98 for withdrawal and $.33 for a balance inquiry

Reload Fee: cash reload fee is $4 – $6

Also read: 7 Best Prepaid Debit Cards of 2020

American Express Server [Best for Cash Back]

American Express Server is the best deal if you are a big spender because you can earn an unlimited 1% cash back on purchases. You can easily add your cash reward to your account and even redeem it in no time. As the card offers a reward system to the users, so you have to be extra careful regarding your spending. Mostly teen overspends in purchase when they have a debit card which is avoiding them to earn the cash rewards.

Just like the above two cards, you can also create 4 different free sub-accounts so that you can separate your money from your primary account. In addition, you can also set up a reserve account, which is just like a saving vault to set a short-term saving. Likewise, American Express Server also has an app that is, even more, easier for you to manage your account.

Besides, American Express Server won’t charge any fee for early direct deposit, and an In-network ATM fee. Cardholders also get fraud protection along with 90-day purchase protection if you make a purchase up to $1,000.

Despite all the features, there is a drawback of a card, which is a monthly fee of $7.95. If you want to balance your fee and also want your rewards, then you have to spend more than $795 each month.

American Express Server also sets a monthly limit on spending, which is $15,000.

Card Purchase Fee: $3.95

Monthly Fee: $7.95

ATM Fee: $2.50 for non-MoneyPass

Reload Fee: $3.95 for cash reload

American Express Server Free Reload [Best for Cash Reload]

Among the other three different versions of prepaid debit card from American Express Server, Free Reload is one of them. This card is the best deal for those who frequently reload their debit card. A card won’t charge a fee if you order it via online, which seems like a good perk of a card. In addition, it also doesn’t require a credit check, so your approval is pretty much guaranteed.

You can reload cash into your card from over 45,000 different locations across the country. Cardholders can even reload the cash from the retail shop – so all you have to do is find a nearby retail shop like Walmart, 7-Eleven, Family Dollar, Rite Aid, Dollar General, CVS Pharmacy, and more. In addition, you can also reload the fund from your bank account.

Besides, there is no fee for loading your card, PIN transaction, In-network ATM withdrawal, and signature purchase transaction. In addition, you also get fee fraud protection (if your card gets stolen), online bill payment, and an early direct deposit.

These are the features that make an America Express Server the best card for teens. However, its monthly fee of $6.95 is kinds of high. But if you frequently reload the cash in your card, then your monthly fee can cost $3.95.

Card Purchase Fee: $3.95 in some retail locations

Monthly Fee: $6.95

ATM Fee: $2.50 if you use non-MoneyPass ATM

Reload Fee: $0 – $3.95

Capital One Money Card [Best for Budget]

Capital One Money is a checking account that was basically created for a teen or young adults. So, it also created a Money debit card, which is so helpful for teens or beginners to understand the meaning of budgeting. An account gives both the parents and teen to access the same account. This means that parents can monitor their child’s transactions and account balance so that you can teach your kid about the money management method.

Cardholders don’t have to pay any monthly fee for using the card neither they need a minimum account balance. Likewise, when you use the ATM service of Capital One Money, they won’t charge any fee at the participating location.

Besides, a card comes with a cash limit – which means if your card gets stolen, then you only lost the money which you had previously loaded into your card. Not only that, but you can also make an online transaction by visiting the official site of Capital One to avoid frauds.

During the refund process, Capital One allows the direct deposit both from the bank and the retail stores such as Walmart.

So if you want to stay on a budget then Capital One Money is the best along with other debit cards that are designed for young adults.

Card Purchase Fee: None

Monthly Fee: None

ATM Fee: None in participating location

Reload Fee: None

BBT&T Debit Card [Best for Checking Account]

BB&T Debit Cards is the best option for those parents or young adults who live in one of 16 states on BB&T location. The good part about the BB&T debit card is that you don’t need to visit the bank to open the account – you can open it via online.

However, teens can’t directly open the account for the BB&T debit card. They must have a legal age which is 18 to 21 years old in the state. If you fulfill the must-have requirements, then you can easily access a debit card.

BBT&T is a visa card, so you have to use the card wherever the Visa card is accepted. When we talk about the free service provided by the card, you can have a free transaction, bill payment, direct deposit, and free ATM withdrawal. A cardholder can also get access to the free mobile banking system of BB&T, which is a lot easier to refund the cash.

For the fee structure, cardholders have to pay $3 for the monthly maintenance and for non-BB&T ATM withdrawal. If you want to replace your card with another, then the charge will be $15, and with express delivery, the charge will be $15.

Despite all these perks, there’s one drawback of the card – you can only access the card in the state within the location of BB&T.

Card Purchase Fee: None

Monthly Fee: $5 or $3 when you load $1,000 in a month

ATM Fee: $3 for non-BB&T ATM

Reload Fee: None

Movo Virtual Prepaid Debit Card [Best for Online Security]

If you regularly make the online transaction or purchase, then Movo Virtual Prepaid Debit Card is the right choice for you. Why? Well, it’s best for online security, which protects your account by creating a secondary account number and keep your primary number safe – other words won’t expose. What this helps us to keep your account number safe from data breaches and hackers.

One of the most important perks about Movo Virtua Prepaid Debit Card is its fee. They won’t charge you any monthly activation fee, and purchase fee. The cardholder also even doesn’t have to pay a fee for using the in-network and out-network ATM during withdrawal. However, if you try to withdraw more money than on your account, then Movo Virtual will charge $1 when ATM decline your transaction process. So, be careful regarding the money to withdraw.

Movo Virtual also lets the cardholder for the direct deposit, PayPal/Venmo transfer, bank deposit, and card transfer at a certain retailer location. But, the refund process can take up to 3 business depending on which method you have chosen.

Besides, the perks there is a drawback of the card – it will charge $4.94 for the monthly inactive behavior. Not only that, but you can also only reload $5,000 in your card, and if you need higher than that, you have no other option than to choose other cards. So, it’s a little bit uneasy for those teen who wants more money in their card.

Above all, it’s a good card among other debit cards that are available for young adults.

Card Purchase Fee: None

Monthly Fee: None

ATM Fee: None

Reload Fee: $.30 if you add cash money from another card

Is It Necessary For Young Adults or a Teenager to Have a Debit Card?

Well, in the world of finance, if you want to let your children conquer over money management, then yes, it’s a good idea to have debit cards for young adults or teenagers. When we use the debit card from the beginning, then in the coming future, we live separately from our parents; it will help a lot back there.

You might be wondering how? Well, let’s be clear with an example. Suppose, if you start using the debit card from when you are a teenager under your parent’s control, you will learn the working mechanism of debit cards. Not only that, but you will also be responsible over money management. You can keep an eye on your spending limitation and of course saving. But if you get a debit card after college or in adult time, it will be hard for you to manage your money. Either this way or that way, you are hurting your bank account because you can’t control your spending.

So, I think using a debit card from the beginning helps a lot to manage our finance in the coming future.

Frequently Asked Questions

Most of the teenager have a question regarding the debit card or a prepaid debit card when they reach a certain age limit. So we have collected some of the most asked questions reading the debit cards for young adults.

Can 14 Year Old or Younger Than That Have Debit Cards?

Well, yes, you can have a debit card if you are 14 or younger, but you must have to get legal permission from your parents to open the account. You cannot directly get a debit card because the banks need a legal document from your parents to ensure that my child is under my supervision.

Should a Teenager Have a Debit Card?

A teenager can have a debit card, but only if their parents allow them to have one. You can get a debit card under the supervision of your parents. If your children want a debit card, then set up the money limitation on the card to avoid overspending.

What is the Minimum Age to Get a Debit Card?

To own a personal account and get a debit card, you have to be at least 18 years old. In addition, you also need a driver’s license, Social Security Number, and State ID. However, if you are younger than that, then you must have to get legal parent permission.

Conclusion

During our research for the top debit cards for young adults and beginners of 2021, we analyze each card in terms of rewards, bonuses, and cashback. So, we finally choose the best one for your first debit card. Besides, all the above-listed cards have their own perks, so you have to choose one of them according to your requirements. And, don’t use multiple cards at the beginning; if you want another card, then; get it after 1 or 2 years.

Use your debit card wisely and be a responsible cardholder to make strong finance. Plus, learn how to keep your money management in the proper track, so that you can control your spending.

At what age did you get your first debit card? And if you have any other problems regarding the debit card, throw them in the comment section down below.

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