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If you give teenagers cash, they can't spend it online. Thanks to KYC rules and bank policies, you have to be 18 to get anything that looks like a credit card.
by superuser2 11y ago
If you give teenagers cash, they can't spend it online. Thanks to KYC rules and bank policies, you have to be 18 to get anything that looks like a credit card.
Best plan for teenagers is a joint checking account (dedicated to the child's use) at your bank, with a debit card they can use for day-to-day spending. You can do allowance, etc with transfers, and most bankd will play ball as long as one person on the account (the parent) is 18.
- w1ntermute 11y ago> If you give teenagers cash, they can't spend it online. Thanks to KYC rules and bank policies, you have to be 18 to get anything that looks like a credit card. What about those prepaid cards you can buy for cash at B&M stores? I'm pretty sure you can use those online.
- gotrecruit 11y agosometimes those cards don't work for some online stores because there is no address associated with the card, so card verification systems may fail.
- pki 11y agomany online stores i've seen/used actively block those cards due to fraud/chargeback/etc reasons
- derefr 11y agoEvery time I've bought one of those cards, it has me go to a website to register/activate it (set a PIN, associate it with my email address+password, and most importantly, assign it an address and phone number) before it'll work.
- mafuyu 11y agoThat's what I used in high school, but they're not very good value. You'd often need to pay a few bucks in fees just to use a $20 prepaid Visa card.
- superuser2 11y agoActivation requires you to (pretend to) be 18, AFAIK. Also they have quite hefty fees; a checking accout is free as long as you don't overdraft.
- smnrchrds 11y agoChecking account are free? Well, chequing accounts are not :( Among the downsides of being in Canada is paying higher prices for anything that is not health care.
- Navarr 11y agoSucks to be you. My checking account even gives me interest!
- patmcc 11y agoLook at your local credit union - many (not all, sadly) offer a free chequing account.
- jacalata 11y agoIn the US most bank checking accounts have a monthly fee which is waived if you meet certain conditions, like maintain a minimum balance (I think mine was $1000) or get an automatic direct deposit at least 2 times per month of $250 or more - these would be hard to meet for a childs account. Credit unions are usually free though.
- superuser2 11y agoThere is usually a "relationship waiver" that eliminates the fees on all the accounts you're party to as long as you have enough total wealth parked with that bank.
- derefr 11y agoAre people also not technically allowed to use a prepaid credit card registered in someone else's name? A parent could activate the card and then give it to the child.
- finnn 11y agoI had a debit card linked to a bank account well before I was 18, which I used to buy all sorts of things from the internet. Prior to that, when I purchased my first domain and paid shared web hosting in early high school, I remember buying a prepaid gift card which I used to make the purchase.
- benjiweber 11y agoWhy can't you use the debit card online? I had a debit card at 14 that I could use online (UK)
- mynameisjohn 11y agoWells Fargo gave me an account incl. debit card at 16.
- gambiting 11y agoIn EU you can have a visa debit/mastercard debit card when you are 13 upwards.