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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

> 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 ago
sometimes 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 ago
  many online stores i've seen/used actively block those cards due to fraud/chargeback/etc reasons
- derefr 11y ago
  Every 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 ago
That'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 ago
Activation 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 ago
  Checking 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 ago
    Sucks to be you. My checking account even gives me interest!
  - patmcc 11y ago
    Look at your local credit union - many (not all, sadly) offer a free chequing account.
  - jacalata 11y ago
    In 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 ago
      There 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 ago
  Are 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.
  - superuser2 11y ago
    You could, but then you're still paying fees designed to exploit the unbanked. If the parent is financially secure, they can use that fact to get a free checking account for their child.

gotrecruit 11y ago

sometimes 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 ago
many online stores i've seen/used actively block those cards due to fraud/chargeback/etc reasons
derefr 11y ago
Every 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 ago

That'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 ago

Activation 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 ago
Checking 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 ago
  Sucks to be you. My checking account even gives me interest!
- patmcc 11y ago
  Look at your local credit union - many (not all, sadly) offer a free chequing account.
- jacalata 11y ago
  In 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 ago
    There 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 ago
Are 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.
- superuser2 11y ago
  You could, but then you're still paying fees designed to exploit the unbanked. If the parent is financially secure, they can use that fact to get a free checking account for their child.