New debit card for eight year olds now available

Credit card for eight year olds

A new company called PKTMNY is offering a prepaid Visa debit card to children aged between 8 to 16 years old which can be used in a restricted range of shops and to withdraw cash.

PKTMNY hopes the card will allow children to better manage money in an increasingly cashless world. Parents will be able to set limits on card use and it has pre-programmed restrictions that prevent children from using it in pubs and nightclubs or to purchase products such as tobacco and alcohol. To get a card, parents have to sign their child up and there is a joining fee of £5 a family, a monthly membership fee of £1 a child, and a cash machine withdrawal fee of 50p in the UK and £2 overseas.

MeCard and Splash already offer cards to youngsters but the typical minimum age to sign up for these is 13. Ofcom recently revealed that 91% of children aged five to 15 in the UK have access to the internet, but PKTMNY founder Mark Timbrell believes children are “being left behind” in terms of using money online. He added: “As a parent I know just how difficult it is to teach children about money, especially as the school curriculum focuses on using cash and visiting banks, neither of which reflect how children see money being used.”

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