MADRID, 22 Oct. (EDITIONS) -
Turning 16 years old is usually the gateway to a card for minors in the vast majority of banks with which they can pay in shops or withdraw money at ATMs. However, there are some who advance the age at which this product can be obtained at 14 years.
In this way, minors over the age of 14 will be able to access a card as long as they are managed by their parents or guardians.
They can be debit cards or prepaid or wallet cards, they allow them to enjoy discounts in leisure and shops and parents have to have total control over them.
WHAT TYPES OF CARDS FOR MINORS CAN BE CONTRACTED?
There are two types of cards for minors:
- Debit: are those that, linked to a bank account, allow the payment of a purchase and the withdrawal of money from an ATM.
- Prepaid: are those that, when recharged with an amount of money, prevent the minor from spending even one euro more than what is included in it, that is, they can only use what has been entered on the card.
WHAT DOCUMENTS ARE NEEDED TO OBTAIN A CARD FOR MINORS?
Parents are the ones who can request a card for minors. Although the documentation to be presented may vary depending on the bank, the most frequent is that the following documents must be provided:
- DNI of the legal representative (father, mother or guardian).
- DNI of the minor.
- Family Book.
ADVANTAGES AND BENEFITS OF CARDS FOR MINORS
- They're free. In most cases they do not have associated commissions.
- They allow you to make purchases in physical stores and, in some cases, pay for them using your mobile.
- You will never run out of money. In an emergency, the young person will be able to withdraw a small amount at an ATM.
- Promotions and discounts. They include promotions related to services such as travel or products such as purchases in different themes such as cinemas, exhibitions, etc.
- Insurance. They usually incorporate free travel or accident insurance.
- Own apps. Some banks have exclusive applications for the youngest.
- Parental control. Parents will be able to know all the movements and expenses of their children. They may also limit daily spending or the amount of money to be withdrawn at ATMs.
- You will learn to manage your finances. It will serve as the first steps to learn to administer and manage your money.
CONDITIONS OF YOUTH CARDS
Contracting a card for young people is usually associated with a series of conditions. Some are:
- It is usually an essential requirement to previously open a young bank account.
- Transfers cannot be made. Money transfers between an account for a minor and any other checking account are not allowed until the minor turns 18.
- They don't have Bizum. The Bizum immediate money transfer banking application does not allow its use by minors.
In any case, as with any financial product, before requesting a card for a minor, the recommendation is to compare between different entities and review the particular conditions of each of them.
