Look at me! I’m only 6 and I have my own debit card!

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No cash for a child’s allowance. No worries. Now you can use a phone app to transfer it to their own prepaid debit card!

Questions:
1. What are the latest offerings of cards and apps and how do they work?
2. What are some of the things that parents can use the prepaid debit apps to do for the child cards?
3. What are some of the financial skills that kids can learn with these cards, if used wisely?
4. Are these cards free?

Source:
Carrns, A. (2018). Children’s Allowances in a New Form: Debit Cards Linked to Parents’ Phones. The New York Times, Oct. 5 (Retrievable online at https://www.nytimes.com/2018/10/05/your-money/childrens-allowances-debit-cards-parents.html)