Debit Card 101 (Teens & Students) – Is it a good idea??

Adithi Volunteers
Jun 2
3 min read

Not unlimited, unfortunately 😔 but does that mean debit cards are still a good idea? What if I go overboard, Amazon has some really cute shoes and they’re ducks and ---. Let’s talk about it!

You soon

Debit Cards officially are defined as “a payment card that deducts money directly from a consumer’s checking account when it is used” OR basically the cash you own in card form. The money used by a debit card IS YOUR MONEY. And that’s also where it gets dangerous.

You cannot spend more than what’s in your checking account (the account with your own money in it) without getting hefty fees or simply not being able to. As a student, presumably under a guardian’s money, a debit card works if you need to/can satisfy these few things:

First, my queen, love, and also my forever home: Budgeting. It's the core for the rest of your life, because whether you have 1 million dollars or 100 dollars, if you can’t budget it, it’s going to disappear.

NOT your money though

Therefore, Debit Cards are an INCREDIBLE way to practice and LEARN how to budget especially under the safety net of your parents.

Next, it helps with jobs. To get paid, you need some sort of an account for the employer to send you the money. You usually NEED some sort of account usually under your guardian’s name to get the money from the job, which is why if you’re working because you want pocket money, a debit card is definitely the way to go. It also helps with teaching us (teens) to not overspend and even at times, face rejection. I definitely know I have, but it teaches you humility even though it can be a little bit uncomfortable in the beginning.

Lastly, true for all who use debit cards, you CAN’T go into debt and therefore NO INTEREST. There’s no reason to collect up debt when you are so young, making debit cards a really good option. Also there’s minimal fees compared to credit cards because there is no chance of overspending, or having to give minimum payments because all the money is straight from your account.

In summary, if you want to fulfill the following conditions – go debit card, if not consider other options 🙂 (which btw you should stay tuned for in our blogs to be discussed)

Learning to budget/save
Wanting to get a “traditional” job that needs a connecting checking account
Wanting no debt or no interest

Let’s talk setting up a debit card though:

As a teen (those under 18) most checking accounts need to be set under your parents which means you have to go through their bank. Most of the time you will need a birth certificate, Social Security Numbers of both guardian and kid, driver’s license, and proof of age. However, these requirements may vary per bank, so please be sure to check with their website.

Debit Cards should not be feared as much as they are as they are an AMAZING tool to learn the ropes of just having money in your hands. A big lesson I learned from having a debit card is just how EASY it is to go overboard, especially when you aren’t constantly being able to see your balance, unlike with cash or coins. It also is much more digital, meaning that the feeling of spending money slowly goes away, but comes back after some time.