I've been debating whether I should get my son, 14 soon to be 15, a Debit Card. He currently gets a weekly allowance, which he uses to buy his lunch, if he doesn't want to eat the school lunch, and for splurges. He has received an allowance for about four years now and has done fairly well with budgeting. Before that he would receive monetary rewards for doing well in school, afterschool and for doing his chores without being asked.
I have checked several area banks and it seems that the only way a teen can get a debit card is if its connected to a Guardian's account. I am hesitant to do so because I would not want to sully my own credit; however, I think it would be a wonderful idea for him to learn how to budget his money while he is at home. A debit card would make it seem more real to him. I would also be able to review the account and step in should I find that he is having issues with the card.
I'm posing this question to all Twitter Moms:
Would you consider getting a debit card for your teen if it was connected to your own account?
If you have already done so, what has been your experience with it? If you haven't, what has stopped you from doing so?
Thanks so much for the info! This Twittermom is having a brain freeze!