Should kids have debit cards? Even 8 year old kids? One company in the UK thinks so, and recently launched the PKTMNY (pronounced “pocket money”) prepaid card for kids.
The PKTMNY card is a prepaid Visa card issued by IDT Financial Services Limited. The product was designed by parents as a way to provide their children with a safe and reliable way to save (and spend) their allowance.
A parent is required to set up the account and can choose several different ways to load or deposit a child’s allowance or other pocket money onto the card. For example, a parent can schedule a weekly or monthly amount of funds to be deposited onto the PKTMNY card from the parent’s bank account (or from a credit card or debit card account).
To make things fun and educational for children, PKTMNY allows parents to set up earning goals and other targets. Parents can use these goals to allow their kids to earn their allowance.
As with all financial products, the use of the PKTMNY card comes with several fees, including an activation fee and a monthly usage fee. Parents will need to do their math before choosing to use this card.