There are a host of credit cards in the UK for teens, and credit cards are a huge part of the way life is today. They are synonymous with how a number of people across the globe are able to pay for their bills on a daily basis. The good aspect though is they come in different ideas.
There are ones that only support certain stores and others that are tailored for teenagers. These teenage type of credit cards are quite crucial to most parents as they can monitor what their children spend money on. Your children will have little wasted when it comes to spending if there’s any at all.
There is a number that has come into the market as of late, but you just can’t go for any of them. You have to sample and find out which one suits your lifestyle and that of your child. Here are some of the best options when it comes to credit cards in the UK for teenagers.
Why a Teen Should Have a Credit Card
First of all, before getting down to which credit cards in the UK you should advise your teens to get, you need to first understand why they need a card. With a credit card, in the event of a crime, the assailants won’t have access to the money. It’s more or less a security measure to have your kids carry a credit card than anything else.
The other main reason that you want your teen to have a credit card is for budgeting purposes. If they carry around cash everywhere, they may be tempted to spend on everything they fancy and you can also track their spending. And, you track their spending in real-time with several mobile apps.
Credit cards in the UK also help build teens’ credit as early as possible. Imagine if you had built your credit when you were a teen; what wouldn’t you have achieved financially?
Type of Credit Cards for Teens
When it comes to teens, the best types of credit cards in the UK they can and should have are the prepaid ones. The postpaid ones, in reality, aren’t even available for them to apply for. The postpaid cards can be a challenge to a teen since having a bottomless amount of cash be a chance to waste.
The prepaid card helps them enjoy certain advantages like online shopping, paying for shows they’d want to attend, and such. They can also use the cards to pay for services at stores on their own.
Here are some of the cards that your teen can get in the UK in 2020.
- Revolut Standard – the first card on this list is the standard card that comes in for free in almost everything you do. There are no monthly or card fees. You only get a fee if you withdraw more than £200 in a month. For more info on the Revolut Standard, visit the website here.
- gohenry – this card is charged at £2.99 per teenager; you, however, get a one-month free trial. All other services such as transactions are free, but when it comes to topping up the card, only one time is free. You can see the charges that apply for a second top-up by visiting this website.
- Revolut Metal – this has got to be the most expensive card in this category. As you have to pay at least £12.99 per month for your teen to enjoy this card. They then get free withdrawals of up to £600 per month; anything on top attracts a fee. For more on the fee of past £600 withdrawal in a month, you can visit the site.
- Suits Me Premium Plus – with this card, you don’t have to pay a card fee, but you have to part with £9.97 per month. You then have free UK transactions and a £1.12 fee for ATM withdrawals. The first load is charged at £9.97. You can get to know more about this card through their website.
- Cashplus Activeplus – for this card, you have to part with a monthly fee of around £5.95. Your withdrawals at UK ATMs will be charged at £2.00 – that’s per transaction. When it comes to loading this card, it is free and you also get 9 free transactions or e-pays per month. For eligibility and how to apply for this card, you should visit the website.
- Revolut Premium – with this card, there’s a £6.99 monthly fee charged to enjoy the services of the card. To load money to this card is free, while when it comes to withdrawals, it is free up to £400 a month, then there’s a fee. To learn more about the fee that is charged and to apply for this card, visit the website.
Finding the right credit cards in the UK for your teen in 2020 is a struggle because there are plenty in the market. However, with this list, you can find out more about the best teenage credit cards in the UK and what fees they charge.
Note: There are risks involved when applying for and using credit cards. Consult the bank’s terms and conditions page for more information.