Children payment card for school

A payment card can be both useful and an important skill-building tool for a school-age child. However, whether it is necessary for every child depends on the needs of the family, the lifestyle and the child’s maturity level. Jolita, from “Travel 4 kids”, has been using children’s myTU payment card for school for a year now for her eight-year-old and nine-year-old children – and has already shared their experience.

We have noticed that when the school year has just started, questions about payment cards for children and which one to choose from the ones on the market are very often raised in the parent communication groups. A children payment card for school – which one to choose, is it necessary, is it convenient?

Rasa’s family and their teenage daughter, who have also been using the myTU payment card for almost a year, agreed to share their experience with us.

A children payment card for school- why is it convenient and useful?

• Learning financial literacy: a payment card allows your child to learn how to manage money and budget in practice. The child can learn how to use banking apps, keep track of his/her account balance and learn how to manage electronic payments.
• Security: a payment card reduces the need to carry cash, which reduces the risk of theft and losing money.
• Control and monitoring: parents can track their child’s spending in real time and some cards allow them to set spending limits or block certain categories of purchases.
• Convenience: the child can pay for purchases, services or entertainment without cash. The card can be useful for school trips or to pay for school supplies or cafeteria food.
• Developing independence: having a payment card makes a child feel more responsible and independent.
• Once the child starts school, he/she starts to interact more with peers, attends more activities or events and may have the need to pay with money. In addition, school often organises field trips and requires payment for the school canteen, activities or supplies.

A payment card can help in these situations, providing convenience and security.

However, it is important for parents to make sure that their child is prepared to use the payment card responsibly. And to ensure that their child understands how to use the card safely and how to manage personal finances.

The story of teenager Sandra

Sandra’s mother, Rasa, says that she and her daughter started talking about financial matters when she was just 3-4 years old. Of course, these conversations were easy, so that the child could understand them clearly. The most important topics when talking to her about money were her purchases and how to save the money she was getting from her grandparents and others. Rasa shares her memories: “Before, my daughter didn’t really understand where the money on her card came from. She, like probably many children at that time, thought of the card as an inexhaustible treasure trove with which you could buy, buy, buy and buy, and the money would never run out.

And when a child opens an account and receives a payment card, there is also the realisation that the amount of money in it is limited. Money is available if it is transferred, and when paying for goods, the account balance is reduced by the amount spent.

Sandra’s mother, Rasa, says there were several reasons why she decided her daughter needed a card:

• She would learn financial literacy, be able to save cash gifts for different occasions and plan her purchases.
• The card makes it easy and simple to pay for things.

myTU card for teenagers and schools – why myTU?

Rasa says she was looking for a solution for her daughter that would be convenient for her and her parents to use, and can be linked to her parents’ accounts. Rasa saw an advertisement for the myTU card on the e-diary of the school her daughter attended. At the time, she had already seen several reviews of myTU payment cards on the “Travel 4 kids” website. The family also found out that several friends’ families and their children had myTU cards. These good reviews of myTU led to the decision to order myTU for their teenage daughter.

Rasa praises that she was particularly surprised by the quick account opening. It was nice that her daughter was able to contribute to the creation of her card account. She was able to take care of the purchase of her first card herself. The family also likes the fact that it is very quick to log in to the account on the phone and monitor payments and balances in real time. Every time their daughter makes a payment or transfer, the parents receive notifications. So it’s easy to monitor their daughter’s money spending.

Rasa summarises why she chose the myTU card:

• The myTU free card. There are no additional monthly or annual fees per child.
• The card account is opened quickly.
• Easy to manage, easy to understand card account on your phone.
• Quickly adjust settings – lock the card when your child can’t find it, activate or block cash withdrawals, set a withdrawal limit.
• No extra bank charges when paying with myTU card abroad in a different currency – helping you save money.
• Easy money transfers and debt repayments, especially if friends have a myTU account. Just select the friend, enter the amount and the purpose and press the button. This saves time, without having to search for and type in their account number.

Sandra is looking forward to the day when the myTU card can be linked to the phone payment function, so that payments can be made with the touch of a phone. Because sometimes  card is accidentally left at home.

Parents would like to see a travel insurance service, which is often offered in other banks straight away with the card.

Payment card for a child at school – Rasa’s family and Sandra recommend myTU payment card

Sandra recommends the myTU card for school because:

• It is very easy to transfer and receive money from the account of people who have the same card. (Sandra would like to see more of her friends using this card).
• It’s quick and easy to log in to your card account on your phone.
• You can monitor your purchases, your balance and see if you have enough money in real time.
• You can create an avatar for your profile by logging into your card account on your phone. This is important for children and teenagers when they want to emphasise their image and show their uniqueness.
• You can easily and quickly open a savings account on your card account on your phone – to make your dream come true.

Sandra’s mother Rasa adds to these recommendations:

• It’s easy, convenient and cheaper to use your card to pay for goods and services abroad. Because there are no extra bank charges for different currencies that are used.
• Opening an account and getting a card for your child costs nothing. Unless you lose it and need a new one.
• There are no additional monthly or annual fees for children.
• Easy to manage both your and your child’s accounts.
• Quickly lock the card when needed if your child doesn’t remember where they put it. A bystander, e.g. if they find the child’s lost card, will not be able to use the locked card. Easy and quick to manage functions – cash withdrawals by setting a cash limit, contactless payment by turning it off when going to big events, for security reasons etc.

This article is an original article written by “Travel 4 kids®”. Reproduction and use without permission is strictly prohibited.

myTU is a partner of “Travel 4 kids®”.

Make your everyday life easier by buying gifts with the whole family using myTU Lietuva mobile banking. Parents can conveniently access free financial services and, from the age of 7, open a mobile account for their children.