Financial independence can start from a young age, especially with the help of proper guidance from the parents and surrounding family. Besides financial independence it is important to cultivate among the youth, also financial responsibility which is no less important. In recent years, children and teenagers demand more independence on many levels, also in the economic / financial field and at the same time, it is more convenient for parents to provide the child with a fixed and limited budget, so that they will not be surprised at the end of the month and at the same time, to allow him to learn to conduct himself within the framework of a budget, to manage the money himself, including Plan expenses in advance, maintain an order of priorities, make price comparisons and even think twice and a third time before purchasing.
Over the past few years, a loaded credit card for children and youth has become more in demand among parents and their children, due to its ease of use and the financial possibilities it provides. Along with the ease of use, the efficiency and the feeling of security that a loaded card gives by its very presence in the child's wallet, parents are able to control and monitor their expenses.
The cards come with security features, such as the ability to block certain types of purchases, set daily spending limits, parents can receive notifications about every purchase made by the children, and so on. We looked at what types of rechargeable cards exist today, what they allow for parents and children and how it works.
What are the similarities between the prepaid cards? Monthly cost card fee - no method of joining - simple and easy process in digital where you can use - in any store including abroad payment method - in Touch, PIN payment, in the Google digital wallet, most of them also in the Apple Pay digital wallet (except for the Post Bank) transfer Funds for the card - digitally, from any bank account (Kal's card allows only from the company's non-bank card that is linked to the child's loaded card) Monitoring of expenses - available and transparent to parents through an app Who can purchase a card for a child?
At the Israel Post, anyone can purchase a loaded card for the child , without the obligation to open an account or issue an additional card to the parent. With Visa Kal and Bisracard, the parent must hold a non-bank credit card of the company in order to be able to issue an additional card for the child. Please note, there may be monthly card fees for the parent's card.
What changes between the loaded cards?
Claim amount limit - NIS 1,500 (Cal), NIS 1,000 (Isracard), NIS 20,000 (Israel Post) Maximum claim amount per month - NIS 5,000 (Cal), NIS 4,000 (Isracard), NIS 30,000 (Israel Post) Maximum accumulated balance - 10,000 Shekel (Kal), 1,000 Shekel (Isracard), 20,000 Shekel (Israel Post) Single top-up cost - 2.90 Shekel (Kal), 5 Shekel (Isracard), 2.5% or 7 Shekel minimum (Israel Post) Maximum amount to withdraw from an ATM - up to 500 (Kal), up to NIS 2,500 (Isracard, but note that there is a maximum accumulated amount, so the actual withdrawal will not exceed NIS 1,000), up to NIS 3,500 (Israel Post) The cost of issuing the card - no cost (Kal and Isracard), a cost of 45-85 Shekel, depending on the type of card (Israel Post)
Merav Spectorovsky Sasson, CEO of the Postal Bank: "The loaded card gives independence to the child, but first of all it gives comfort to the parents. When you top up a card easily by transferring from your mobile, you don't have to worry about cash for the children's various needs, and there is no fear that they will lose the excess.
The 13 year old goes to the mall with kids from class?
The girl orders a pizza with her friends? You can pay with the card in any store or on websites, and the parent can see exactly where and how much the child spent. You can teach the children to manage a weekly or monthly budget for themselves and deposit pocket money regularly. The grandmother can transfer the holiday gift directly to the child's card from her bank's application.
If the card is lost, call every hour to update the hotline and the money is protected, just like with a credit card. These are cards issued by MasterCard and Visa, respected everywhere in Israel and the world, you can pay with Touch, and you can also link them to the Google pay digital wallet. Ordering the card is also simple, as it can be ordered on the Israel Post website or purchased at any of the 400 post offices, without the need to open a bank account and without the requirement to issue an additional card to the parent."
A reloadable card for children offered by Isracard, Netenchik, is available to all Isracard card holders and the card can be ordered through the Isracard app or the website. Amit Sagi, Vice President of Data, Digital and Marketing at Israchart. "This is a valuable tool for parents who want to teach their children about financial responsibility and for young people who want to learn how to manage their money wisely." Netenchik, which was launched last July (2023), is the last in the series of financial products and services from Israchart that are designed to help families manage their money, "Israchart is committed to providing our customers with the financial tools they need to succeed," said Sagi. "With Netenchik, we help families take control of their finances and teach their children about financial responsibility" .
Noya Persol Kaplinsky, Cal's marketing director: "CAL's children's reloadable card provides a 10% cashback benefit on purchases in the leading chains among children. For the parent, the interface is convenient and simple and allows money to be loaded through the app even when the child is already in the store, all with a simple click of a button. In addition, The parent will be able to monitor the child's expenses and block the card if necessary."