Eight-Year-Olds Can Now Get a MasterCard in the UK
Eight-year-old children in the UK can now have a debit card to call their own, thanks to the Osper Prepaid MasterCard.
According to the Daily Mail, prepaid cards have been available for children 11 and up for some time, but this is the first card to work for someone as young as eight. The idea is to allow parents to load a child’s monthly allowance onto the card, saving the child from carrying cash. It will also give children a chance to manage their money and learn about the fees associated with modern day credit cards so they are prepared for life in a cashless society.
Some critics fear that giving children this young debit cards is going to train them to be “mini consumers.” The only feature that prevents this is the fact that the cards do not have overdrafting abilities. Thus, children must learn to monitor their accounts or have their cards denied for a purchase.
The new Osper card operates much like any other prepaid card, but it is issued in the child’s name, not the parent. UK TV presenter Davina McCall is endorsing the card, much like Justin Bieber did last year with the SpendSmart card in America.