Mastercards are now being aimed at children under 10 years old, even to some as young as eight.
The debit cards, which were created by the company Osper, can be topped up by parents and are being encouraged as a means of teaching children how to manage their finances at a young age.
As there is no overdrafts available on such cards, children can only spend what is in their account and no more.
Parents can control their child’s account through the Osper app, whereby they can also cancel the card if it is lost or stolen.
TV presenter, Davina McCall, has endorsed the initiative, saying: “There’s something about the app and the way it works and how simple it is that just feels safe. To me, that’s really important as a mother. It’s teaching me to relax a bit when it comes to finances and my children.”
Would you consider something like this for your child?