Would It be stupid for me to get a debit card at 16?

[TJB0000]

Wondering because it seems risky with the $25 overcharge fee.

[liljp617]

If you're not stupid, it's not stupid.  If you have income and have the common sense to not overspend, it's not a bad idea at all.  We're talking a debit card though, not a credit card?  Because a credit card entails even more responsibilities than a debit card and it can have a very negative impact if you're irresponsible with it.

[crazygreen1126]

My 17 yr old sister just got a student checking account with a checkcard (debit) It's not stupid at all.

[rogery]

A debit card is like a credit card with training wheels. It's too easy to transition to a credit card and the potential nightmares associated with credit card abuse, fraud etc. Be VERY cautious with any card, debit OR credit.

[lher0277]

Wondering because it seems risky with the $25 overcharge fee.

I learned the hard way but it can really get out of control real fast if not careful you really gotta be smart with your money and write down every purchase as soon as you buy something because it's really easy to lose track of your money when you buy, buy, buy and think well I got money in my account, because like fusioncash it adds up really fast and by the time you know it you don't have as much as you thought!

[liljp617]

Wondering because it seems risky with the $25 overcharge fee.

I learned the hard way but it can really get out of control real fast if not careful you really gotta be smart with your money and write down every purchase as soon as you buy something because it's really easy to lose track of your money when you buy, buy, buy and think well I got money in my account, because like fusioncash it adds up really fast and by the time you know it you don't have as much as you thought!

I think you would be hard pressed to find a bank that doesn't offer some form of online account management these days.  It's very easy to keep track of your bank account and how much money you have.  There is also the ability to call any day and ask how much money you have left on your debit card.  You really don't have to write everything down and it's fairly simple to not overspend unless you actually have a legitimate compulsory spending issue.

[vlsm23]

Debit card, no; credit card, yes.  With a debit card at least you have a set amount of money that you cant go over & its not like a credit card that you pay back later.  I opened my 1st debit card at 17, back when a $300 paycheck was a pretty sweet amount and bought me some time at the mall 

[debraleesparks]

  Why don't you open a bank account that gives you a debit card ? That way, you are safer. Just put money in your  bank ccount, and use your debit card. You have to be careful with a checking account, because you can overdraw if your not careful, but a savings account debit card  won't let you overdraw, because it only lets you take what's in the account.

[lynnc35]

A savings account at this age seems a whole lot better, and I am not even sure they will let you get a checking account unless a parent or guardian is on there too.
you do really have to be careful, sometimes they got a number you can call to check your balance, but it is important to remember banks can botch this up too. I had miraculously a couple hundred dollars in there, I knew better, that I didnt, so I called the bank and had it straighten out, you really got to watch your acccount, or you can face overdraft fees, or even jail time. Opening a savings puts your money back, for college, or a car, etc. at least you are earninmg money off of it.

[o0tora0o]

It's not risky if you're careful about how you spend your money and make sure you keep track of all of the purchases you make.

If you're really worried about accidentally overspending, might I suggest an Electric Orange account from ING Direct?  It's an online-only account, and you either have to mail in deposits or make transfers from another bank account, but it's 100% free and comes with an overdraft line of credit.  It's the only debit card I have that will actually decline when the overdraft line of credit isn't sufficient for a purchase.  You might need a 'legal' adult to help you open the account, but I highly recommend them.

[duckiegrl]

not stupid at all. just depends on how responsible you are. if you think you can't handle the overdraft fee, then don't get it.

[dmalsbury]

Not stupid at all! Just don't spend money you don't have! And keep careful records of your expenditures! Don't spend money you don't have!!!!!

[dmgsurv22]

only if you have a job. but I would wait as long as possible before jumping into getting debit or credit cards.

[carolinaqt782]

it wouldn't be stupid to get one. i think it would help you learn to be responsible with your money. just be careful with it...but people can make those mistakes at any age lol.

a few words of advice if you do decide to:

i think it's pretty much a standard at a lot of banks, but at mine, they put a $35 overdraft on each charge once you go even a penny over. then, if it's not paid off within a week's time, another $30 holding charge is placed. it can add up quickly, so keep this in mind.

look around at different plans at different banks. i think bank of america has a plan you can tie to a credit card(something i WOULD say is a no-no for you right now), and they will take care of overage charges, as long as you pay what the difference was between the charge and what you had.

a lot of banks are offering student plans. i'm with bb&t, and will be on my student plan until i'm 25.(i'm now 22.) they give you a one-time forgiveness, where you can have one overdraft charge dropped. however, if you make multiple charges while you are already in the hole, they will only take off one of those charges...not ALL of them. this happened with my brother, and he still ended up having to pay around $100.

keep up with your balance really well. most banks have online registers, but the thing is, charges pend for a while a lot of times, and at a lot of banks, charges at places like gas station will only show $1 at a time...so it is easy to forget about what you already paid for, if it's not showing up YET. so writing out a balance and making changes asap after each purchase would be a good idea and help you learn how to stay on top of your money.

sorry to write you a novel, but i think you should go for it. just be responsible with it, and i think it'll be a good thing. good luck!

[AmyTrivitt]

it wouldn't be stupid to get one. i think it would help you learn to be responsible with your money. just be careful with it...but people can make those mistakes at any age lol.

a few words of advice if you do decide to:

i think it's pretty much a standard at a lot of banks, but at mine, they put a $35 overdraft on each charge once you go even a penny over. then, if it's not paid off within a week's time, another $30 holding charge is placed. it can add up quickly, so keep this in mind.

look around at different plans at different banks. i think bank of america has a plan you can tie to a credit card(something i WOULD say is a no-no for you right now), and they will take care of overage charges, as long as you pay what the difference was between the charge and what you had.

a lot of banks are offering student plans. i'm with bb&t, and will be on my student plan until i'm 25.(i'm now 22.) they give you a one-time forgiveness, where you can have one overdraft charge dropped. however, if you make multiple charges while you are already in the hole, they will only take off one of those charges...not ALL of them. this happened with my brother, and he still ended up having to pay around $100.

keep up with your balance really well. most banks have online registers, but the thing is, charges pend for a while a lot of times, and at a lot of banks, charges at places like gas station will only show $1 at a time...so it is easy to forget about what you already paid for, if it's not showing up YET. so writing out a balance and making changes asap after each purchase would be a good idea and help you learn how to stay on top of your money.

sorry to write you a novel, but i think you should go for it. just be responsible with it, and i think it'll be a good thing. good luck!

I agree!!! I think it would be a smart way to show yourself you are responsible with money.