Well, I see one good advantage of a debit card for teens is the parents put in a set amount and that's it, until they add more $. Once it's gone, it's gone and the card won't work.

Another good reason to use it is the kid can't "lose" the money. If the card is lost it can be reported, and the $ is still there.

I think it might be a good tool to help teach a teenager about finances. Especially if the parent reviews the statement w/the teenager each month. They can review past purchases and ask if they were really necessary, etc.

I would definitely have it set so cash couldn't be accessed from an ATM. Otherwise, the kid would probably just take out the cash and be done w/the card.

Anyone else have any ideas about why it's a good idea or not?