I have a platinum check card from my bank with a $2500 single purchase limit heh....and I'm 16.
I'd say that it's better than a credit card because first you have to be approved (minimum age is probably 18) and you can't get into debt with a check card. It doesn't build credit rating though so that might be something to consider. It's basically a credit card (accepted anywhere Visa is accepted) but you use money from your checking account instead of loaning it from the bank. Good way to steer clear of bad habits. I doubt I will go into debt though, both my parents practice very good spending habits and they always pay in full.
The only advantage I can think of versus a CC is that a check card has no limit. You can spend as much money as you want in a month (there is a single purchase limit of course).
Why do people get cash cards anyway (not check card)? My dad has an Amex Gold and I don't see the point of it (well besides BVG). The benefits are pretty standard and his Amex platinum probably has most of that too (My Bank of America card has purchase protection (BVG with a lot of hassle), theft protection, damage protection etc). And I don't have to pay an annual fee.
I'd say that it's better than a credit card because first you have to be approved (minimum age is probably 18) and you can't get into debt with a check card. It doesn't build credit rating though so that might be something to consider. It's basically a credit card (accepted anywhere Visa is accepted) but you use money from your checking account instead of loaning it from the bank. Good way to steer clear of bad habits. I doubt I will go into debt though, both my parents practice very good spending habits and they always pay in full.
The only advantage I can think of versus a CC is that a check card has no limit. You can spend as much money as you want in a month (there is a single purchase limit of course).
Why do people get cash cards anyway (not check card)? My dad has an Amex Gold and I don't see the point of it (well besides BVG). The benefits are pretty standard and his Amex platinum probably has most of that too (My Bank of America card has purchase protection (BVG with a lot of hassle), theft protection, damage protection etc). And I don't have to pay an annual fee.