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Do student debit cards have an inbuilt budget function?


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Written on: 11.11.2009 [12:45]
August
August
Topic creator
Posts: 2
I'd like to get a student account and I've heard that student debit cards sometimes offer a budget function, i.e. you can set a limit on your spending for the month. Is this function inbuilt for all cards or do you need to request it? And if so which banks offer it?

Written on: 15.11.2009 [01:36]
Justin
Justin
Posts: 8
Most student accounts come with regular debit cards. There are other 'prepaid debit cards' available for young people which allow their parents to set a budget / limit and control their spending. I'm sure you can organise a similar thing for your own account. Prepaid cards are available from Virgin, Freedom, Cashplus and other companies, as well as several banks. A prepaid card could be 'charged' with money from your debit account and then used as your regular card, preventing you from exceeding a limit you set yourself. Of course, since you'd be in charge of your own finances you can top up the card whenever you like, but this alone will make you more conscious of how much money you are spending, and reduce the chance that you'll make a lot of impulse purchases. Are you worried about getting into debt?

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