VTB starts issuing children’s bank cards

On the eve of the new Russian school year, VTB bank has offered customers the opportunity to issue debit cards for children from 6 years old. Parents can order an additional children’s card to their VTB Online account for free and remotely configure the limits. The new product will allow the bank’s customers to teach children the basics of financial literacy and how to minimise risks when using cash.

VTB customers can order a children’s debit card for free for children aged 6 years and older. The card is issued as an additional card on the parents ‘ account, which can be debited and topped up. For young people over the age of 14, the product can be ordered as a main card and linked to a separate personal account.

It is very simple to issue a card for a child: customers can order it online at VTB or at a bank branch, choose one of the original design options and specify the address of the bank’s office where it is convenient for the client to collect it.

A child’s card will become a safe alternative to cash for daily expenses for a child. Parents, using the VTB Online mobile application, will be able to manage the limits on the card for children and control their spending.

Children’s cards are also connected to the Multibonus bank loyalty program. For additional cards for children from 6 years old, the remuneration is credited to the parents ‘ account, for basic cards for children from 14 years old – to the child’s account.

Svyatoslav Ostrovsky, a member of the VTB Management Board:
“This year, VTB has focused on the development of products and services for children, youth and pensioners. One of the key innovations was the children’s card – a convenient tool for parents that allows them to control children’s spending and protect the child from the risks of theft or loss of cash. This is especially needed on the eve of the new school year, when students may need funds for daily expenses.

“As a socially responsible bank, this tool gives us the opportunity to instil the basics of financial literacy in the younger generation, to teach them to manage money resources with the help of modern technologies from childhood. It is important that parents can track all the actions on the child’s card online and immediately set spending limits when registering it – this will make the spending process transparent and safe, and children will never find themselves without money and will learn how to manage savings.”