The Visa Buxx Prepaid Card has been specifically designed to teach kids how to budget and manage their money. Parents enroll their teen in the program and have the ability to monitor their teen’s spending. The prepaid Visa Buxx card looks similar to a Visa credit card, but it is a prepaid card. The card can be used everywhere that accepts Visa Debit cards.
The Visa Buxx card is a prepaid card that is designed for teens. The purpose of the card is to teach teens how to budget and manage their money with the help of their parents. It’s a prepaid card that allows parents to load money to the card online or over the phone. Parents also can monitor their teens spending, which enables you to work with your teen and review their spending habits. The card offers special benefits to both teens and their parents. Since the Visa Buxx card is a prepaid card, cardholders don’t have a credit line; teens are allowed access only to the prepaid amount of money that’s on the card. When the card is used, the money is automatically deducted from the account.
Spending Limits and Adding Funds
Parents can determine how much money gets loaded on the card and they determine when and how the card is loaded. Parents can also log onto the Visa Buxx Web site at anytime and review their teen’s spending. Parents have the option to suspend the account at any time, for any reason. This is a way for teens to have financial independence but with structured limits. Adding money to the Visa Buxx card is easy and can be done online or on the phone. All you do is log on to the Visa Buxx Web site or call the 800 number on the back of the card anytime, 24 hours a day, seven days a week.
How To Sign Up
Signing up for a card is simple and can be done online. As of today, there are five different banking instiutions that offer the Visa Buxx Card: The PAYjr® Visa Buxx® Card, Sandy Spring Bank, Wachovia, U.S. Bancorp and Navy Federal Credit Union. If you don’t already bank with one of these institutions that’s not a problem because you can sign up for the card through any of them. It is as easy as setting any other electronic fund transfer, such as direct deposit or bill pay. And since you access your Visa Buxx account information online or by phone, you don’t even need to have the financial institution’s branch near you.
Card Benefits for Parents
- Powerful financial education tool because Visa Buxx helps teens learn budgeting through managing the prepaid amount on the card.
- Parental control with online tracking of purchases and spending limits, making it easy to address financial responsibility.
- Safer than cash because if it’s lost or stolen, you are protected. You’ll pay nothing for unauthorized purchases.
- Peace of mind in case of emergencies, while your teen is traveling, or for everyday errands.
- Convenient alternative to running to the ATM every time your teen needs money.
Benefits To Teens
- Independence to make responsible purchases without having to borrow a credit card or carry lots of cash.
- Flexibility to use it everywhere that accepts Visa debit cards.
- Smarter than cash because Visa Buxx enables teens to learn about financial responsibility and managing their own budget.
- Security because only the teen can use the card, and online account information is password protected.
- Always the right gift because parents can authorize family or friends to put money on the Visa Buxx card. It’s faster and safer than mailing a check or giving cash.