Visa Buxx

Visa Buxx is a prepaid debit card which is specially designed for parents to give to teenagers. This card gives parents a safe and effective way to promote the development of good spending habits by their teenagers.

Prepaid credit cards can be good financial tools for teenagers

The Visa Buxx card is a prepaid card, not a credit card. The card does not have a credit line. Instead, the card is funded by making deposits to the card called loads. The user of the card can only spend up to the amount of money that has been loaded onto the card.

This prepaid card is designed to help parents in a variety of ways:

• Showing teens how to spend within a budget
• Demonstrating how teens can manage their money
• Allowing parents to monitor how teens spend their funds.

The amount of money deposited onto the card becomes the teen's spending limit. Parents and teens can review spending details online to monitor how the funds are being spent.

The card is funded by the parent, from the parent's account. Parents can add funds to the card anytime. They can also arrange for pre-established amounts of money to be transferred from their accounts for weekly or monthly deposits onto the teen's Visa Buxx card. If the teen is employed, and the teen's employer offers direct deposit, the teen might be able to arrange to have their wages deposited onto their card.

The Visa Buxx card is a convenient way for parents to manage the cash given to their teenagers:

• Easy to load and reload - Parents can deposit money onto the card instead of paying cash to the teen. Funds can be loaded onto the card from the Visa Buxx website or by calling the 800 number on the back of the card. The card can be funded with a:
  • Credit card
  • Check
  • Check card
  • Direct deposit from the parents' or teens' employer
  • Automatic transfer from the parents' checking or savings account
• Cash limits – Parents can set a weekly cash limit
• Usage information – Parents can request email notices showing where the card was used and the amount of the transaction
• Gifts - Parents can authorize additional deposits onto the card by friends and family
• Spending limits – Parents establish spending limits based on the amount of funds they allow to be loaded onto the card. Parents can suspend the card at any time which will keep the card from being used until the parent reactivates the card.
• Service – Parents can review the account either online or by calling a 24-hour customer service hotline
• Safety – The card is protected with Visa's Zero Liability Policy, so the balance on the card will be replaced if the card is lost or stolen.

Teens can enjoy having funds to spend without the hassles of carrying cash:

• Safety – No worries about lost cash. A lost card can be replaced.
• Secure funds – Only the teen whose name is on the card can use the card.
• Convenience – Teens have funds to make purchases.
• Acceptance - Teens can use the card anywhere a Visa debit card is accepted including at retail stores, online and on the phone. Many issuers of the Visa Buxx card also offer a Personal Identification Number (PIN) with the card allowing the card to be used to obtain funds from any ATM that accepts Visa cards.
• Service – Teens can review their account either online or by calling a 24-hour customer service hotline.

Many parents give these cards to teens heading off to college. When teenagers become 18 years old they may be offered credit cards, especially if they are college students. These credit cards may be initially offered with a high APR and a credit limit which increases with card usage. Unfortunately, many teens do not use credit wisely and find themselves with high amounts of debt owed to the credit card issuer. They can quickly max out the credit limit on their card, leaving them without credit to use for key purchases, such as school books. This overlimit credit situation can also become a negative on the teenager's credit report.

The Visa Buxx card can be a convenient way for parents to provide funds to a teenager for a specific purpose such as school books and expenses, living expenses or a special-purpose allowance. The parent can monitor where the card is being used and suspend the card if the teen is not using the card for the special purpose for which the card was intended.

Teens almost always need funds, so an addition to the balance on their Visa Buxx card would be a well-received gift. With the parent's approval, friends and family can add funds to the teen's Visa Buxx card. This can be an excellent way for the grandparents to give money to help pay the teen's college expenses or for other relatives and friends to provide a little extra spending money to the teen.

A Visa Buxx card is not a credit card, so it has no APR. Teenagers can save the interest expenses of a department store credit card or other high APR credit cards that offer credit cards to teens.

The Visa website lists the institutions from which the Visa Buxx card is currently available. You don't need to have an account with these financial institutions in order to sign up for your card. Just use your checking account, check card or credit card to fund the Buxx card. When you are ready to add funds to the card or if you want information about the card's balance, just log into the financial institution's website and look for the Visa Buxx card area.

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