These days credit card organizations are trying especially hard to make sure that catch new potential customers at an early age – and with the Visa Buxx Card, Visa are most certainly leading the way! So, what is the Buxx Card?
Well Visa’s Buxx Card is neither a credit card nor a card, but rather is a prepaid card aimed specifically at teenagers. The card itself can be ‘loaded’, by which parents can add money value to the card, either online or over the phone. Thereafter, teenagers are free to use the card in any outlet that advertises the Visa symbol.
Benefits to teenagers and parents in using the Buxx Card are:
- it develops at an early age an understanding of how the payment card system works, so hopefully your child will not go crazy when they get their first credit card;
- it allows parents to carefully monitor their children’s spending by giving them online access to their account;
- because the child is not responsible for any unauthorized purchases made on the card if the card is ever lost or stolen, the Buxx is safer than carrying cash;
- because of the vast majority of outlet that accept Visa, it is a useful emergency tool to have.
Of course while all of these are true, the card is nonetheless as payment card and sop careful consideration should be given by parents before they decide to let their teenagers have one. That said, because it is a payment card rather than a credit or charge card, your child will not be able to have access to any credit by virtue of having the card and so there has to be something said for the benefits of teaching them financial independence at an early age.
Another gimmick? Possibly; but, judging by the levels of credit card debt today, maybe its something we could have done with 20 years ago!
