Answers to commonly asked questions about Visa Buxx.
Visa Buxx is a prepaid, reloadable Visa card created especially for teens. Visa Buxx makes it easy for parents to teach teens how to create a budget, manage money, and shop wisely. The card can be used everywhere that accepts Visa debit cards - that's millions of locations worldwide. Parents enroll their teen in the program and can also monitor their teen’s spending; parents set the spending limits by the prepaid amount loaded on the card.
The prepaid Visa Buxx card looks similar to a Visa credit card; both have the Visa trademark and hologram. And merchants accept it just like any other Visa debit card. But Visa Buxx cardholders don't have a credit line; teens are allowed access only to the prepaid amount of money that's on the card. And just as with a debit card, the money is automatically deducted from the account.
The Visa Buxx prepaid card helps put an end to last-minute ATM trips and constant requests for money. With easy loading options--online, telephone, and automatic--combined with parental controls like spending limits, the Visa Buxx card makes it easy for you to provide your teen with spending money while teaching them financial responsibility.
Visa Buxx enables you to monitor spending, and it's safer than cash, because Visa protects you and your teen if the card is ever lost or stolen. Also, it gives your teen the freedom to use it everywhere that accepts Visa debit cards. Visa Buxx is perfect for schoolbooks, supplies, music, food, and travel, and it's great for peace of mind in case of emergencies.
When cash is lost, it's gone forever. But if a Visa Buxx card or card number is ever lost or stolen, you're protected with Visa's Zero Liability policy. Your teen's card will be replaced and the balance will be transferred to the new card. The replacement card usually arrives in five to ten business days. Financial institutions that offer Visa Buxx may have their own guidelines on how they fulfill the replacement card. Be sure to check your terms and conditions when you apply.
3 Visa's Zero Liability policy does not apply to certain commercial card and anonymous prepaid card transactions or transactions not processed by Visa. Cardholders must use care in protecting their card and notify their issuing financial institution immediately of any unauthorized use and for additional details.
Automatic loading is a convenient way to set up allowances or budget how much money is given to a teen. Every week, once a month, or whenever deemed most appropriate, a pre-selected amount can be transferred from your credit card, debit card, or checking account to your teen's Visa Buxx card. It's quick and easy, and helps take the stress out of giving teens cash. Please note that when loading from your checking account, the transfer may take five to seven days. Contact your financial institution to set this up. Make sure you confirm completion of transfer before your teen tries to use the funds.
Visa Buxx supplies teens with an account history, so they can keep track of purchases, get a card balance, and find important financial information and tips. Teens can access their account history at the financial institution's Visa Buxx website.
Yes, you determine how much money gets loaded on the card, as well as when and how the card is loaded. You also can log on to the financial institution's Visa Buxx website to review your teen’s spending and suspend the account at any time, for any reason. In this way, the Visa Buxx card offers teens financial independence within safe, comfortable, and structured limits.
You can review your teen's account anytime to see how much they are spending and where they are spending it. And you can discuss with their teens how and where the card can be used. Together, you can agree on the best places to shop. But even more important is talking to your teen about money and what you expect from them.
Using a Visa Buxx card is a first step--and a big responsibility--for your teen. When you sign up your teen for their Visa Buxx card, encourage them to review the educational information that is included with each card. Going over the materials together will help to prepare your teen for the real world of managing a budget and using a Visa Buxx card.
You can authorize family members or friends to put gift money on the Visa Buxx card. It's faster and safer than mailing a check or giving cash, and it enables the teen to get what they want. After you've completed the initial sign up with your financial institution, a gift-giver is automatically provided with instructions on how to go to the financial institution's Visa Buxx website and add a gift to the Visa Buxx card.
The Visa Buxx card is a prepaid card, so spending limits are set by the amount of money parents load onto the card. When a teen makes a purchase with the Visa Buxx card, the purchase amount is deducted from the card balance. When the card balance is low, parents can add money to, or "reload" the card from their credit card, debit card, or checking account. (Note: Transferring money using a checking account can take five to seven days.) Parents can even schedule automatic loading to provide an allowance on a regular basis. It’s a perfect tool for parents and teens to talk about budgeting, spending, and financial responsibility.
Only the teen whose name appears on the card can use the card.
Adding money to the Visa Buxx card is the quick and easy way to make sure your teen has money for everyday uses, travel, and emergencies. Just log on to the financial institution's Visa Buxx website or call the 800 number on the back of the card anytime, 24 hours a day, seven days a week. Remember to verify transfer of funds before your teen uses the card.
Merchants cannot tell how much money is on the card until your teen tries to make a purchase. Any attempt to make a purchase that is for an amount greater than the cardholder’s available balance will be declined. While this does not happen very often, it is important for the cardholder to keep track of their available balance to help avoid this situation. To make a purchase greater than the balance on the card, your teen can use a second payment method (cash, check, or a credit or debit card) in combination with the Visa Buxx card. It’s okay for the card to fully deplete funds. If this happens, simply follow the appropriate steps to replenish the card.
Occasionally, a merchant does put an item through without prior authorization. If the purchase exceeds the available balance, the cardholder’s account will have a negative balance. In these rare circumstances where an overdraft occurs, you would be notified to load more funds onto the card.
We recommend that teens use the transaction register (similar to a check register) to record all of their purchases and deposits. This makes it easy to keep track of their current balance, and is great practice for having a future checking account. By regularly tracking their activity, your teen will always know how much they are spending, where they have spent it, and how much is on the card. This helps them to understand budgeting and the value of money, and it makes shopping with Visa Buxx easy.
You and your teen can check the card balance by logging onto the financial institution’s Visa Buxx website, or by calling the 800 number on the back of the card.
It is important to know that some merchants such as restaurants and gas stations reserve more money than your teen may actually plan to spend. They do this to cover variable costs, such as tips or a tank of gas. Within three days, the reserve is cancelled and the funds become available again on the Visa Buxx card.
In the case of a stolen Visa Buxx card, either you or your teen should call the 800 number on the back of the card immediately. Remember to always keep your card number in a safe place—you’ll need it for a replacement card. Your replacement card will arrive in seven to ten business days.
As a security measure to protect the teen, a merchant might ask to see a teen’s ID, which could be a school ID or a driver’s license. If the teen doesn’t carry ID, the merchant can match the signature on the back of the card to the teen’s signature on the receipt.
If the financial institution offers it, and you request a PIN (personal identification number) for your teen at the time of application, the teen can use the Visa Buxx card to withdraw cash from Visa ATMs worldwide. Check with your financial institution to see if there is a fee for this service.
Either you or your teen can suspend the account at any time, for any reason. The Visa Buxx card cannot be used again until it is reactivated by the parent. To reactivate the card, simply call your financial institution.
All information given to your Visa Buxx financial institution is secure and strictly confidential. To access the cardholder’s account via the Web, the cardholder’s username and password are required. Once the user is logged in, extra security measures make private information unreadable as it passes over the Internet.
Since the Visa Buxx card does not offer a line of credit, it will not impact the teen’s credit rating. However, if the card is being misused, you can suspend the account at any time.
You can sign up online immediately – get started now at www.buxx.com.
Since Visa Buxx is a prepaid card and not a credit card, it cannot be added to an existing Visa account. In fact, parents don’t even need to be a Visa cardholder in order to get a Visa Buxx card. You don’t have to qualify for a credit card to get your teen a Visa Buxx card.
Each teen in the family is required to have a separate card with their own unique card number. The Visa Buxx enrollment process makes it easy for you to sign up more than one teen at the same time.
You can reach us toll-free, 24 hours a day, seven days a week at 1-866-354-9302, or you can email us at [email protected] We’ll be happy to answer your questions.