BusyKid Spend Card

Our review of the BusyKid Spend Card

BusyKid is an allowance app and banking app designed for children aged 5 to 16. This comprehensive review will delve into the features and benefits of the BusyKid Visa debit card for kids, as well as the spending controls available for parents.

How Does BusyKid Work?

Using the BusyKid app is a straightforward process for both parents and children:

1. Parents set a list of chores for their kids each week.

2. Kids complete the tasks assigned to them.

3. Kids receive payment for completed chores and tasks every Friday.

Once kids receive their allowance through BusyKid, they have various options for spending their hard-earned money. They can choose to use their allowance with the BusyKid Visa Card in-store or online at any location where Visa is accepted.

If your kids prefer not to spend their money immediately, there are alternative ways to utilize the funds within the BusyKid app. Kids can learn the value of giving back by donating a portion of their allowance to charity. Additionally, for those interested in investing, BusyKid offers the option to invest in over 4,000 stocks and ETFs.

Parents can rest assured that a percentage of the weekly allowance is automatically saved each week. Furthermore, parents have the option to match their child’s savings up to 100% weekly to encourage further saving habits in the future.

Easy Funding

Adding or transferring money to a BusyKid account from the parent’s account is a simple process. Allowances provide weekly funding based on completed tasks, while bonuses offer one-time rewards for achievements like good grades or sports accomplishments. Kids can also request money through the app, which is sent directly to their account upon parental approval.

BusyKid also offers family-friendly features through BusyPay™, allowing family or friends to instantly transfer funds to a child’s BusyKid account.

Parental Controls

While BusyKid’s parental controls may be considered somewhat limited compared to other apps, they still offer essential features. Parents can control how money is allocated between Spend, Save, and Share accounts. Additionally, parents have authority over approving card funding, bonuses, and chores. Beyond these controls, children have the freedom to manage their spending within the set boundaries.

Other Benefits

Additional features of the BusyKid subscription program include:

• Access to over 55,000 ATMs
• FDIC-insured accounts up to $250,000
• 30-day Subscription-Back guarantee
• No need to upgrade and no additional cost for BusyKid Investing
• No transaction fees for buying or selling stock
• EMV chip technology
• Mobile wallet compatibility with Apple Pay and Google Pay

The BusyKid card also provides Visa debit protections and benefits, such as Dovly Uplift™ credit score monitoring, ID Navigator Powered by NortonLifeLock, Visa Zero Fraud Liability, and Lost/Stolen Card Reporting.

What Does BusyKid Cost?

The BusyKid program is competitively priced compared to other similar apps. A subscription to BusyKid costs $4 per month, billed annually at $48. This fee covers up to five accounts, matching the offering of the Greenlight Debit Card for kids.

Comparison

What We Love About BusyKid

There are numerous aspects of BusyKid that stand out and make it a valuable tool for teaching kids about finances. Here are some key highlights:

• FDIC-insured bank account up to $250,000
• Low monthly subscription fee starting at $4
• Parental controls for added safety and financial education
• $2,000 per purchase limit for debit card transactions to promote responsible spending
• Access to over 55,000 fee-free ATMs nationwide
• Option for charitable donations with 60 leading charities
• Financial literacy tools to help kids succeed

Things to Consider

While BusyKid offers many benefits, there are certain aspects to consider before opening an account:

• Fees for various transactions, including foreign transaction fees, ATM withdrawal fees, and more
• Card loading limit of $500 per day
• Excessive fees for frequent travelers
• Limited controls for blocking spending

Here’s how the BusyKid Card and app fare in expert reviews:

Should You Get the BusyKid Card?

If you’re seeking a user-friendly financial tool for your kids that also provides essential controls for parents, BusyKid is a solid choice. While some controls may be lacking, the program offers a range of features for just $4 per month. With access to investing, charitable donations, and educational tools, BusyKid stands out as a cost-effective option for parents.

Other Offers to Explore

• Klutch Card
• Current Debit Visa Card: Teach Your Kids About Finances
• Aspiration Debit Card: Pay What’s Fair
• Greenlight Debit Card

Consider the BusyKid Card and app as a safe and practical option for instilling financial responsibility in your children.