Many parents would benefit from a tool that helps them manage their kids’ allowance. Many companies recognized that and created a debit card that allows parents to teach their kids some money management skills. One such option is a GoHenry debit card for kids. Today, we will go over all you need to know about the Busykid Debit Card and an accompanying app that helps parents track how well their children are handling their chores. If you have an arrangement with your kid to earn some chore money, this paid service enables you to deliver allowance funds as they accomplish specific tasks. What is more, the debit card comes with an associated mobile phone app that serves as an excellent teaching tool. It helps kids learn clever and responsible money habits.
What is Busykid Debit Card?
As mentioned, this is an app that provides parents with the opportunity to manage their kids’ allowances based on the chores they complete at home. Parents have an option to deposit allowance regularly or give their kids one-time payments. This app was created by a parent for parents to teach their kids financial responsibility.
With a Busykid debit card, kids can make purchases both in-person and online. Given that children are more in tune with technology now, it is realistic to expect them to handle the “invisible money” well. Also, it will be beneficial for kids to learn to be comfortable with the money they don’t have physically in their hands. Of course, parents always have total control over how much money their kids spend.
Busykid Debit Card and app teach kids about financial responsibility
You can agree with your kids to pay them whenever they complete a task on their chore list. This can motivate children to do some things around the house, teach them different responsibilities, and show them how to earn money. And you can take any opportunity you get to give your kids a chance to make some extra pocket money. For example, if you are moving house, you can incentivize your children to participate in the relocation by offering to pay them for specific tasks they perform. Besides teaching them that money comes from hard work, you will also help them accept the change and go through the moving process more easily.
How safe is Busykid Debit Card?
The Busykid Visa Debit Card ensures the same protections as other VISA debit cards, including Visa’s Zero Liability protection policy. It means that you will not bear any responsibility for possible unauthorized charges. This debit card is issued by Stride Bank, Member FDIC. That means that your funds are insured for as much as $250,000, as per FDIC policy. So, in this respect, you should rest assured that your child can safely use their debit card.
Furthermore, Busykid offers a high level of security, so your sensitive personal information is safe at all times. All that gives you peace of mind and ensures a safe experience.
How affordable is this service?
If you are considering getting a debit card for your kid, you will be glad to know that Busykid debit card is a very affordable service. The lowest monthly fee is only $1.67, which amounts to $19.99 for a Family Plan subscription. A Family Plan subscription grants you one debit card and gives you access to all the features.
If you need an additional debit card, you can add it for $7.99 per year. Also, there are no limitations in terms of the number of children you have. You also get a one-month free trial period. Moreover, there are no fees for ATM withdrawals, nor are there any purchasing fees.
Are there any age restrictions?
There is no age limit. So, whenever you decide that it is the right time to begin teaching your kid about the value of money and how to manage the funds they have at their disposal, you can take out a Busykid debit card.
What can kids do with a Busykid debit card?
Kids get many different options with this debit card. The most significant benefit is learning about smart money management. Parents can teach their children how to grow their savings as they have an option to keep their cash in a savings account. Moreover, there is an option to invest in individual stocks, allowing for some more financial learning. Finally, your child will have an opportunity to choose to donate some funds to a charity organization.
Are there any ads in the app?
Unfortunately, Busykid gathers user data to target advertisements in the app. Furthermore, they may share information about the parents with their partners for marketing purposes. For example, if they form a partnership with Simplify Valet Storage & Moving to promote their services, they may target you if your recent searches involve moving companies. Nevertheless, your kids’ information remains protected as they only share information pertaining to the parents.
Important information regarding parental control
Teaching your kids good financial habits sometimes necessitates control over how they spend the money they have. When you set up an allowance, you will choose how the payments will be distributed in different categories. And when your child receives payment, you can lock Save, Spend, and Share categories. That will prevent your kid from overspending. However, there is no parental control over how the debit card is used.
Also, you can monitor your kids’ spending activities regularly and reward them for their savings habits. This service encourages and fosters a saving mindset.
Can Busykid cards be used outside the US?
If you use a US cell phone number, zip code, and bank account as a linked funding source for your Busykid debit card, you can use it outside the States as well. However, it is not possible to ship the debit card outside the US. The only currency used is the US dollar at the moment. However, Busykid hopes to expand to other countries as well soon.
How to get a Busykid debit card for your kid?
The signup process for getting a Busykid debit card is very simple. You have to confirm that you are over the age of 18 and have US citizenship or legally reside in the US. Also, you need to have a US bank account and a US phone number. If you fulfill these requirements, you are eligible to apply. Then, you will need to provide your date of birth, your Social Security Number, and your kid’s date of birth.
Once you have all the necessary information, download the app and enter the basic information it requires. You will have to provide your name, email address, and zip code. Next, you will be asked to create a strong and unique password for your account and choose a PIN.
After you set up your Busykid account, you can fund it with your bank account or your credit card.
Would you get a Busykid Debit Card for your kid?
The Busykid Debit Card for kids is undoubtedly an excellent teaching tool for financial responsibility and smart spending habits. It offers numerous options and promotes a saving mindset. The only downside is that parents have no control over how the card is used, but they can control how much money is spent. Also, it is a paid service, but the fees are very affordable. So, all in all, it is a good option if you are considering taking out a debit card for your child. But, remember to explore other options before you make the final decision.
