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Prepaid Card Teaches Teens about Money Management
(ARA) - The teen years are a good time to start teaching your child how to use money wisely. Soon they will head off in the world, and chances are they will get a credit card -- or two or three. Giving them money management skills today, will help them manage their finances in the future.
The U.S. Bank Visa Buxx card is one tool that parents can use to help educate their teens about responsible spending. It's a prepaid card, not a credit card. That means that parents put money onto the card and teens use it anywhere in the world that Visa is accepted and most ATMs. There's no risk of credit debt and teens learn how to budget their money.
"The Visa Buxx card provides teens with valuable lessons in money management," says U.S. Bank executive vice president Pat Wesner. "It's a great tool to help teens learn how to budget money, track spending and get in the habit of using a card responsibly. And since it's a Visa card it is safer than cash. The funds are guaranteed to be protected even if the card is lost or stolen."
Parents appreciate the features that allow them to stay connected to their busy teens. The Buxx card is instantly reloadable by phone or Web site. Whether a teen is at the shopping mall or sightseeing halfway across the world, mom or dad can provide emergency funds with just a few mouse clicks.
"When you go out of state to visit colleges," Jessica Branby tells her daughter Ilissa, "if you run out of money I can go online and instantly add more." But she's quick to add that the 16-year-old doesn't have free rein to spend money carelessly. "I can go online and see where her money goes," says Jessica. "We can talk about her spending habits. It teaches her to know her limits. That's going to be a big help when she is old enough to get herself a credit card."
Wesner says that the card is uniquely suited for the ultra-active lifestyles of today's teens. "The Buxx card is great for teens traveling on spring break," says Wesner. "It's ideal for teens touring with school groups, church groups, or sports teams. And teens love getting the Buxx card as a junior high or high school graduation gift."
Getting the Buxx card is as easy as buying a book online. Parents simply go to the U.S. Bank Web site and enter some basic information about themselves and their teen. The teen must be 13 years or older to receive a Buxx card. Parents can fund the card from their Visa card or MasterCard or they can make transfers from their checking account. The Buxx card is available to parents anywhere in the United States.
Perhaps the most amazing feature of the Buxx card is the way that it brings together parents and teens. "Research indicates that parent and teen satisfaction with Buxx is more than 90 percent," says Wesner. "It's amazing to find something that parents and teens can agree on with such enthusiasm."
Ilissa agrees. She thinks it's great that her mom likes the Buxx card. But she really thinks it's cool to see her own name on a Visa card. "I like signing my name when I buy things," she says. "It makes me feel important."
To order a card for your teen, visit usbank.com/getbuxx
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