Consumer Payment Card News

Visa Buxx

The most dynamic part of the payment card business is the quest for a teen card. Teens have more than $153 billion to spend and more than five million of them buy stuff online. VISA has now taken the kiddie card war to a new level with the introduction of VISA Buxx. The new card is a parent-controlled re-loadable payment card that teens use to pay for items they want to purchase. The card is funded in advance and controlled by the cardholders parents, so when teens make purchases theyre drawing a limited amount of funds set aside in advance, not a credit line or funds in a checking account. The VISA Buxx card looks and works like a traditional VISA card with a magnetic stripe and the teens name embossed on the card (although the card is mailed to the parent). It may be used for purchases anywhere VISA is accepted, including online and at ATM/Cash machines with parental approval. Parents are able to monitor how much money their teen spends by viewing current or past account statements on the VISA Buxx website or by a toll-free number that details where and when purchases were made. U.S. Bancorp announced this week it will be among the first banks to offer the new card. The U.S. Bank VISA Buxx will be available as of August 21. Bank of America will also issue the teen card very shortly. For more information visit www.visabuxx.com.

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