Consumer Payment Card News

VISA Buxx #4

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Capital One launched its VISA Buxx prepaid teen card this week. This is the fourth VISA Buxx card to hit the U.S. market. Managed by parents, the Capital One VISA Buxx card works similarly to cash-not a credit card. Funds are loaded and spending is limited to the amount of money transferred to the card. Parents are able to load funds on a fixed schedule or as needed from a checking or savings account or from a debit or credit card. In addition to controlling the amount of funds available, parents can also monitor where the funds are being used. Every purchase is listed on the teen’s online account statement-which is accessible to both the parents and the teen. Capital One is also making available a parent-administered financial skills assessment test for teens. Cap One also has other financial education resources titled “Credit 101”, available to parents and teens on its website. Cap One is the fourth issuer to launch a VISA Buxx card. OH-based National City Corp. and BofA announced VISA Buxx cards in September. U.S. Bancorp became the first VISA Buxx issuer with the release of its card on Aug. 21. For more information or to apply www.cap1visabuxx.com.

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