As of 2015, Visa Buxx offers a prepaid debit card for teens, letting parents provide a fixed balance and track all spending, Visa states. As Visa cards are widely accepted, teens can make purchases at almost any store or website, and parents have the option to enable ATM privileges.
Visa Buxx is marketed as a tool for teaching minors how to budget and build financial responsibility, according to Visa. Parents preload the card online or by phone, and they can set up automatic deposits by choosing the funding source and the payment frequency. Parents have access to all account information and settings, making it easy for them review purchases and suspend a teen’s spending privileges. If parents request a PIN number during sign-up, teens can withdraw money from ATMs at participating financial institutions. Visa offers protection for balances on lost or stolen cards, so cardholders receive replacements without being liable for any unauthorized purchases.
Bluebird by American Express is a financial account that lets parents assign balances to individual family members, Bluebird states. As a banking alternative, Bluebird supports payroll direct deposit, government checks and bank accounts as funding sources. Parents can also add money at Walmart registers and set daily spending limits to regulate a teen’s budget. The teen’s American Express debit card is valid at most ATMs and free to use at any MoneyPass ATMs. Bluebird charges no overdraft, card-replacement or inactivity fees, and protection is available for stolen cards for a limited time.