BusyKid Debit Card Review: What You Need to Know

Providing children with real-life economic experience and using technology to teach financial literacy from an early age is the best way to ensure that kids know how to manage money wisely and effectively. No training by words can compare to having a child plan expenses, save money, make purchases, and even invest and donate, of course, under your careful supervision.

Today, there are many tools that allow parents to give their children the opportunity to learn how to manage money in the real world. One of the market leaders in such children’s banking applications is BusyKid, which makes financial literacy accessible to even the youngest children.

Keep reading to find out a comprehensive BusyKid card review — its purpose, target audience, features, advantages, and disadvantages, as well as fees and charges. By the end of this article, you will know everything about the BusyKid debit card.

Understanding BusyKid: A Detailed Overview

First and foremost, BusyKid is a mobile app and debit card created for parents and their kids that helps children become financially educated adults. This financial instrument is mutually beneficial for both parties — children can earn money and make their own purchases using the card, while parents can delegate household chores and retain control over their children’s spending.

BusyKid debit card is an advanced kids banking platform that provides enhanced savings, donation, and investment options. In addition to traditional banking, BusyKid, for example, allows parents to pay their children to do housework and put money into savings, while children can take the first steps in investing and donating to charities.

According to BusyKid debit card reviews, it is best suited for parents and kids, and especially for families with multiple children who want to teach them how to earn, spend, invest, save, and donate money. The application is created for children aged 5 to 17 years and for families with up to 5 kids.

What Makes the BusyKid Debit Card Special?

The key point of BusyKid is that it is a financial app that encourages children to do housework while parents pay benefits for it. In other words, parents set tasks for their kids and pay them a salary for completing them. How does this work in practice? Parents distribute household responsibilities, set a reward for the successful completion of each task, and the weekly allowance is paid into the child’s account. In addition, parents can also send one-time bonuses such as a reward for doing well at school or simply transfer money upon request from the child.

It should be already clear from our BusyKid app review that this debit card offers numerous benefits, one of which is parental controls. While some other apps may offer more control opportunities, BusyKid allows parents to manage the distribution of their child’s funds between spending, saving, and sharing categories. In addition, only with the consent of the parents can money be transferred from the child’s account to their debit card. Parents receive notifications every time they need to approve benefits, bonuses, investments, or donations, and, just as important, they also receive notifications about their child’s card balance.

Other key features of BusyKid include the educational aspect and real-life money management experiences for children from a very young age. And it should be mentioned separately that the BusyKid interface is very intuitive and easy to use.

According to BusyKid reviews, the concept of BusyKid stands for banking with three directions — Spend, Save, and Share. Parents have control over their children’s finances and can monitor the distribution of funds between categories, track expenses, and receive notifications.

To make a purchase, children must transfer money from the account to a prepaid card, and to donate funds, kids can choose any charity from about 60 available. The money saved in a portfolio does not earn interest on its own, but it can be used to earn interest on their investment. By the way, children can pick assets and invest money without paying trading commissions, while parents retain control and must approve all investments.

To become a BusyKid user, you must install the free mobile application, create an account, set a password, link a bank account or bank card, confirm the entered data, and expect to receive a BusyKid debit card within approximately two weeks. If you change your mind about using BusyKid, you can simply contact support to close your account.

BusyKid Visa Review: Understanding the Pricing Structure

How much does BusyKid cost? Overall, BusyKid offers better value and is more affordable than many of its competitors, but you should still be prepared for certain costs associated with your account.

Each user receives a free trial for a period of 30 days. After that, the payment is $4 per month, and this amount must be paid annually, which is $48. Transferring money to your child’s account is free, no matter the number of transactions within the country.

Other BusyKid card fees are as follows:

• Card replacement: $5.
• Currency exchange: 3% of each transaction.
• International transactions: $2.50 per transaction.
• ATM fee: $1.50.
• Declined purchases: $0.50 each.
• BusyPay transfer: $1 per transaction.
• Paper statements: the first one per month is free, and then $5.

In order to make balanced and objective BusyKid card reviews, let’s compare the advantages and potential disadvantages associated with using this kids’ banking platform.

Advantages of using a BusyKid debit card:

• free trial period and relatively low subscription fee;
• built-in tools for financial literacy, competent budgeting, and thoughtful management of funds;
• excellent balance of children’s independence and parental control;
• wide opportunities for investing in various stocks without commissions;
• ample opportunities for charitable donations;
• easy account opening and convenient use;
• excellent value for money for families with up to 5 children.

Disadvantages of using a BusyKid debit card:

• limited options for parental controls;
• lack of educational content about financial literacy in the application;
• paid card replacement;
• some fees are too high;
• quite strict limits — maximum card balance of $2,000 and card top-up per day of $500;
• inability to set spending limits by store.

Final Thoughts

Based on our BusyKid review, we can say that it is definitely a great choice for parents who want to teach their children how to handle money and give them their first real experience of managing finances. BusyKid is one of the leaders among children’s banking platforms and stands out for its large number of advanced features — from allowances for doing housework to investments and charity.

BusyKid app reviews show that you may feel that the parental controls are a bit limited, but otherwise, BusyKid is a reliable, convenient, and affordable solution that will bring the greatest benefit to large families with multiple children.

Much of the success of the BusyKid platform is due to the fact that its creator is a father of six children. He relied on his own experience in developing the application so that children could track their chores, manage their finances, and learn how to manage money by earning, spending, saving, investing, and donating. And here, BusyKid is a win-win option.