Visa Buxx Card

[MikePA]

We're getting ready to send our oldest child off to college and want them to have a credit card for those purchases that might arise, either on or off campus. We thought a credit card would be easier than writing a check and safer than cash. Someone has recommended the <A target="_blank" HREF=http://www.visabuxx.com>VISA BUXX</A> card. It works just like a credit card, except the spending limit is set by how much money we place into the account versus a predefined spending limit. Do any of you have experience with this card?

 

[Anonymous Poster]

Hi. This is just my opinion mind you, but a credit card is nothing but problems for those kids. My wife is currently going to school (been going for 5 years and only three more till she finally gets a job) and my kid is starting college this summer. No way would I get her (the Kid) a credit card. The unusual expenses are going to Pizza, Beer, Clothes, and whatever else they can think of. Then when the car breaks down it going to be hey dad!! You would be surprised at the balances some of the students have, upwards of 10 grand and thats not counting the student loans. Keep them on a fixed weekly or biweekly check if you want to help them along, and above all stick to your limit with no excuses. My motto also is "when school becomes more important to me than it is to you the wallet gets closed and put away" Whatever you decide good luck.

 

[njrqs]

Mike

We used a Visa Debit card for years. It was great as it had all the convenience of a credit card, but only drew on the money we actually had in the account.

So we could only spend the money we had, instead of money we didn't.

I still have the card for my business, but instead put all purchases on Credit Card as you get FF points etc. by using that.

So yes, Visa Debit card (or whatever you guys call it) is the way to go.

Cheers

 

[MDNY]

Mike,

I haven't used the card, but I can say that a credit limit set by the parents (or whoever puts money into it, grandpa) is the best way to go. The first time they need it, really need it and they spent the limit already is when they lean the value or money mgt. I wish I was as fiscally responseable back then as I am today. But hey I was in college right.

 

[centex]

If it works like a VISA check card I think it is the only way to go. It is like a check only it is harder to write a hot check for them since VISA keeps track of what they spend and if they lose it someone else cannot use it for more than is in the account. I think it is safer than carrying cash. I had my pocket picked 12 years ago and lost over $500 in cash that I was carrying. I don't carry cash anymore as a result of this experience. I also would not give a kid a credit card since the credit card companies/banks are out to get them to run up as much debt as possible so they can never pay it off and just pay the banks huge interest payments forever. The banks will keep increasing the credit limit on the cards as long as the minimum payments are made until it is too late for them to quit spending and then they are trapped. The kids do not realize how much trouble they are getting into until it is too late and this is the wrong way for them to learn how to be responsible for managing their money. Unfortunately they will be confronted with the temptation to run up credit card debt for their whole lives. I get 3 or 4 calls daily even on weekends from banks wanting me to take their credit cards with 0% interest for a year. I wish I could get my hands on the managers of these banks - no on the other hand that would not be a good thing.