BusyKid is an allowance app and banking app for children aged 5 to 16. The app also includes a Visa debit card for kids and spending controls for parents.
How Does BusyKid Work?
Using the BusyKid app is simple and seamless:
- Parents set a list of chores for their kids each week
- Kids complete the tasks
- Kids get paid for completed chores and tasks every Friday
Once kids get paid through BusyKid, they have a number of ways to spend that hard-earned money. Kids can opt to spend their allowance through their BusyKid Visa® Spend Card in-store or online anywhere Visa is accepted.
If your kids don’t want to spend their money, there are other ways to use the BusyKid app funds. BusyKid helps kids learn the importance of giving back by allowing them the option of donating a percentage of their allowance to charity. Or, if they are a budding venture capitalist, BusyKid will start them on their journey with the option to invest in over 4,000 stocks and ETFs.
And parents, don’t worry – each week, a percentage of the weekly allowance is saved automatically. You can also opt to match your child’s savings up to 100% each week to encourage them to save even more in the future.
Easy Funding
Adding or transferring money to a BusyKid account from the parent’s account is simple and completed in several ways. Allowances provide weekly funding based off completed tasks. Bonuses are one-time rewards for things like good grades, hitting a home run, or other activities set by parents. Kids can also request money from their app, which is sent directly to the child’s account once approved by parents.
The BusyKid app is also family-friendly – and by that I mean extended family. Thanks to BusyPay™, family or friends can quickly and instantly send money to a child’s BusyKid account.
Parental Controls
Compared to other apps, BusyKid’ parental controls are somewhat lacking. That’s not to say the card is unsafe or not worth considering – just that some more “premium” controls are missing. Parents can control how money is divided between the three account types: Spend, Save, and Share. Parents also have control over approving card funding, bonuses, and chores. Other than that, however, kids are free to spend their money as they see fit.
What Does BusyKid Cost?
The price point for the BusyKid program is comparable with other apps. A subscription to BusyKid costs $4 monthly, with the fee being charged annually (billed at $48). This fee applies to up to five accounts, equal to the Greenlight Debit Card for kids.
Other Features
Other noteworthy features of the BusyKid subscription program include:
- Access to over 55,000 ATMs
- FDIC-insured accounts up to $250,000
- 30-day Subscription-Back guarantee
- No need to upgrade and no additional cost to use BusyKid Investing
- No transaction fee (commission) to buy or sell stock
- EMV chip technology
- Mobile wallet compatibility with Apple Pay, Google Pay
The Spend Card features Visa debit protections and benefits. Visa provides a full slate of benefits for its debit card customers, including:
Dovly Uplift™ credit score monitoring |
ID Navigator Powered by NortonLifeLock |
Visa Zero Fraud Liability |
Lost/Stolen Card Reporting |