About company
BusyKid is a chore chart and allowance app where children can earn, save, share, spend, and invest real allowance. BusyKid provides children with the tools to learn financial responsibility from an early age. The app serves as a digital chore chart, allowing parents to assign tasks while children complete them to earn a real allowance. Moreover, BusyKid facilitates a sense of responsibility by enabling children to manage money.
Central to BusyKid's approach is the integration of a kids' debit card, which further enhances children's engagement with managing their finances. This debit card, issued by MVB Bank, Inc., provides children with the freedom to spend their earnings anywhere Visa is accepted, while parents maintain visibility over every transaction.
Key features
- Real Allowance Management. BusyKid allows parents to set chores for their children, who then complete these tasks to earn a real allowance. This hands-on experience teaches children the value of work and money.
- Kids Debit Card Integration. With the BusyKid Visa Debit Card, children gain practical experience in spending responsibly. Parents can track all transactions made with the card, ensuring transparency and accountability.
- Financial Matching and Saving Incentives. Parents can opt to match their children's savings, incentivizing responsible financial behavior. Additionally, BusyKid facilitates automatic allocation of allowance funds into savings, sharing, and spending categories, promoting balanced money management habits.
Pros and cons
Pros
Cons
Reliability
BusyKid demonstrates reliability through its partnerships with reputable financial institutions such as MVB Bank, Inc. and Visa USA Inc. By leveraging these established entities, BusyKid ensures the security and integrity of its financial services, including the issuance of Visa debit cards and the handling of allowance funds. Additionally, BusyKid's recognition as a winner of the 2022 National Parenting Product Awards underscores its credibility and commitment to providing valuable financial education for children.
BusyKid's reliability is reflected in the feedback from users across platforms, with a substantial number of reviews contributing to an average rating of 3.8 stars. On Google Play, BusyKid has garnered over 2.04 thousand reviews, resulting in a rating of 3.4 stars, while on the App Store, it has accumulated 1.4 thousand reviews.
Products
BusyKid Visa Debit Card. BusyKid primarily offers debit cards for children as part of its product lineup. These cards, issued by MVB Bank, Inc., provide children with the opportunity to learn financial responsibility through practical spending experiences. The BusyKid Visa Debit Card allows children to make purchases anywhere Visa is accepted, offering them the freedom to manage their money independently within the boundaries set by their parents.
Other services BusyKid offers
- Chore Management. BusyKid provides a digital chore chart through its app, allowing parents to assign tasks to their children and track their completion. This hands-on approach teaches children the value of work and responsibility while earning a real allowance.
- Real Allowance Management. Children can manage their earnings within the BusyKid app, learning about budgeting, saving, and spending. Parents can set a weekly allowance, which is direct deposited into the child's account, providing a tangible way for children to experience financial transactions.
- Flexible Chore Assignments. Parents can customize chore assignments based on their children's ages and capabilities, ensuring tasks are suitable and challenging, promoting personal growth and development.
Conditions and requirements
Conditions
- Subscription Fee. BusyKid offers its services at a subscription cost of $4 per month, billed annually. This subscription fee grants families access to the BusyKid app and its features, including chore management, allowance allocation, and financial education resources.
- Debit Card Issuance. Upon subscription, clients are eligible to receive up to five BusyKid Visa Debit Cards for their children. These debit cards are issued by MVB Bank, Inc. and can be used anywhere Visa is accepted.
Requirements
- Subscription Enrollment. Clients must enroll in the BusyKid subscription service to access its features and benefits. Enrollment requires providing personal and payment information for billing purposes.
- Age Eligibility. Clients' children must fall within the age range of 5 to 17 years old to be eligible for participation in the BusyKid program. This age range ensures that children are at an appropriate stage for learning about money management and responsibility.
- Consent and Authorization. Clients must consent to and authorize the issuance of BusyKid Visa Debit Cards for their children. This includes agreeing to the terms and conditions set forth by MVB Bank, Inc. for card usage.
Network of ATMs
BusyKid provides access to a vast network of ATMs, offering convenience and accessibility for clients and their children. With over 55,000 ATMs available nationwide, BusyKid ensures that families can easily access cash when needed. Whether it's withdrawing allowance funds, making deposits, or checking account balances, clients can rely on BusyKid's extensive ATM network to meet their banking needs.
Apps like BusyKid
- Till. Till offers a free banking experience tailored for families, featuring a kids' debit card, spending insights, task lists, savings goals, and a parent wallet. Various roles, such as account owner and admin, allow for flexible management, including contributions from community members towards kids' savings.
- Step. Unlike traditional debit cards, Step offers a secured credit card option aimed at helping kids build credit responsibly. With features like savings goals and rewards, teens can manage their finances while earning valuable credit history.
- Greenlight. This app offers a suite of tools and financial literacy features for children of all ages. Teens with jobs can set up direct deposit, while robust parental controls allow for monitoring and managing spending in real-time.
- Copper. Designed for kids aged 6 and up, Copper provides a range of educational tools alongside a Mastercard debit card. Kids can learn money management skills, divide funds for various purposes, and earn in-app currency through activities like games and surveys.
Editorial opinion
Additional Resources
- BusyKid Reviews
