CardLab, an online gift and incentive card provider, announced on Wednesday the launch of Buxx.com, which offers a reloadable prepaid card to help teens learn how to manage money.
Buxx.com allows teens to choose from 95 designs, including cars, nature, animals, music and fashion, for their card. The card can be loaded via direct deposit from an employer, an emergency transfer from a bank account or credit card or a recurring load by parents.
Parents and teens can login to the Earn Smart, Spent Smart budget management system where they can check account balances, select alerts to receive and see where money is being sent.
The program begins with a $4.95 enrollment fee and a $4.95 monthly maintenance fee. Direct deposit is free, and cardholders do not have to pay any inactivity fees.
“We’re invested in helping teens make smart financial decisions,” CardLab CEO David Jones said. “It’s inevitable that this generation will have debit cards so we’ve made it our mission to help them earn smart and spend smart using budgeting tools that will help them prepare so they know how to use plastic responsibly when the time comes. Both of my sons have a card; the buxx.com dashboard makes it easy to view both account balances and keep track of their spending.”