Busykid vs. Greenlight – which is better for teaching kids about money and investing?

BusyKid vs. Greenlight: Which Prepaid Debit Card is Best for Your Kids?

If you are looking for a way to teach your kids about money management and financial responsibility, you might be interested in getting them a prepaid debit card. A prepaid debit card is a card that you can load with money and use for purchases, but unlike a credit card, it does not let you spend more than you have. This way, your kids can learn how to budget, save, spend wisely, and avoid debt.

But which prepaid debit card should you choose for your kids? There are many options available, but two of the most popular ones are BusyKid and Greenlight. Both of these cards come with an app that allows you to set up chores, allowances, spending limits, savings goals, and more. However, they also have some differences that might make one more suitable for your family than the other.

In this blog post, we will compare BusyKid vs. Greenlight in terms of their features, benefits, drawbacks, costs, and customer reviews. We will also provide a table that summarizes their similarities and differences. By the end of this post, you should have a better idea of which prepaid debit card is best for your kids.

BusyKid vs. Greenlight: What are they?

BusyKid is a prepaid debit card and chores app for kids aged 5 to 17. It lets kids decide how to spend, save, donate, or invest the allowance they get from doing chores. For $4 per month, you get debit cards for up to 5 kids.

Greenlight is a prepaid debit card and banking app for kids of all ages. It offers more features and customizable options than BusyKid, such as cash back rewards, savings incentives, investing capabilities, charitable giving, and more. It costs $4.99 to $9.98 per month depending on the plan you choose.

BusyKid vs. Greenlight: What are their features?

Both BusyKid and Greenlight have similar features that allow you to:

– Set up chores and allowances for your kids
– Monitor your kids’ spending and saving activity
– Control where and how much your kids can spend
– Transfer money to your kids’ cards instantly
– Lock and unlock your kids’ cards if needed
– Receive notifications when your kids use their cards

However, they also have some unique features that set them apart. Here are some of the main differences between BusyKid and Greenlight:

– Greenlight offers more parental controls than BusyKid. You can set limits on different spending categories and stores. With BusyKid, almost all transactions and actions done by your kid have to be approved by you.
– Greenlight has no ATM fee, whereas BusyKid has a fee of $1.5 to use any ATM.
– Greenlight offers 1% cash back on purchases with its Greenlight Max plan and BusyKid does not have a cash back feature.
– Greenlight includes a lot of in-app educational content about personal finance, whereas BusyKid does not have any.
– BusyKid has separate features of Payday and Bonus. The first means that your kid gets paid after completing some task from the chores list, and the second means your kid can get payment for some other reason (like getting an A at school). Greenlight does not have such a separation.
– BusyKid has the default setting of automatic allowance payment on Friday, whereas with Greenlight you can set any day you want.
– All BusyKid cards come in 11 different designs (most of them are black and white colored) with no custom designs. Greenlight offers the ability to choose almost any custom design. Also, each BusyKid card has the kid and parent names printed on the back which cannot be removed.
– Greenlight is billed on a monthly basis, whereas BusyKid is billed annually.
– Greenlight is issued by MasterCard, and BusyKid is issued by Visa.

BusyKid vs. Greenlight: What are their benefits?

Both BusyKid and Greenlight have some benefits that make them appealing to parents and kids. Here are some of the advantages of each card:

BusyKid:

– It is cheaper than Greenlight ($48 vs $59.88-$119.76 per year)
– It teaches kids how to allocate their money among different goals (spend, save, donate, invest)
– It has preset chores for younger kids (from 5 years old)
– It allows kids to invest in real stocks with fractional shares
– It has a partnership with charities that kids can donate to

Greenlight:

– It has more features and options than BusyKid
– It rewards kids with cash back and savings incentives
– It has more advanced features for older kids and teens (from 8 years old)
– It has more reload sources and no foreign transaction fees
– It has more in-app learning resources and guidance for kids

BusyKid vs. Greenlight: What are their drawbacks?

Both BusyKid and Greenlight also have some drawbacks that might make them less suitable for some families. Here are some of the disadvantages of each card:

BusyKid:

– It requires parental approval for almost everything
– It has fewer parental controls and customization options than Greenlight
– It has a high ATM fee and foreign transaction fees
– It does not have cash back or savings rewards
– It does not have any educational content in the app

Greenlight:

– It is more expensive than BusyKid
– It does not have a clear separation between chores and bonuses
– It does not have preset chores for younger kids
– It does not allow kids to invest in cryptocurrencies or ETFs
– It does not have a partnership with charities that kids can donate to

BusyKid vs. Greenlight: What do customers say?

Both BusyKid and Greenlight have received mostly positive reviews from customers who have used them. However, they also have some negative feedback from customers who have encountered some issues or problems with them. Here are some of the common themes from customer reviews:

BusyKid:

Positive:

– Customers like the concept of BusyKid and how it teaches kids about money management
– Customers appreciate the customer service and support from BusyKid
– Customers enjoy the investing feature and how it exposes kids to the stock market

Negative:

– Customers complain about the long time it takes to receive the card and activate it
– Customers report some glitches and bugs in the app and card
– Customers wish there were more features and options in BusyKid

Greenlight:

Positive:

– Customers love the features and functionality of Greenlight and how it gives them control over their kids’ spending
– Customers praise the cash back and savings rewards that Greenlight offers
– Customers value the educational content and guidance that Greenlight provides

Negative:

– Customers dislike the high cost of Greenlight and how it adds up over time
– Customers experience some delays and errors in transferring money to the card
– Customers want more investment options and flexibility in Greenlight

BusyKid vs. Greenlight: Which one should you choose?

The answer to this question depends on your personal preferences, needs, goals, and budget. There is no one-size-fits-all solution when it comes to choosing a prepaid debit card for your kids.

However, here are some general guidelines that might help you decide:

Choose BusyKid if you:

– Have younger kids (from 5 years old) who need simple chores and tasks
– Want a cheaper option that still offers basic features
– Want your kids to learn how to allocate their money among different goals
– Want your kids to invest in real stocks with fractional shares
– Want your kids to donate to charities that BusyKid partners with

Choose Greenlight if you:

– Have older kids or teens (from 8 years old) who need more features and options
– Don’t mind paying more for a comprehensive service
– Want your kids to earn cash back and savings rewards
– Want your kids to learn more about personal finance through in-app content
– Want more control over where and how much your kids can spend

Final Thoughts

BusyKid and Greenlight are both great prepaid debit cards that can help you teach your kids about money management and financial responsibility. They both have similar features that allow you to set up chores, allowances, spending limits, savings goals, and more. However, they also have some differences that might make one more suitable for your family than the other.

Source: Conversation with Bing, 3/29/2023(1) Greenlight Vs. BusyKid (The Main Differences) – Money Prodigy. https://www.moneyprodigy.com/greenlight-vs-busykid/ Accessed 3/29/2023.
(2) BusyKid vs Greenlight: 10 Main Differences – Self-Starters. https://self-starters.com/busykid-vs-greenlight/ Accessed 3/29/2023.
(3) BusyKid vs Greenlight: Which is Better? – creditdonkey.com. https://www.creditdonkey.com/busykid_greenlight.html Accessed 3/29/2023.