Update: Looks like these changes will go into effect on January 11th, 2015 and existing cardholders won’t be grandfathered according to Frequent Miler.
Nationwide has updated the terms for their Buxx cards. Here is the relevant section that has been changed (emphasis mine):
When a parent orders a Nationwide Bank Visa Buxx Card for the first time, the minimum card value is $20.00 and the maximum card value is $100.00. After the Teen receives the Card, the minimum reload value is $10.00 and the maximum reload value is $200.00 per card, per week. The standard weekly transaction limit for purchases is $800.00. The maximum amount allowable for cash withdrawals from ATMs and cash advances from Financial Institutions that accept Visa debit cards is limited $200.00 per seven day period. You may elect to not allow cash withdrawals on your Teen’s Card and you may designate a withdrawal limit less than the maximum allowed. The maximum Card value is $1,000.00. If the Card has $1,000.00 available for purchases or cash withdrawals, additional amounts may not be loaded onto the Card.
In the past you were able to load $500 per week, this has been reduced to $200. They have also reduced the amount you can load initially load to $100 (previously $500). You’re charged $2 per load, so previously you were paying 0.4% in fees and now you’re paying 1% in fees.
It’s unclear if existing cardholders will be grandfathered into the old terms or if the new terms will apply to them as well. Flyertalk user aarif1 reports being able to load $500 so at the moment the new terms haven’t come into effect for new users if that’s the case.
Hat tip to greasypig on Flyertalk via @JH_AmexOffers
Hey Will,
will it be okay to load my N buxx with the Barclay AA Aviator card or US bank flex reward card? Hv been using Freddom so far but like to spread them out abit. And how many times can we change the CC on the parent account?
Thanks!
Im lucky I have a loads available on Jan 10th and 11th. Gonna see if I can squeeze the 11th load really early in the morning before the change occurs.
As my luck would have it, my next load is on January 13.
I was lucky that my last reload was on the 10th. Was yours auto setup for reload? If so did it go through for 500?
Loaded $500 x 2 with $2 load fee each tonight; haven’t received letter yet (my cards were zero balance until the loads). Note: Chime charges 3% “small bank” fee for loads from NW Buxx cards.
update: letter came in today’s mail.
Naturally, since I finally got around to automating it all.
I got a letter today with the change in terms outlined. It says the change is effective with the start of business January 11th.
Thanks, Sandra. Updated post.
FWIW I closed my account. With all its limitations of liquidating it wasn’t really worth it anyway. Now it’s become totally useless for me. Good riddance.
Just loaded 500 and was charged 505 instead of the old 502 ????
Are you sure the $505 wasn’t just initial load to a new card? Or was this a reload on existing card?
You are right. It was initial load to a new card. My bad.
Just load 3 x 500 to 3 of my NWBuxx cards 5 minutes ago. If the fee does go up to 1%, I will still use them but only when I am too lazy to drive a few more miles beyond my daily 2 miles to work.
Simon gift card costs only 0.8%. Walmart/Kroger/CVS/Rite Aid/Staples have category bonus.
Unbelievable…. This is one of my main methods of manufacturing spending to get the sign-up bonuses too. Not being able to load $500 is annoying. We were already paying there fees…. I guess I’m not to surprised that it happened. Oh well. It’s still better than having to drive an hour back and forth to my Walmart and having to deal with Kate.
Well Phong, as helpful as your post explaining the ins and outs of nationwidebuxx (and how to pretend you’re a teenager — several times), I nearly pulled the trigger on news years eve for the ntwd xxx. Ah, but with this news (confirmed for existing cardholders now) I’m rather relieved I don’t have to suspend my ethical doubts and go for the multiple personality disorder buxter approach. 🙂
By the way, I thought part of your logic to go for nationwide buxx was that you hated dealing with people. (as in Staples & Walmart) Ok, so what’s your problem with Kate? 🙂 She too personal for ya?
It’s nice to see I’m not the only one that wasn’t willing to lie about being a “teen” in order to get this card.