Nationwide Buxx far less useful as of January 11 2016

Doctor of Credit warned us yesterday.  Nationwide Bank had changed the terms on their Visa Buxx cards.  Previously, you could load Nationwide Buxx debit cards online with a credit card for a very low fee: $2 for each $500 load.  That made Nationwide Buxx a great option for manufacturing spend.  According to Doctor of Credit, the new terms state, in part:

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.

Since Nationwide charges $2 per load, a $200 limit means that reload fees increase to 1%.  Suddenly loading Nationwide Buxx isn’t much better than buying regular Visa gift cards (except that you can have your name on Buxx cards and withdraw money from ATMs).

The question left unanswered in Doctor of Credit’s post was whether or not existing cardholders would be grandfathered in under the old terms.  Unfortunately, it looks like the answer is no.  A reader received a letter today stating that the new terms would be in effect as of start of business on January 11, 2016.

Nationwide Buxx new terms

Key points from the letter:

  • New terms are effective from start of business 11 January 2016
  • The maximum initial load on value is $100
  • The maximum reload value is $200 per week

I expect that all other current customers will receive similar letters very soon.  Make sure to do your final $500 loads ASAP.

About Greg The Frequent Miler

Greg is the owner, founder, and primary author of the Frequent Miler. He earns millions of points and miles each year, mostly without flying, and dedicates this blog to teaching others how to do the same.

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  1. So unfortunate. If all other limits are the same, then with the maximum of 5 NW Buxx cards you can still load $1k/week -> $4k/month. So you lose $1k/month, and go from 10 loads to 20 ($20 increase). Still beats a $5+ GC fee if your CC earning rate is x1 on the purchase.

    • $1000 per week is incorrect. Keep in mind the max of 2 loads per CC per 7 day rolling. So it would be $800 per week with two credit cards on file.

  2. $4,000 /mo in loads on a 1% card = $40/mo. Buying 8-$500 Visa Gift Cards with a $5 fee = $40/mo. Loading NW Buxx with $4,000 ($200 x 20 loads) = $40/mo in load fees. Fees are the same under both options and you make nothing on a 1% card. You would make $40 on a 2% card which doesn’t seem worth the effort of loading & unloading 5 cards.

    • I believe there’s no need for such convoluted calculations 🙂 It’s as simple as this: NW now charges 1% and a gift card fee is about the same (e.g. $5 for a $500 gift card, so 1% in this example).

      NW continues to have a minor advantage: you don’t need to drive to the store …

  3. Wouldn’t the two CC loads per week limit still be in effect? So the most we could do will soon be 2 loads X 4 weeks X $200 = $1600 per month.
    Unless my memory is wrong or I missed something.

  4. Miler, where are we at for best options for 1X spend generation for things like Delta Reserve card for status? I used to use Amex GC, but now, best option seems to be Simon malls which costs me $3.95 for each $475 load. Any better ideas? I hate spending that much for a Delta mile, but need the status credit.

  5. Aw, this is unfortunate for me because I just started using Nationwide Buxx a few months ago. I use it to pay, via telephone, my Citi credit cards. It makes putting travel spend on my Citi Premier card very worthwhile as I get bonus points and then a double dip paying the bill. Good for meeting minimum spends, too. All from the comfort of my home.

    What else do folks do with these Buxx cards? With the exception of paying a Citi bill, everything else seemed like too much hassle for the reward. Do folks buy money orders with them?

    • I use an AllPoint ATM to take out $200/week, the weekly limit per card, and deposit the money straight into my checking account. I have 5 of these puppies.

  6. I thought max load per month would remain at $1000 but if it’s $200 per week at $2 per load, that’ll be $8 per $800/month/card. Buying RLs at the grocery store that takes CC for them with 5% cat bonus will be a better deal for me.

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