The cash card: cashless spending power

2007-03-08 10:33:40

( Financial )



Cash cards were created for convenience with an anytime, anywhere purchase and payment concept. Cash cards are pre-paid cards which entitle the holder to a set amount value which can be used like cash. When making purchases, the card is read by a special cash card reader which debits increments until its value is used up. It is neither a debit card nor a credit card.

The ability to set spending limits, is one of the more attractive features of the cash card. You can also track down expenses and have access to transaction histories. The cash card is a great way to stick to a budget and spend within certain limits. Unlike the credit card, you are not borrowing money when you use the cash card. With the cash card, you can eliminate your credit and debit card and start making cashless purchases. Cash cards have the benefits of the credit card – minus the debt.

With cash cards, you can make utility and bill payments anytime, anywhere - its as easy as picking up the phone, giving your number and telling how much you want to pay. Cash cards are a safe and convenient mode of payment for goods and services from affiliated merchants.

There are different cash cards, each with their own unique features. The Chase Cash Plus Visa for one, gives 5% cash back at grocery stores, gas stations and drug stores and 1% cash back on other purchases made. Most Cash back gas cards give back about 5% cash back on gas purchases. A Cash Rewards Card on the other hand earns cash on purchases which you can in turn use as part or full payment for purchases wherever the card is accepted.

Cash cards too have their disadvantages. For one, they have no built-in security and can be used by anyone if stolen or lost. Cash cards aren't free and don't improve your credit score or credit history. Some have activation and transaction fees which add up. They also charge a minimum fee when you cash off your cash card at an ATM machine For some, these fees don't matter considering the amount of time and money you save in the long run.

Discover the best cash back cards to suit your lifestyle and experience convenience at your fingertips.


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