What is a Cash Card?

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What is a Cash Card?

What is a cash card?

The cash card is a payment method. Cash cards store the cash of different cards like a debit card, prepaid cards, and gift cards etc. It does not store credit card cash because the credit card is a kind of loan. Cash cards provide a convenient way for cardholders to make electronic payments.

Types of cash cards:-

  1. Standard cash card
  2. Alternative cash cards

Standard cash cards:-

The debit card is a type of standard cash cards. You must have a bank account to use this card. These cards can be used at any ATM. By this user can do transaction easily. The gift card is also a type of standard cash cards. To use these cards, one has to preload it first. Some gift cards can be used as debit cards. American Express is one of the companies providing gift cards, and its gift cards are mostly accepted by merchants. Most gift cards cannot be reloaded and can be used only up to its pre-loaded limit.

Alternative cash cards:-

Alternative cards are generally known as prepaid cards. These cards are not linked to the bank account. Square is one of the alternative cash cards. These cards are used to make electronics purchases. Payroll cards are another type of alternative cards. Payroll cards are a good option for an employer. The payroll card employer can do a settlement with the prepaid card issuer and then issuer allows the cardholder to reload the cash on the specified date every month. These payments are a simple form of direct deposit and provide the cardholder with immediate access to funds. These cards also work as debit card the only difference is that it has to be reloaded every month

How to apply for cash cards?

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