What is a Cashpay Card?
A cash card is a sort of electronic payment card that holds cash for use in various transactions. Bank debit cards, gift cards, prepaid debit cards and payroll cards are all examples of cash cards. However, they exclude credit cards since they are a type of debt rather than cash.
How do Cash Cards Work?
Cash cards make it easy for cardholders to make electronic payments. Standard branded cash cards are generally accepted by all merchants who accept the network processor. However, alternative currency cards may have some restrictions on using them.
The most prevalent sort of regular cash card is a banking debit card. These cards are often linked to a financial institution’s bank account. They let cardholders make electronic payments that deduct money from their bank accounts.
Standard cash cards can also be used to withdraw money from an account at an ATM. If a cash card is linked to a bank checking account, ATM transactions usually are free if conducted at a bank-operated or related ATM.
Gift cards are a form of traditional currency card. These cards come pre-loaded with cash and can be bought at various retailers, grocery stores, and convenience stores. Some gift cards, such as those from Costco or Subway, can only be redeemed at a single location. Other gift cards, such as those given by Visa, MasterCard, and American Express, can be purchased in various denominations and used anywhere that takes these cards for a service fee.
4 Alternatives to Bank of America Cashpay
1. Bluebird American Express Prepaid Debit Account
- A reloadable prepaid debit card can be used wherever American Express® cards are accepted.
- Use free direct deposit to get your paycheck up to two days faster.
- Shop with more confidence and Purchase Protection, which can help cover qualifying purchases made with the card from accidental damage and theft for up to 120 days.
- Get free ATM access at more than 30,000 MoneyPass® ATMs. Adding cash at Walmart is free and transferring money to other Bluebird Account Holders.
- With Roadside Assistance, you can phone us in an emergency for coordination and assistance to help you get back on the road.
- There are no monthly or foreign transaction fees to pay.
- Your monthly fee is waived when you direct deposit $500 or more in the preceding month. Otherwise, it’s $5.94 every month. *
- Earn 3% cash back at Walmart.com, 2% cashback at Walmart gas stations, and 1% cashback at Walmart stores, up to $75 per year.
- Get $20 this summer when you make two new direct payments of $500 or more by June 30th, 22nd.
- Earn 2% interest on balances up to $1,000 in your savings account. Plus, every month, you’ll have the chance to win cash prizes! *
- Get a sense of peace with three levels of coverage, totalling up to $200, for purchasing transactions involving opt-in and qualified direct Deposit.
- Netspend Direct Deposit allows you to be paid quicker than a cashier’s check.
- Since this is not a credit card, there are no late penalties or interest costs.
- There are no overdraft fees on transactions made with your card.
- Use the NetSpend Mobile App to monitor your account and receive text messages or email alerts while on the go.
- MetaBank®, FDIC-insured, issues the card. The card is accepted anywhere Visa Debit cards are accepted. For more information, click “Get My Card.”
- Transfer funds from your PayPal account to your prepaid card account.
- Simply by using your card, you can get cashback and personalized incentives.
- Direct Deposit allows you to be paid faster than a paper check.
- The Bancorp Bank, FDIC-insured, issues the card. The card can be used wherever that Debit Mastercard is accepted.
Conclusion
People have more alternatives than ever before for managing and spending their money in today’s consumer finance sector. Thanks to online-only banks, mobile wallets, and budgeting tools, few individuals rely only on that old checking account today.
Prepaid debit cards are an easy, quick option for some individuals to supplement their money management tactics or even substitute a fee-heavy savings account. However, to get the most out of a prepaid card, you must first pick the correct card with the proper charge structure for your purchasing habits and needs.
