Advanced banking has made payment and cash withdrawal very easy these days. With the facilities of credit or cash cards, one does not need to carry cash everywhere. Although these banking cards have been in use for a long time now, still some people do not know the basic difference between a cash card & credit card.
This article sheds light on how the credit cards are not the same as cash cards and advantages of a cash card.
Do You Know About The Cash Card Concept?
A cash card is an electronic banking card that can be used to withdraw cash from ATMs (automated teller machine) as well as to make several types of payments. There are different types of cash cards, including a
- Gift Cash Card
- Prepaid Debit Cards
- Bank Debit Cards
- Payroll Debit Cards
These cash cards like Umay cash card, store a specific amount of cash and it is like carrying cash without having them in your wallet. Cash cards are an alternative for credit cards.
Cash Cards And Debit/Credit Cards Are Not Same:
You may be thinking that credit cards have the same purpose as a cash card then why does it is not included in the above list? The reason is simple, credit card does not store cash instead it is a form of debt or advance that we take from the bank. There are many UK casinos still accepting credit cards for their players.
On the other hand, the cash cards are the prepaid cards that have some amount of money that the user can use to make payments. Unlike a credit card, the user has to load a certain (small) amount on the cash card. It is up to the user how much amount he/she wants to load on the cash card. The user can load his/her card via an ATM, bank branch, or online website.
Advantages Of A Cash Card:
Cash cards like Umay cash card has several other advantages as well.
- Little Fee And Interest-Free: Unlike credit cards, the service fee on cash cards is very low. Plus you don’t have to pay any interest on the amount.
- Control Over Payments: Cash cards can be used to make small payments or low-cost purchases only. Also, there is a limit up to which a user can load money in a day, week or month. Therefore, the users have control over their spending.
- Reloading Is Easy: It is very easy and convenient to reload cash cards. You can reload your cash card anywhere and anytime you want.
- Best For Security: Cash cards relieve the user from the need of carrying money with them everywhere. They are safe to carry around and you do not have to worry about theft or losing the money.
- Kid’s Can Also Use: Another amazing benefit of cash cards is that you can load a certain amount on cash card and give them to your kids. Instead of handing over the cash, you can just give them the cash card.
- Online Payments Are Easier: Cash cards have made online purchases or online payments very easy. Online Payments through cash cards are more secure.
