- Cash cards contain a pre-set dollar amount that can then be used to purchase goods and services at participating retailers who have special cash card readers. The cash card reader extracts the value of the purchase from the card and adjusts the remaining balance for future use. For example, many retailers offer gift certificates in the form of cash cards to be used at their establishment. It is important to remember that these cards are like cash with no built-in security, so anyone can use them.
pre-paid card, loyalty card, gift card
Related Terms and Acronyms
- Affinity Card — Definition,
- A credit card (usually Visa or MasterCard) that has a promotion arrangement with an affiliated organization (often a charity or non-profit group). The logo of the group appears on the card and the group usually gets a percentage of the sales made on the card.
- Co-branded Card — Definition,
- A type of affinity card issued through a partnership or alliance between a bank and another retail company. For instance, a large department store may co-brand a card with a bank. The card would have two brand names on it -- the bank's name and the store's name. Usually, the attraction of the card is special deals with the retail partner. Many -- particularly the ones affiliated with airlines that offer air miles -- are popular enough to command a hefty annual fee.
- Credit Card (CC) — Acronym, Very Important,
➥ A payment card that gives customers access to a revolving line of credit.
- A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
- Rebate Card — Definition,
- This is a credit card that allows the customer to accumulate cash, merchandise or services based on card usage.
- Smart Card — Definition,
- A card with an embedded computer chip which stores more information, performs more functions and is more secure than a credit card or debit card.
- Travellers' Cheques — Definition,
- These are a safe way to carry large amounts of money if you are going on a trip. They are considered to be the same as cash, but can be replaced if they are lost or stolen. You can buy them at your bank for a small fee. If you have a special service package, you may not have to pay this fee.