How to select the Best Cash Card?


With the digital world blooming at its peak, there are umpteen numbers of financial institutions offering different types of cash cards like debit cards, credit cards, payroll cards, etc. However, not all institutions are transparent. Seldom there are hidden charges like transaction fees, usage fees, etc. 
Therefore, it becomes essential to make thorough in-depth research before buying a cash card. This guide helps the user in buying the most suited cash card.

Monthly usage charges
Enquire about the recurring monthly fees. Usually, the fees are below $5. It may reach up to $25 for higher amounts. This is an average cost. It may vary according to the offering institution. For instance, according to the Umay plus website, there are no usage fees for Umay+ cards. 
Purchase and cash withdrawal fees
In order to check this, one must visit the card provider’s website. It is mandatory for every card provider to keep these charges transparent, else their license might get canceled. Therefore, the user can easily find these charges. For instance, there are some cards with the withdrawal fees of 3%. 
Cash loading fees
Cash loading can be done only for specific cards. Enquire if the card can be loaded only at specific points or any point of sale. Some institutions offer various cash loading options like a bank, retail stores, credit union, etc. 
Also, the charges vary from point to point. Loading cash at the issuing authority points can be inexpensive.
Interest rate
The interest rate of a cash card appears as an APR. APR is Annual Percentage Rate. It is usually a fixed rate or a variable rate. The interest rates of the variable rate card fluctuate. For instance, if the user pays the dues late or overuses the card beyond the limit, the interest might get increased. Therefore, enquire about its usage before buying it.
Balances
Every cash card institution uses a protocol to calculate the balances. This highly influences the perks, incentives, and interests that are gained and paid by the users. The most commonly used method is the average daily balance. This means that the average daily balances are added together and divided by a number of days. 
If the institution computes balances once a month, it is beneficial. On the other hand, there are certain institutions that compute balances in 2 billing cycles. Stay away from such institutions.
Incentives
There are many institutions that offer rewards. The reward points vary according to the usage of the card. It is beneficial to the customer if the reward points are more. Therefore, it is wiser to inquire about the reward points and buy the card that has maximum reward points.
Penalties
Usually, the penalties of the card are hidden. The institutions never decline the card. However, make fine for late payments and overuse. These fines are usually charged only after the late payment is made by the user. 

It is therefore important to inquire about all the details of the cash card before opting for one. 

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