What Is A Cash Plus Card?


Defined Tag: Cash Plus Card.

Open any account nowadays, and the bank provides his customer with an ATM (Automatic Teller Machine) card. The customer then does not need to come to the bank every time he wants to withdraw money, or enquire about his balance- all this now available at the bank’s ATM window. Then banks merged the ATM card with the Debit card, allowing the customer to make POS (Point Of Sale) purchases in shops and stores. This eliminated the need to carry cash around. Banks then went up another notch, with the cash plus card.

Basically, a cash plus card combines all the benefits of the debit cum ATM card, with that of the Plus card. Previously, to gain access to his account, or to pay for a purchase, the customer needed to do his transactions at his bank’s ATM or at a POS which could “get in touch” with his bank. By shifting to the Plus card however, a whole new world of possibilities opened up.

In fact, cash plus card can be used at any ATMs which carry the “Plus” sign, implying almost every ATM in the world. Furthermore, the Plus card is almost universal in its reach and can be used almost anywhere on the globe, where the Plus signs of, for example Visa, are accepted.

A cash plus card thus eliminates almost entirely the need for foreign currency exchange and travelers’ checks, since the customer can make purchases and payments from almost everywhere on earth with his Plus card.

Recently, cash plus card has yet evolved, available as “pre-paid” cards, which can then be used to buy gasoline, or any other pay as you go purchase. The card’s amount can be recharged, and this further eliminates the hassles of late repayments, interest charge, or even going over the spending limit, as is the case with credit cards. The purchase option also goes one step further by allowing the holder to use it to shop online or even by phone.

Cash plus card often also allows its bearer an additional money limit at the ATM as well as at a POS. Furthermore, Plus cards usually do not carry additional annual fees or POS fees. However, ATM charges may be applicable, pertaining mostly to the particular ATM’s bank policy.