Visa Cash Card

The Visa Cash Card provides a reloadable, prepaid card that you can use like cash wherever credit cards are accepted. There are many different versions of this card offered by credit card issuers throughout the United States. Be sure and check the features and fees of the different versions so that you can find the best card to meet your particular needs.

A Little History

In the 1970s, several countries were working on the development of a stored value card, or "cash card." The cash card was designed to allow a cardholder to "load" funds onto a plastic card, use the card for purchases anywhere a credit card was accepted and then "reload" additional funds onto the card. The goals for the developers in all the countries were very similar; however, the way they designed the cards was not the same.

It Started in France

The first cards were introduced in France in 1975. French designers knew they needed the cards to be able to communicate with the customer's bank in order to check the balance on the card and for the customer to have a way to reload funds onto their card. The designers considered using the telephone system as the communication link between the card and the bank. This was the process being developed by the United States cash card designers. However, the French phone system had somewhat spotty coverage; so, the designers decided to concentrate their development on using stand-alone computer chips embedded right into the card's plastic. The chip would keep track of the funds loaded onto the card and the changing balance of funds available while providing some security features.

Cash cards can be great for teenagers.

The American Version

The French cash cards were very expensive to produce and quickly were replaced by the telephone-based communication process of the American designers. There were many variations and iterations of the card before Visa introduced their reloadable "stored value" card in 1994. The reloadable Visa card has developed into a very sophisticated card by using a magnetic stripe which is embedded onto the back of the card. The stripe contains the information needed to "read" the card by swiping the card through a reader, just as would be done for a credit card.

Benefits of Reloadable Prepaid Cards

Reloadable, prepaid cards provide many of the benefits of gift cards with the added feature of being able to reload additional funds onto the card. The features and benefits of a Visa Cash Card include:

  • Safety - Safer than carrying cash.
  • Easy to qualify - Available to anyone over the age of 18. No credit check is required.
  • Control - You control the amount you load or reload onto the card
  • Easy to use - Many ways to load or reload. Easy to check the remaining balance.
  • Convenient - Can be used anywhere Visa debit cards are accepted
  • Cash available - You can obtain cash at over one million Visa ATMs worldwide

Types of Visa Cash Cards

There are many different Visa cash cards available in the marketplace. Most have the basic features and benefits as described above. In addition, many of the cards have special features added for their particular cardholder:

Walmart MoneyCard

The Walmart MoneyCard is a reloadable, prepaid Visa card that can be purchase at most Walmart locations. The features of this card include:

  • No transaction fees; however there are fees for reloading, monthly account maintenance and ATM usage
  • No fees for telephone customer service
  • Reloading online, by direct deposit or by a Walmart cashier
  • Balance inquiries at any Walmart register
  • Reduced check cashing fees if the funds are loaded onto the card

Visa Buxx Card

The Visa Buxx card is designed as a way for teenagers to have some financial independence while parents maintain some control. With this reloadable card:

  • Funds can be loaded online or over the phone.
  • Teens have funds when they want them.
  • Parents can control the amount of funds loaded onto the card.
  • Parents can review the statements to see where the funds are being spent.

NetSpend Visa Prepaid Card

This reloadable card provides many of the features needed for managing larger amounts of cash. The NetSpend card provides the ability to:

  • Add up to $10,000 to the card at over 65,000 locations.
  • Load or reload the card from a paycheck or government check.
  • Use the card for online bill pay.

Vision Premier Prepaid Visa Card

This card has very low fees and provides communication features to keep you up to speed on your balance. The card offers:

  • No fee to activate the card
  • A low weekly fee that can be waived if funds are added by direct deposit
  • Unlimited purchase transactions
  • Free online bill payment
  • Free email and SMS alerts notifying you of your balance

READYdebit Visa Prepaid Card

This card offers options which are not always available on a prepaid card. For example, with this card you can:

  • Have free online bill pay if you load your card with direct deposits
  • Reload the card up to $10,000
  • Select the color of your card
  • Pay a $4.95 monthly fee and avoid any overdraft fees

Select the Right Card for You

There are many different Visa cash cards available. Many are very similar in features, but some have unique features that might work better for you based on the way you think you will use your card. For example:

  • Types and amounts of fees - Some cards have lots of fees which can quickly reduce the balance on the card. If you plan to use your card frequently consider a card with a monthly fee with low or no transaction or ATM fees.
  • Maximum loads - Some cards allow up to $10,000 balances.
  • Checking the balance - Look for cards that make it easy to check your balance. Many cards allow balance checks by phone, online or at an ATM.
  • Reloading funds - Find a card that allows you a convenient way to reload funds such as at a local merchant, by transferring funds from your bank account or by direct deposit.