Making purchases with your prepaid debit card may never be as tempting as it is with the new Unlimited Cash Back debit card from Green Dot. The launch of this new card give consumers 3% cash back on every purchase. We speculate that the launch of this new card is a response to the company's diving stocks which are down 68% this year.
Even though the interest rate seems like a dream come true, consumers cannot get their hands on the money just yet. The cash back money consumers receive is sent to a separate account (a bonus account) inaccessible to the consumer until the expiration date which occurs within a year.
There Are Requirements To The Unlimited Cash Back Debit Card
Although the Unlimited Cash back debit card sounds like a very good deal, there are several requirements that consumers have to fulfill to enjoy the full benefits of the card.
All purchases must reach an amount equal to $1,000 per month, otherwise consumers will be required to pay a maintenance fee of $7.95.
In order to receive the 3% cash back Green Dot Inc. requires consumers to make online purchases or in-app purchases.
The 3% savings account APY does not apply to any account that has a balance of less than $10,000.
Unlimited Cash back Debit Card Has Better Interest Than A Bank Account!
All of these conditions may or may not be ideal for the typical prepaid debit cardholder, however when you compare interest rate of 3% to 0.5% percent traditional banks offer, it may be worth it. The Unlimited Cash Back debit card also has other generous features such as free deposits at retail stores, no minimum deposit requirements, no overdraft fee charges and a low monthly fee that can be waived if certain criterias are met.
NEW! 3% Green Dot Bank Account Review
The Unlimited Cash back debit card is FDIC-insured. Consumers can pay their bills online, track spending and savings.
In a statement released by Green Dot, the company stated that they aim to help Americans save more while using the bank’s money to build up a potentially sizable balance.
Green Dot Inc. is one of the largest prepaid debit card company that offer financial products to the unbanked. Green Dot has also acquired a few other