CEDAR RAPIDS, Iowa—A new prepaid debit card is being touted as a way for consumers to get cash back and give back to the community.
The card also allows person-to-person payments.
The iCardCard, a Visa-branded reloadable debit card, rebates users three cents per gallon on gas purchased anywhere in the U.S., returns five cents cash back on any spending of $10 or more, and can direct another two cents to any charity or nonprofit.
Cardholders can also use their smartphones to pay each other with card funds without having to swipe the plastic, avoiding interchange fees.
Like many prepaid cards, iCareCard allows setting weekly spending limits and comes with a small cost to get the card and no monthly fees. iCareCard comes with a checking account and routing number at a bank so third parties can add money through direct deposits.
“Our philosophy is manage, save, give,” said Larry Kane, CEO of iCareCard. “We want to use the iCareCard as a way to save people money and also generate money for their chosen causes.”
