A tax refund card is a prepaid debit card that is used to receive your tax refund by direct deposit. Tax refund cards are “prepaid debit cards”. Almost any prepaid debit card can be used to receive your tax refund. Some prepaid debit cards are issued especially for use (at least initially) as a tax refund card.
A prepaid debit card is a payment card that can be loaded with money (such as a tax refund deposit) by you or by someone else.
A prepaid card looks just like a normal credit or debit card, and has a card number, a signature strip on the back, and the logo of a card association (such as Visa®, MasterCard® or Discover®). Prepaid cards that are used as tax refund cards also are embossed with your name on the face of the card.
Prepaid debit cards are not credit cards, which provide you with a line of credit. Instead, prepaid debit cards only let you withdraw or access the money you have deposited (or “loaded”) onto the card. (Which is why some people refer to these types of cards as “pay before” use cards instead of credit cards which are “pay after” use products).
With prepaid cards, you can only spend the money you have loaded on the card. Which is why they are perfectly suited for use as tax refund cards you can’t overdraw your account, and you can only spend as much money as you have deposited into your account.
Once you load funds onto your prepaid card, you can use it to make purchases (online or offline) and withdraw cash at ATMs, just like a normal bank debit card.
Some prepaid cards also allow you to pay bills using a bill pay system associated with your card.
Continue Reading the Tax Refund Card Guide Online
->Part 2: What is a Tax Refund Card?
Part 4: How to Get a Tax Refund Card.
Part 5: How to Use a Tax Refund Card.
Part 8: Tax Refund Card FAQ.