Do Cash Back Cards come with money on it?
I recently got approved for an RBC cash back student card. A couple months ago i got a BMO cashback student card with the credit limit of $1000 and it came with $750 on it.
So does that mean since the RBC card limit is $3000 that means im gonna get around that much money on it?
- Anonymous4 months ago
You have no concept of what you are talking about. Credit cards do not "have money" on them.
- ShayLv 74 months ago
A "cash back card" is a type of CREDIT CARD that will give you a cash back reward when you use the card.
BTW - You do realize this is a CREDIT CARD and any amount you spend from that CREDIT LIMIT needs to be REPAID.
Now - since your card has a "credit limit" of $1000 right now and it came with $750 on it - that means that they might have ALREADY CHARGED YOU $250 JUST FOR OPENING THE ACCOUNT. You now owe them $250 and you haven't even used the card yet. You will get a bill for that soon.
The card is "loaded" with your spending limit. Whenever you use it - you will need to REPAY IT according to the terms of the credit card. This could include paying interest also - especially if you don't repay in full by the due date of the bill.
How high your spending limit goes depends on how well you manage your account. It could take a couple of years or longer to get the full spending limit of $3000.
- PearlLv 74 months ago
it might depend on the person