If you’re like most people, you probably don’t think too much about your car loan after you sign the paperwork and drive off the lot. But if you’re not careful, that car loan can end up costing you a lot more money than you ever expected. That’s because the longer you have a loan, the more interest you’ll pay.
On the other hand, paying a car loan off early can free up cash flow and enable you to use the money you save to pay down other debts.
Apart from that, when you pay off your car loan using a cash back debit card, you get a lot of other benefits – including cashback and more savings.
What are Cashback Debit Cards?
A cash back debit card is a type of debit card that allows you to earn cash back which you can use on your car loan installments. With a cash back debit card, you can get a percentage of your payment back in the form of cash. For example, if you spend $100 on your cash back debit card, you may get $1 back in cash.
There are many different cash back debit cards available, and each one has its own rewards program. Some cash back debit cards offer tiered rewards, in which you can earn more cash back on certain categories of purchases. Others offer a flat rate of cash back on all purchases.
When you use a cash back debit card, you are essentially getting paid to shop. If you use your card for all of your everyday purchases, you can really start to rack up the rewards. Plus, many cash back debit cards offer sign-up bonuses, so you can earn even more cash back in the beginning.
However, when it comes to a specialized debit card with cash back used to pay off a car loan, there are only a few options. They are like a conventional debit card, but they allow you to manage your savings and use them to pay your car loan. In return, you also get cashback and many other rewards.
For example, the Paydown Rewards Debit Mastercard® at Paydownhero comes with amazing prizes for top finishers; the first finisher’s car loan is paid by the company, while it pays the second finisher’s car loan payments for one year. And, the third finisher gets a 300% cash match on roundups for one year.
How to Obtain a Debit Card with Cashback to use on Your Car Loan
Getting this type of card is as simple as applying for a conventional debit card. You fill out a form and sign up for the waitlist. This enables you to get on a leaderboard and get access to a cash back prepaid debit card. If you are found eligible for the card, it will be sent to you .
Once you obtain the card, you can start the process of using it to pay off your car loan and earn rewards. To earn points and get to the top of a leaderboard, you can share a link on different platforms. Apart from that, you can also send a link to your friends and ask them to sign up.
Conclusion
A cash back debit card is the answer to the ‘how to pay off a car loan faster’ question. Apart from that, it also comes with lots of great prizes. Perhaps the most obvious benefit is that you can earn cash back on your car loan payments, which you pay using your savings and extra payments. But other benefits include avoiding interest charges and even building your credit score. If you use a cash back debit card wisely, you can maximize your benefits and earn a nice return on your car loan payments.
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