Australian bank cash card issuer Verizon has revealed it has a “high-performing” cash card with no annual fee.
The cash card, which will be launched in 2019, has a 3% interest rate, and can be used for all major bank transactions.
The card is not just for everyday spending.
“This card can also be used as a bank account and credit card,” a spokesperson told ABC News.
“It’s not just a cash card.”
The card also has a 0% overdraft fee, and a 1.5% cash back bonus.
In an interview with Financial Review, the spokesperson said there were a few “high value” features on the card, including a cash back option.
Cash card holder, who asked not to be named, said the card was a “nice touch” and added: “It also works for overseas travellers as well as Australians, so it makes it super convenient.”
“There are a few features that are really cool like the 3% cashback, but overall it’s a really good card,” he said.
Verizon’s cash card offers a 3.5 per cent interest rate.
In 2018, the bank was the second-most popular bank in Australia, with $6.3 billion in cash deposits, according to data from the Australian Bureau of Statistics.
The spokesperson said that the company had invested $2.5 billion into the card so far.
“We are continuing to invest to improve the card,” the spokesperson added.
Cash cards are popular among younger Australians, as well, and are increasingly popular among young adults.
In March 2018, Australia’s top 20 employers listed Verizon as one of their top three employer-owned employers.
The company has a network of more than 4,000 cash card issuers in Australia.