You probably have an FSA card if you have a flexible spending account, an employee benefit that lets you deduct money from your paychecks tax-free for out-of-pocket health care costs.
The FSA debit card may look like a regular bank card, but it can be used for health expenses only.
Below, you can learn about FSA Debit Cards vs. Bank Debit Cards and when to use them.
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When to Use an FSA Debit Card
Use your FSA card to pay for health expenses you don’t want taken from your regular bank account.
Using an FSA debit card can also reduce claims paperwork. Many merchants that accept the cards have inventory systems that communicate with the customer’s employer’s plan administrator so eligibility information can be sent electronically.
Note that even is a purchase is approved, your administrator may want to verify the purchase. Be sure to keep detailed receipts, including the type of service or product, provider, cost and the service date.
When to Use a Bank Debit Card
Generally you will use a personal debit card or other form of payment if you have an eligible expense from a provider that doesn’t have the required inventory system.
With a Bank debt card you can maximize your benefits. Your account will reimburse you for expenses, all you have to do is file a claim and you can start earning points, miles or cash back.
Author’s Verdict
There are times to use an FSA card, and times to use your personal debit card. The most important thing is to make sure you spend all the money in your FSA account for the year.
If you have a flexible spending account, it’s in your best interest to take advantage of it by spending the funds before you lose them.
Hopefully the above information helps you understand what Cash App is.
Also be sure to check out our own lists of bank promotions and CD tables!
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| Chase Total Checking® | $300 Cash | Review |
| Chase College CheckingSM | $100 Cash | Review |
| Chase High School CheckingSM | $100 Cash | Review |
| J.P. Morgan Self-Directed Investing | Up to $700 Cash | Review |
| Chase Secure BankingSM | $100 Cash | Review |
| SoFi Checking and Savings Account | $325 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
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| Huntington Bank Business Checking 100 | $100 Cash | Review |
| Fifth Third Bank Checking | $400 Cash | Review |
| Axos Basic Business Checking | $400 Cash | Review |
| Axos Business Interest Checking | $400 Cash | Review |
| Axos Bank Business Premium Savings | $375 Cash | Review |
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