needs Kasheesh
A Kasheesh card is a virtual payment solution that allows you to split a single purchase across multiple of your existing credit, debit, or prepaid cards. A Kasheesh card is not a credit card itself but a tool that lets you combine your current cards to provide greater flexibility and control over your spending.
Technically, the Kasheesh cards you generate are digital debit cards—not credit cards—but the card itself is just a 'vessel' to enable the payment splitting, and the real functionality is what happens behind the scenes.
Why does Kasheesh issue you a card?
The only function of a Kasheesh card is simply to provide you with a single card number to enter on the retailer's website (where you want to split a purchase), whereas the payment splitting features are what you find in your Kasheesh dashboard.
So while Kasheesh does issue you a virtual debit card (when you choose to generate one yourself), it does NOT open a new bank account or credit line in your name.
Thanks to this, Kasheesh does not have to–and will not–pull your credit and will never have a direct impact on your credit score.
Kasheesh Cards vs. Credit Cards
While both a Kasheesh card and a credit card can be used for transactions, they function very differently:
1. Kasheesh does not lend you money
A credit card allows you to borrow money from a financial institution and pay it back later, potentially with interest.
Kasheesh, on the other hand, does not extend credit—it simply enables you to utilize your existing credit lines and available funds more flexibly by splitting payments across multiple cards.
When you use Kasheesh to split a payment between multiple (up to five per transaction) of your existing credit cards, you are accruing credit card debt on those underlying cards, but it is not being borrowed from Kasheesh.
2. Kasheesh has no interest fees
Credit cards often come with high-interest rates if balances are not paid in full. Kasheesh does not charge interest because, as mentioned, we do not lend you money.
Again, the credit card providers of the underlying cards (which you choose to split your purchases between) might charge you interest for those payments processed through Kasheesh, if not paid off within a certain time frame. But any potential interest is accrued on the credit card provider’s side, not from Kasheesh.
3. Kasheesh does not hurt your credit score
Using a credit card can either positively or negatively affect your credit score, depending on how you manage your balance and payments. Kasheesh, on the other hand, does not report anything to credit bureaus and has no negative impact on your credit score. While Kasheesh will never have a direct impact on your credit score, please remember that your credit score could be impacted by the underlying cards that you've chosen as the funding source.
However, by using Kasheesh to spread out large purchases across multiple cards, you can avoid maxing out a single card and manage your credit score better. Having a card with a very high utilization rate, such as 100%, can hurt your credit score even if your overall utilization is relatively low. Click here to learn more about how credit utilization can affect your credit score.
4. No late fees or annual fees
Many credit cards come with annual fees, late payment fees, and other charges.
Kasheesh charges a 2% service fee per transaction it processes—this is what you pay to get access to splitting payments—but does not have any other fees.
There are no late fees associated with using Kasheesh, because as mentioned, Kasheesh itself does not loan you money. It's the financial institutions who issued your underlying cards (which you split a purchase between) that you need to repay, and who might charge late fees.
Kasheesh Cards vs. Traditional Debit Cards
While Kasheesh cards as technically virtual debit cards, they differ in several key ways from traditional debit cards:
1. Kasheesh does not issue bank accounts
A standard debit card is typically linked to your personal (or business') bank account, where you can transfer funds to or from.
Kasheesh, on the other hand, does not open a bank account in your name. The Kasheesh card simply lets you combine funds from multiple debit, credit, and prepaid cards to complete a purchase.
2. No overdraft fees with Kasheesh
Traditional debit cards may allow overdrafts, leading to costly fees. Kasheesh is not a banking service and does not enable overdrafting—you can never have a negative balance on your Kasheesh user account, as it is not a bank account. If your payment isn't covered by the underlying linked cards, the transaction on your Kasheesh card will decline.
If you use a traditional debit card as your underlying card when splitting a payment with Kasheesh, that underlying debit card may on the other hand be overdrafted and your bank may charge you fees.
3. Enhanced payment flexibility
With a standard debit card, you must pay with a single source of funds. Kasheesh enables you to distribute a payment across multiple different cards, helping you better manage cash flow.
4. Virtual card security
Unlike a standard debit card, which can be physically lost or stolen, Kasheesh issues virtual cards that can be easily created, used, and deleted for additional security.
Kasheesh's virtual Multi-Use cards can also be added to Apple Pay and Google Wallet, making them usable for in-store purchases, similar to traditional debit cards.
Key features of a Kasheesh Card
Now that we've covered the key differences between a Kasheesh card, a credit card, and a debit card—let's look at the key features and reasons you may want to use a Kasheesh card:
1. Split payments
Combine up to five of your existing cards to divide a single purchase according to your preferences. This can be any combination of credit cards, debit cards, and prepaid gift cards.
2. Virtual cards
Generate virtual Mastercard debit cards for your transactions, enhancing security and convenience.
3. Multi-Use and Single-Use Options
Kasheesh Multi-Use Cards:
- Ideal for recurring payments and everyday spending; these cards can be saved to your favorite merchants and the underlying cards can be adjusted as needed. No need to re-type a new card numbers for each purchase.
- Will only charge your underlying cards at the time of purchase.
Kasheesh Single-Use Cards:
- Designed to be used once. The Single-Use card expires after your purchase is completed, providing an extra layer of protection from future unauthorized charges by the merchant, for the particularly security-minded user.
- Functions similarly to a prepaid gift card: your underlying cards will be charged immediately upon creating the Single-Use Card, with the pre-set amount, as if you were buying a prepaid gift card. The main difference is that the charges will reverse and get refunded to your underlying cards if you don't use the Single-Use card within 2-3 days.
- Note: The payment you complete on the retailer's website must match the pre-loaded amount on your Single-Use Card exactly (down to the cent!), otherwise the transaction will decline. If you're having trouble with your card declining, just reach out to us here!
Learn more about the differences between the Multi-Use and Single-Use cards.
How does Kasheesh work?
- Sign up: Create a Kasheesh account. There is no sign-up fee or credit check involved.
- Add your cards: Link your existing credit, debit, and/or prepaid cards to your Kasheesh account. Here’s a step-by-step guide to adding your cards.
- Create a Kasheesh Card: Generate a virtual card for your purchase, determining the amount you want to charge to each of your underlying payment methods.
- Make a purchase: Use the virtual Kasheesh card at any merchant that accepts Mastercard, both online and in physical stores*.
*Only with the Multi-Use Card, which has Tap-to-Pay functionality.
Conclusion
While a Kasheesh card is not a credit card, it serves as a versatile tool that enhances your purchasing power by allowing you to combine and optimize your existing financial resources more effectively.
Kasheesh is also not a traditional debit card, and more than a typical virtual debit or credit card—as Kasheesh is the first and only payment solution that lets you split purchases across many (up to five!) cards at once. Offering unparalleled flexibility when managing your payments.
Not using Kasheesh yet? Let’s get you started:
The content on this blog is for general information purposes only, and is not intended to be personal financial advice. It does not take your individual circumstances and financial situation into account, and any reliance you place on the information is at your own risk.
