A new rule changes the way that people who buy prepaid cards with cash back can get the money back if they have it within two weeks of paying it off.
The rule applies to debit cards, credit cards, prepaid cards, or credit cards issued by banks.
It also applies to credit cards that are pre-authorized to receive cash back.
“Cash back is a very popular category of payment and is the biggest category of cash out that most Americans use every day,” said Karen Waggoner, the director of the Consumer Finance Protection Bureau.
“People often forget about the rules around how to get cash back and the rules for cash back,” she said.
“It’s important to remember that the cashback rules are meant to make it as easy as possible for people to get their money back when they pay their bills and when they purchase goods and services.”
People who are eligible for cash refunds will be able to get the cash from the bank’s checking or savings account, according to the Consumer Financial Protection Bureau, which announced the change Monday.
It is a small change to how most people are supposed to get paid for their purchases.
“We’re trying to help consumers who have money sitting around waiting for them to get it,” said Waggoni.
“But people need to be aware that it’s going to take some time to fully apply the new rules.”
But the cash rebate will be only for prepaid cards that use the debit card’s pre-authorization feature, so you’ll need to get a pre-paid credit card that can get your money back.
That means you’ll have to get one of the most popular prepaid cards: Apple Pay.
Waggone said people should contact their bank to see if their cards are still eligible for the new cashback rule.
You can get a copy of the rules here.
The new rules are effective Nov. 1.