How to Use a Credit Card as a Debit Card
Find the best deal., Look for one with a low setup fee., Check the reload fees., Look for other fees., Check the monthly maintenance fee., Look at the fee structure., Buy a card., Register your card., Check the limit., Use your card as you would any...
Step-by-Step Guide
-
Step 1: Find the best deal.
Just like regular credit cards, prepaid credit cards come with fees.
However, because you are prepaying the fees are setup differently.
Shop around to find the best one., Some prepaid credit cards charge a setup fee.
However, the fee isn't the same for every card.
Try to find one that is low or nothing., Another place that prepaid credit cards hit you is with reload fees.
Essentially, when you add more money to the card, some companies charge you again.
However, some do not charge you a reload fee, which can make it more economical.
Pick one with a low reload fee or no reload fee, if possible., Other companies tack the fees on in other places, such as if you try to take cash off the card at an ATM.
Still others may charge you to check your balance or if you try to make a purchase without enough money on the card.
Try to find all the hidden fees before agreeing to a card., These types of cards also usually attach a monthly fee to the card.
Of course, you want to find the lowest one you can to avoid paying too much just to keep a credit card on hand., Some companies may not charge you fees if you put enough money on the card at the beginning.
Others require a certain balance to waive fees over time.Also, check how often you're required to use your card, as some companies will charge you if you don't use yours enough.
In addition, they may charge you if you decide to close your account., Once you've picked out a card, you essentially purchase it by loading it with money and paying any purchase fee.
Because you always preload the card, you will not need credit approval.However, you will need to have a way to add money.
You can use cash to load these cards, as long as you do it in a store that sells them.
Many of the big box stores sell prepaid credit cards.
Be aware that most of them have a minimum load amount along with the purchase price.You can also add money from PayPal accounts or have your paycheck deposited on to a card.
You can also put money on it from a bank account., Generally, you go online to register your card, and input information such as your address, your card number, and your phone number.
It's important to register your card because if you lose it, your company may be able to recover or refund your money., Different cards have different limits.
If you need to make big purchases, you may need one with a bigger limit.
Cards can range from as little as $500 to unlimited., Essentially, you pay with your card anywhere that accepts credit cards.
You do not need to do anything special with this credit card., You can also use this card to pay your bills.
Simply log on to your account for the bill, and input your credit card information.
You'll likely need the expiration date, your name as it appears on the card, and the security code on the back of the card., As your card gets low, you'll need to add more money to be able to use it.
You reload your card the same way you added funds the first time, through a bank account or PayPal, with cash, or by depositing your paycheck on to it., Some credit cards have a limit on the amount of money you can take out for a cash advance.
You should be able to find this information on your account online or by calling customer service for your credit card.
In other cases, you may need to turn on the option for cash advances by calling customer service., If you don't know your pin already, you'll need to get your ATM pin for your credit card.
You may be able to find it online, but most likely, you will need to call customer service to get your pin or reset your pin. , Just like with a debit card, you insert your card into the machine.
Enter your pin number when the machine tells you to, and then select an amount to withdraw.
Make sure the amount is under your cash credit limit., With cash advances, you'll often be charged higher fees than for regular transactions.
If you have a credit card with no interest rate for a year or two, you'll still be charged interest on your cash advance. -
Step 2: Look for one with a low setup fee.
-
Step 3: Check the reload fees.
-
Step 4: Look for other fees.
-
Step 5: Check the monthly maintenance fee.
-
Step 6: Look at the fee structure.
-
Step 7: Buy a card.
-
Step 8: Register your card.
-
Step 9: Check the limit.
-
Step 10: Use your card as you would any credit card.
-
Step 11: Pay bills online.
-
Step 12: Reload your card as needed.
-
Step 13: Check your cash credit limit.
-
Step 14: Find your pin.
-
Step 15: Go to an ATM.
-
Step 16: Be aware of fees.
Detailed Guide
Just like regular credit cards, prepaid credit cards come with fees.
However, because you are prepaying the fees are setup differently.
Shop around to find the best one., Some prepaid credit cards charge a setup fee.
However, the fee isn't the same for every card.
Try to find one that is low or nothing., Another place that prepaid credit cards hit you is with reload fees.
Essentially, when you add more money to the card, some companies charge you again.
However, some do not charge you a reload fee, which can make it more economical.
Pick one with a low reload fee or no reload fee, if possible., Other companies tack the fees on in other places, such as if you try to take cash off the card at an ATM.
Still others may charge you to check your balance or if you try to make a purchase without enough money on the card.
Try to find all the hidden fees before agreeing to a card., These types of cards also usually attach a monthly fee to the card.
Of course, you want to find the lowest one you can to avoid paying too much just to keep a credit card on hand., Some companies may not charge you fees if you put enough money on the card at the beginning.
Others require a certain balance to waive fees over time.Also, check how often you're required to use your card, as some companies will charge you if you don't use yours enough.
In addition, they may charge you if you decide to close your account., Once you've picked out a card, you essentially purchase it by loading it with money and paying any purchase fee.
Because you always preload the card, you will not need credit approval.However, you will need to have a way to add money.
You can use cash to load these cards, as long as you do it in a store that sells them.
Many of the big box stores sell prepaid credit cards.
Be aware that most of them have a minimum load amount along with the purchase price.You can also add money from PayPal accounts or have your paycheck deposited on to a card.
You can also put money on it from a bank account., Generally, you go online to register your card, and input information such as your address, your card number, and your phone number.
It's important to register your card because if you lose it, your company may be able to recover or refund your money., Different cards have different limits.
If you need to make big purchases, you may need one with a bigger limit.
Cards can range from as little as $500 to unlimited., Essentially, you pay with your card anywhere that accepts credit cards.
You do not need to do anything special with this credit card., You can also use this card to pay your bills.
Simply log on to your account for the bill, and input your credit card information.
You'll likely need the expiration date, your name as it appears on the card, and the security code on the back of the card., As your card gets low, you'll need to add more money to be able to use it.
You reload your card the same way you added funds the first time, through a bank account or PayPal, with cash, or by depositing your paycheck on to it., Some credit cards have a limit on the amount of money you can take out for a cash advance.
You should be able to find this information on your account online or by calling customer service for your credit card.
In other cases, you may need to turn on the option for cash advances by calling customer service., If you don't know your pin already, you'll need to get your ATM pin for your credit card.
You may be able to find it online, but most likely, you will need to call customer service to get your pin or reset your pin. , Just like with a debit card, you insert your card into the machine.
Enter your pin number when the machine tells you to, and then select an amount to withdraw.
Make sure the amount is under your cash credit limit., With cash advances, you'll often be charged higher fees than for regular transactions.
If you have a credit card with no interest rate for a year or two, you'll still be charged interest on your cash advance.
About the Author
Douglas Scott
A seasoned expert in education and learning, Douglas Scott combines 12 years of experience with a passion for teaching. Douglas's guides are known for their clarity and practical value.
Rate This Guide
How helpful was this guide? Click to rate: