Can You Put Money On A Greendot Card With A Credit Card

Epitome Credit: American Limited

A prepaid card works similarly to a gift carte, only it's one that you lot can reload with cash.

Even though it can be used to pay bills, rent, book a hotel or a car, and purchase products online, it's more of a debit card than a credit card considering users are unable to spend more than than what'southward on it.

It'southward likewise perfect for travelers who don't want to bear a lot of cash on them.

Quick reply: Most prepaid cards cannot be loaded with a credit card. However, you tin use a credit card advance to load a prepaid card — not recommended because of the fees and college involvement rates involved.

How Prepaid Cards Work

When you utilise a prepaid card, yous're using your own money instead of borrowing money from the bank, like yous do with a credit card.

What makes them different is that you don't need a banking concern account to apply a prepaid carte. You lot can load money directly onto it before making purchases.

Once you have no more money left on it, you only reload it.

Near major carte du jour networks — including Visa, American Express, Notice, and MasterCard — offer prepaid cards.

Therefore, they can exist used anywhere debit cards tin, like at the grocery store, gas station, and fifty-fifty for bills.

Prepaid cards are used every bit an culling to banks. Many people in the U.S. don't take checking accounts. Instead, they use prepaid cards to brand card-based purchases more convenient.

Prepaid cards take business relationship numbers and routing numbers, and then users can take paychecks deposited directly into the carte du jour, just similar they would with a checking account.

Unlike credit cards, no credit is required or built with a prepaid carte du jour. They were originally created for people with poor or no credit history.

They are still a bully option for anyone with credit issues considering it's impossible to spend more than than what's on the menu.

Prepaid cards expire when the money on them runs out. Additionally, at that place's no credit check required when signing upward for a prepaid bill of fare.

If your goal is to build credit, however, information technology'southward all-time to consider a secured carte similar the .

Reasons to Use a Prepaid Carte du jour

The virtually common reasons people get prepaid cards are to avoid overdraft fees, to command spending, to control credit card debt, and to brand purchases with merchants that don't accept greenbacks.

Notwithstanding, many people use prepaid cards to collect points and rewards also.

Like any other financial decision, information technology'south all-time to exercise your enquiry before getting a prepaid carte. Some charge extra for customer service, and most have fees for activating the menu, balance inquiries, using the ATM, reloading coin and more than.

Figure out what a prepaid card will toll you before making a decision.

Common Methods of Reloading a Prepaid Bill of fare

Ownership a reload card, kind of like buying a minutes card for a prison cell telephone, is a popular method of reloading a prepaid card.

Direct Deposit

Reloading money by setting up a direct deposit from a bank account is one manner to get around monthly fees depending on the carte. One can even collect greenbacks bonuses when they sign upward if they initially eolith a specific amount.

Most of the time, people set up direct deposits from their paycheck, a government benefits cheque or a cash refund.

The option to set up direct deposits on a prepaid card is available when y'all sign up for i on the website of a bill of fare network. This also allows people to monitor their direct deposits and activity online.

Reload Networks in Retail

Common cards from major networks allow for alternative methods of loading funds through different reload networks. Some examples are MoneyGram, Western Union, Green Dot, and Visa ReadyLink.

These financial service merchants are usually found in gas stations and convenience stores and they offering to reload services for a fee. Other retail reload networks are ACE Express, PayZone, ReloadIT, PreCash, and CashPass.

Transfer from a bank business relationship

Near prepaid cards allow for transfers from a bank account direct onto the card, which tin can be set upwards online.

Some cards volition likewise accept checks, wire transfers or money orders. However, not all cards offer the ability to transfer cash from an existing bank account.

Reloading a Prepaid Card With a Credit Carte

These days, many cards but permit transfers from the methods mentioned above. However, there are still ways to use a credit card for reloads.

Reloads with a credit card were accepted more often until prepaid cardholders started abusing this method to simply get more points and rewards.

It was a common method to striking credit card bonuses without actually buying anything. Now, reloading a prepaid carte du jour with a credit menu is pretty rare.

1 way is to utilise cash advance checks that come up with a credit bill of fare. By making the cheque out in the card holder's proper noun, one can greenbacks the cheque-in a retail shop or cheque cashing center.

Some stores allow people brand a cash advance check out to the concern, so a customer service representative tin deposit the money directly onto the card.

That way, ane can save money by not having to pay personal check cashing fees along with the fees to reload a prepaid card.

Another way to employ a credit card to reload a prepaid menu is by withdrawing cash directly from an ATM to reload onto a prepaid card.

Even so, getting a greenbacks advance from your credit card comes with steep fees and even steeper interest rates. Only do this if you can pay back the rest on the credit card immediately to avoid falling into credit card debt.

Reloading with a credit card, in full general, isn't worth it. The fees and interest involved with taking out a cash advance from a credit card on meridian of all the fees for opening and reloading a prepaid card brand it a very expensive method.

Fees vary between different types of cards and institutions, simply when it comes to cash advances, they're of the more than expensive financial options.

Conclusion

Prepaid cards are best for people who are traveling and want to keep their cash safety or have poor credit or are recovering from debt and need to control their spending.

For those who don't take a banking concern account or a checking business relationship, they're a smashing option for convenient spending because you tin use them to pay for anything that a regular credit bill of fare can exist used for.

Prepaid cards come with various methods of reloading and monitoring them, leaving one with plenty of options outside of a credit card to add together money to the card.

Featured credit bill of fare:

Source: https://www.mybanktracker.com/credit-cards/faq/can-you-load-prepaid-card-with-credit-card-263232

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