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If you don't have any money on your prepaid credit card can you still make a transaction?
Wiki User
∙ 15y ago
Picture a prepaid credit card like a wallet. Can you still buy things when there is no money in your wallet? No you can't. A prepaid credit card is not really a credit card in the sense of the word credit. Credit means that you can purchase something now and pay for it later. A prepaid card has a limit on it and once that limit has been used, like your empty wallet it is no longer useful.
Wiki User
∙ 15y ago
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What are the advantages of a Visa prepaid credit card?
Some of the advantages of having a VISA prepaid credit card are: one cannot spend money that they do not have available on the card (no overspending), one does not need a bank account to be able to purchase items with this prepaid card, and one can still get a VISA prepaid card with bad credit.
Can I get a prepaid credit card if I have a bad credit rating?
Certainly, prepaid credit cards are accessible to individuals with bad credit because they do not involve a credit check or credit approval. These cards are funded with your own money, making them a viable option for managing finances and making purchases without the need for a good credit rating. hartfinancialrepair website for more
If there is no assets who's responsible for credit card debt?
If a person dies and owes money on credit cards, the person who issued the credit cards loses. The merchant still gets his money. (The credit card companies make money by charging merchants a small fee on each transaction. They make interest. They lose money on deadbeats and deaths.)
Are prepaid credit cards worth all the interest?
There is no interest on a prepaid credit card. With a prepaid card it is like having cash. You have an amount on your card (for example $500) and you purchase an item for $30 you would then still have a credit of $470 on your card. This can be topped up when the funds run low.
Differnce between outstanding expenses and prepaid expenses?
prepaid expenses are paid in advance and they are called current assets.The outstanding expense is the unpaid money,still owed.
Is a VISA Credit Card being used as 'Debit' if you use a pin?
No - its still a credit transaction. The PIN is simply used to verify you are the registered owner of the card.
Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
Can a chase debit card also be used as a credit card?
Yes, but the funds are still withdrawn from the account that the debit card it linked to ... in other words using the debit card as a credit card is still a point of sale transaction. You cannot be extended "credit" on a debit card.
Can you use Virgin Money in the US?
Yes, Virgin Money can still be used in the United States. Prepaid travelers cards will remain good up to their expiration date, so as long as it has not expired, it is still good.
What are the differences between prepaid credit cards and gift cards?
A credit card allows you to have purchase something in exchange for a financial liability to the bank. This means that the card doesn't hold any amount or value, but it allows you to purchase something in advance. A debit card is also availed from a bank. This is usually tied up to a bank account, meaning that any transaction made through the debit card does not put you in debt, but it automatically deducts them from your account. A gift card is a prepaid card that does not put you in financial obligation to a bank, nor does it deduct value from your bank account. You don't run the risk of getting into debt or over-withdrawing your money in the bank. The financial value is kept within the card and automatically reduces every time it's used for purchase of any goods or services. This means that you have total control of your card's value. You will only spend the amount loaded in it.
What if you swipe your debit card as credit what happens?
The transaction would still be processed... provided the bank account linked to the debit card had sufficient funds in it.
Will a credit always decrease a cash account?
A cash account will always be decreased by a credit, but a credit will not always decrease a cash account. The only time a credit decreases cash is when the company pays out cash, whether it's to purchase supplies, inventory, or pay wages etc. Here is two examples of a credit in a transaction, one will decrease cash, the other will not. Company X buys $1,000 in inventory from Company Y and pays CASH. The debit for this transaction will increase inventory, the credit will decrease cash since company X is paying cash for this transaction. Using the same transaction however, changing Company X wants to purchase this inventory on "credit" the debit in this transaction as above will still increase inventory, however, since Company X has chosen to purchase this inventory on credit and not use cash and accounts payable will be set up and the credit will "increase" accounts payable. Remember, Assets will "always" increase with a debit and decrease with a credit. Liabilities will "always" decrease with a debit and increase with a credit.
