Sunday, October 25, 2015

Can You Take A Cash Advance With A Prepaid Debit Card?

A prepaid debit card is a financial tool that generally has a Visa or Mastercard logo on it so that it may be used as either a credit or ATM card. Since it is prepaid, it only has funds that have already been loaded onto it by the owner. As the owner, you are free to use the money you loaded onto it in any way you want, including a prepaid debit card cash advance.

An advance may be needed for a variety of reasons, including financial emergencies. Some of these come in the form of a loan from a bank or other financial institution, which requires an application and approval. The funds are then dispersed into an account or a check is written, which must be paid back, usually with a high rate of interest. The best way to avoid paying an exorbitant interest rate is to get your funds from a non-credit source.

Many people take the needed funds from a credit line instead of taking out a loan. This also comes with big fees and interest that could end up costing you 300 percent of the original loan amount, or possibly even more. However, with a prepaid debit account, the issuer generally does not care if you get an advance because the money was already loaded onto the account and is not a loan, so there is no risk for the issuer.

To get the money, all you have to do is visit an ATM machine and take the money out by accessing your account. If this ATM is out of the issuer's network, then you may be asked to pay a nominal transaction fee. Fortunately, this is the only fee you will be assessed, which saves you a lot of money.

Alternately, you can take money out using your PIN number at a point of sale. A good example of this is Target or Walmart, both of which let you pay with your debit at the register, and allow you to get money back. If you need to buy any items or simply want to avoid paying transaction fees at the ATM, this is a great alternative.

There are several advantages to getting an advance using a prepaid debit account rather than a traditional credit one. You have instant access to the funds and don't get charged a huge fee with interest that could make you pay up to four times what you originally borrowed. This saves you money in the long run, increasing the chance that you won't have to borrow again.

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