What Is The Difference Between A Pending Transaction And A Posted Transaction
Pending transactions are authorized transactions with a hold for the purchase amount until the transaction clears. Posted transactions are purchases that have cleared on your card. There are some pending transactions that are more or less than the amount you actually spent. Some retailers place a pre-authorization amount to ensure the account is active and that you have enough money to cover the purchase. Once the transaction posts to your account, the pending transaction will be removed within a few business days, and you can use the funds again.
Questions Frequently Asked By The Recipient:
How to activate a Visa Gift Card?
Activation of your card depends on the purchase method. Cards purchased through a Corporate Bulk order come with an activation code, which the purchaser will provide to you. Cards purchased online via our website will have your name embossed on it. You will activate your card using a combination of your phone number and zip code.
How can I check the balance on my Commerce Visa Gift Card?
To check the balance of your Commerce Visa Gift Card, log on to www.commercebank.com/checkmygiftcard or call the toll-free number 1-866-271-7780.
Why should I register a Visa Gift Card?
Registering your card has several benefits: It enables you to make purchases online. Most online retailers do not accept payments without a valid billing address. Your registered address will serve as the billing address that retailers require. It enables Customer Service Representatives to more quickly assist you when you call. It protects you from fraudulent activity. It protects you if your card is ever lost or stolen, so that you can be reimbursed for lost funds.
What should I do if my Commerce Visa Gift Card is lost or stolen?
Report a lost or stolen card immediately by calling Customer Service at 1-866-271-7780. You will need to have the card number and other identifying information in order to cancel the card and have a replacement card issued. A card replacement fee will apply if you are replacing a card that is lost/stolen. Refer to the fee section below.
Sell Your Visa Gift Card
You may not able to get the cash from a Visa gift card in the traditional ways like at an ATM or cash back after a purchase, so you can consider selling it online.
You can sell it on sites like Raise, CardCash, Giftcard Zen, and Cardpool thatll buy your Visa gift card in exchange for cash. If your gift card is a virtual one, you can get instant cash for it.
You can also opt to cash it out through an app called Prepaid2Cash or find a gift card kiosk near you. The Prepaid2Cash app makes getting cash for your prepaid cards and gift cards easier than ever before.
Prepaid2Cash charges the lowest fees in the market and you can choose to receive your money the next business day or in 4-5 business days. It is available for both iOS and Android devices.
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What Are The Benefits Of Having A Prepaid Card
- Saves time easy access to the funds on the Card.
- Improved convenience use for purchases everywhere Visa debit Cards are accepted and at virtually any ATM 24 hours a day.
- Improved security no need to carry large amounts of cash with you.
- Better control over managing the money on the Card take only the money you need, when you need it, depending upon the Card program designed by your sponsor.
- Account information and customer service available 24 hours a day
- Bank of America Zero Liability Policy you may incur no liability for unauthorized use of the Card up to the amount of the unauthorized transaction, provided we are notified within a reasonable period of time of the loss or theft .
- Account information is available around the clock via a website www.bankofamerica.com/commercialprepaidcard
Use It To Buy A Money Order
Stores like Walmart as well as certain grocery stores will let you buy money orders using your Visa gift card. That said, the availability of this can vary, so check if this is an option in your area.
But once youve done this, the money order can then be deposited into your bank account to be used as straight up cash.
One thing you should keep in mind, however, is that some banks have had a habit of shutting down accounts if too many money orders are deposited. As such if you do choose to do this, perhaps combine it with some of the other options on this list.
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How Do Gift Cards Work
A gift card resembles a credit or debit card since it is plastic in nature. They have specific numbers that identify the cards. Anybody can use it since most do not link to a particular person.
Most cards have no PIN, and if you lose one, it is the same as losing real money. Someone else can use it if they collect it. However, Visa and Mastercard gift cards have been using PIN since 2013.
Some gift cards are only useful for one-time payments, while others are reloadable. Reloadable cards are almost similar to prepaid debit cards and can allow you to transfer money using the routing number and account number to a bank account. This means that you do not have to lock yourself to buy goods only.
When buying goods with you, the merchants use the on-line electronic system for authorization to deduct the amount you have spent when shopping. These include a serial number, barcode, or magnetic strip. While some gift cards will only allow you to buy at specific stores, cards from banks allow you to purchase from any store that accepts them.
For instance, Giftcards issues Visa and MasterCard that can be used anywhere that accepts Visa and Mastercard.
Before being sold, most gift cards have no value. When buying, the seller now loads money on the cards depending on the amount you pay. However, some cards have a set value, and once you receive them, you have to call a given number to activate them.
How To Get Cash From A Prepaid Visa Debit Card
A prepaid debit card is a kind of payment card that allows you to load and spend money. It is almost similar to the ordinary debit card in that both cards only allow you to spend what is on your account only. Once exhausted, you can only continue using the card for shopping and payment of services by loading it with money. If you have money on your card, you can also withdraw it to cash if you have been wondering how then stay around as you will learn how to get cash from a prepaid visa debit card.
The use of prepaid debit cards is secure as your money is safe. You do not need to worry about losing it even when the card gets lost unless someone knows youre PIN. Many rich people prefer using payment cards as compared to cash since they are highly vulnerable to robberies. However, that does not mean that the card belongs to the rich people only. Anybody can also have it. Some parents usually acquire prepaid cards for their children to use at school for shopping and pay school fees.
A prepaid card is also essential when it comes to sending money to other people. It does not matter which country you live in because banks usually communicate internationally. If you have a debit or credit card, you can transfer money from a prepaid debit card to your credit or debit card. If I want to transfer money from my prepaid card to my debit card, I only need to log into my prepaid card account and select the send money option, of which I enter the amount of money to transfer.
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So What Should You Do Instead Of Cashing In That Rrsp
Seek professional advice. Speak to a licensed insolvency trustee to discuss your situation, review all of your options and come up with a plan thats right for you.
RRSPs are protected in a bankruptcy. In a consumer proposal you keep all assets including retirement savings. Filing a consumer proposal or personal bankruptcy will eliminate all or most of your debts and be permitted to keep your investments .
Furthermore, eliminating your debts in a bankruptcy or consumer proposal can help to rebuild your credit score and provide you with future financial opportunities that you will not have by only paying off a portion of your debts using your RRSP money. During these debt relief solutions, youll learn healthy financial habits to ensure that once you get out of debt, you stay out of debt.
When considering debt relief options, its important to think long term. Although cashing in an RRSP might seem like a quick fix for getting out of debt, its only a band-aid solution that will lead to bigger problems once youre forced to rely on that savings in retirement.
If you are thinking about withdrawing money from your RRSP to pay off debt, contact us today for a free consultation to talk about your options that can protect your retirement.
Use A Payment App From Your Smartphone
Theres a reason why theres an app for that phrase has become commonplace. You can turn to apps to send money to someone, who might be able to withdraw the money for you.
- The app installed
- A bank account or an accepted prepaid card that allows you to make transfers to another persons account
You can easily send money to your friends and have them pull it out in cash for you.
Keep in mind that with this option, you wont be able to pull out large sums of money. There are most likely restrictions on how much you can send. For example, Square Cash only allows you to withdraw $250 per transaction.
Apps that let you send and receive money:
- Facebook Messenger
One of the better-known apps to send and receive money is Venmo, which has become a verb: Just Venmo me.
Its free to use and all you need is the persons Venmo username, phone number, or email to send money. Both parties need to be signed up with Venmo in order to use it.
Venmo also accepts prepaid debit cards , but the card needs to be in your name.
Zelle is another well-known way to send and receive money, but you must have a bank account, since the platform caters to sending money to and from different banks, almost instantly.
Banks that support the use of Zelle:
- Ally Bank
- Wells Fargo
This is a prepaid card that works in tandem with the app. The prepaid card draws funds directly from your Square Cash app account rather than your bank and allows you to withdraw cash at an ATM.
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Can You Put A Visa Gift Card In Your Bank Account
You can deposit a gift card to your bank account, although not directly. Visa gift cards are treated like Visa credit cards, meaning the balance isnt transferable to an account.
However, as shown above, there are some roundabout ways to achieve this. For example, there are several options to transfer money from a gift card to your bank account via PayPal. All you do is follow the steps outlined above for getting the balance into your PayPal account and, from there, transfer that money to your bank account.
Keep reading to find out which specific options are available for this, if youd prefer the money end up in your account rather than converting your Visa gift card to cash in hand.
Can You Put Money On A Payroll Card
Payroll cards can also be used for automatic bill payments. Employees can also use their payroll cards to get cash at an ATM, just like employees with checking accounts and debit cards can. Employees can also add funds to their payroll cards they arent limited to only having payroll funds added by their employer.
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Use Your Visa Gift Card To Buy Other Merchants Gift Cards
If theres a particular store you shop at that doesnt accept your Visa gift card for purchases, you can use this card to buy a gift card from the store where you want to buy something.
And if you look online, you can sometimes find these for sale for up to 20% off meaning youre getting 20% of the Visa gift card balance for free.
This could include stores like Amazon, Walmart or even Starbucks if you were planning to convert your Visa gift cards to cash simply to get a caffeine hit.
Alternatively, you could earn gift cards to all these stores and dozens more just by using an app like Swagbucks. Its basically like earning free coffees from procrastinating on your phone!
How To Get Money Off Your Gift Card
Here is how to get money off a gift card.
The process is easier than you think. First, you have to check the balance on the card. This is so that you can determine if this is worth it or not.
Next, you are going to want to take your card to a gift card exchange kiosk. Follow the directions on the screen. Check over everything before you hit accept.
Take the receipt to the cashier and get your cash. It’s like going to the CoinStar.
Alternatively, to get money from your gift card you can do the following:
- Sell your gift card.
- Use the gift card to buy an in-demand product and then sell the product.
- Buy money orders directly to pay yourself.
- Trade your gift card for something else. This is similar to selling but you can get a different product for it in exchange.
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What Are The Limits
While youre learning how to use anonymous prepaid debit cards, you might as well learn about all the limitations youll experience when using them:
- Cant use them to withdraw money from an ATM
- You can only use them with US merchants
- Cannot use them for recurring billing
Its worth noting that you might be able to use these cards for recurring billing depending on your intended use and the type of merchant that youre dealing with. You can also use these cards to fund a PayPal account that youve just opened and completely avoid the second limitation. You may also use these cards to sign up for PayPal enabled subscriptions and enjoy anonymous online payments.
Five: Follow Additional Instructions From The Prepaid Card Company And Perform The Transfer Online To Your Bank Account
Every prepaid card provider will have a slightly different set of instructions so make sure to follow the instructions carefully.
At any point, if youre unsure of what to do, your prepaid card provider should have a customer service hotline that you can call for help.
Here is an example of the detailed instructions provided by the Key2Benefits Prepaid Card website.
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Gift Card Fundraising Suggestions
Gift cards have become an increasingly popular product for fundraising. In fact, I cant say Ive seen a fundraiser lately that didnt contain some type of gift card. From the auction-style fundraiser where participants bid to win gift cards to raffles that include gift cards as prizes to charitable gift cards that make a donation based on sales, people like to win and buy gift cards as a way to give money because doing so typically includes getting a portion of your money back. You also have the opportunity to customize what the ultimate prize will be. In other words, just like donating gift cards is good for business, buying gift cards is a great way for consumers to contribute as well.
Below are just a few examples of effective gift card fundraisers.
Check out this list of ways were raising money for the St. Baldricks Foundation.
Know What Your Balances Are
This seems obvious, but there are times that I may have one or two cards floating at the bottom of my purse that Im not sure how much is left on them. While I prefer to use the web address printed on the back of each card to find the balance, some will only allow you to call an 800 number. Another thing to note is that in order to check your balance online, you may be required to register that card. The benefit to doing this is that your balance is stored online, and in case of a lost card, you can at least make purchases online with it or possibly get a replacement. The drawback is that you may not want to keep the card forever and you dont want to register a card that someone else may try to register in the future.
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Sell Gift Card On Raise App
One way to convert a Visa gift card to cash is to use an app. There are many apps that buy the card from you, then resell it for a profit. This method can be a fast way of converting those Visa gift cards into cash.
However, a word of caution to bear in mind. The fees involved can be high which means this method is best if no others are available or if you need the cash quickly.
A great app to use is offered by Raise. The Raise app is available on App Store and Play Store. Once downloaded you can easily sell your gift cards, but Raise does take a 15% commission. When you sell a gift card on Raise you can get paid via PayPal, check, or straight into your bank account.
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