The credit card is becoming popular in Nigeria and many people are fast getting one. Credit card offers several opportunities. It gives certain benefits that a debit card does not offer. Most major purchases can only be done using a credit card.
In fact, many view the credit card as the key to the gate that will lead them down the path to riches. With a credit card, they can buy whatever their hearts desire. They can earn money if they have a credit card, seeing as you can link a credit card with PayPal or another merchant account, and receive donations and payments from other people. Without a credit card, it will seem that you are excluded from the Internet elite. You’re nothing but a pariah; an outsider who can only look on helplessly as others reap the benefits of possessing this golden ticket.
But owning a credit card isn’t all it’s cracked up to be, and using one online, it will seem, carries tremendous risk. Somebody’s credit card details can be sniffed quite easily through using some software.
www.toughnickel.com has explored a few other ways of buying things online. The findings show that not owning a credit card or a cheque card doesn’t necessarily mean that a bank customer will be forever banished from the wondrous online shopping experience.
Here are 10 ways to buy things online without a credit card:
- Use debit card
Generally speaking, if your debit card is approved for online shopping and has the Visa or MasterCard logo on it, as well as meeting other requirements like having a CVV number, you should be good to go. But check with the bank first, preferably before opening an account and getting a debit card.
If you don’t want to open an account with a bank, you can just use Payoneer instead. Payoneer allows you to receive funds from certain partners like Google, Amazon and many others, and there are several ways you can top up a Payoneer account. The debit card they give you can be used to shop online.
- Instant electronic funds transfer
Some stores online offer you the option of electronic funds transfer for payment.
This usually involves adding your desired items to a cart as usual, and then logging into your online banking account, where you can then make a once off payment to the stores, filling in the details that they (hopefully) have provided you with. The regular EFT payments may need up to a few business days to process, and usually after this period you will receive your item or it will be shipped.
Instant EFT usually goes through a payment gate of sorts and means that the seller won’t be able to see any of your banking details. Just be wary of services that require that you enter your online banking login information, including username and password, on a third party website or application. You should only ever do this on your bank’s website.
The EFT isn’t universally liked because you have no guarantee when purchasing this way (like you can with a credit card by disputing a charge and reversing a transaction, which is called a chargeback), and if you EFT funds to the wrong account, there are no refunds! So, make sure that you triple check the merchant or payment gate’s details.
- Virtual credit card
This is a highly recommended way of getting around having a credit card.
Even if you possess a credit card but don’t want to use it online, you can make use of this option. You basically set up this virtual card and EFT funds on to it from your bank account, or you can top it up with your credit or debit card. Some virtual credit card services even allow you to top up with cash at a till point in a store, so you wouldn’t even need a bank account in this case.
From there, you can use it online like you would a regular credit card, except it won’t work with stores that require AVS (Address Verification System). Virtual credit cards do sometimes employ the use of mobile devices, but you can get around this by using emulation software so you can even run it on your PC, like Bluestacks.
- Prepaid card
You can get prepaid credit cards from several places nowadays. In Nigeria, you can get them from your bank. You have to take along your means of identification, and that is scanned; and once you’ve paid for the card, you can apply to have a certain amount of money put on it, which you can then use online to buy from virtual stores. The card is not restricted to local merchants only though. You can use it abroad.
There is the prepaid card called Paysafe, but this isn’t available in all countries. You can try xapo.com or a similar service, and fund the card using bitcoin. Almost all the banks in Nigerian have one form of prepaid card product or the other.
This is safer than using a real credit card – even using a virtual credit card in most cases – because it doesn’t involve your bank account at all.
- Prepaid voucher
You can buy some vouchers in stores in foreign countries and use them online to pay for things. They’re valid for two years from the date of purchase, but buying them may prove costly since they wholly depend on the exchange rate, so you will have to pay whatever they’re worth in your local currency ($25 may be more expensive or less expensive the next month, etc.). In Nigeria, this is not popular yet. Most times, it is restricted to the country you’re in.
You can buy Amazon vouchers and iTunes vouchers, which you can use at those companies’ online stores. Steam wallet vouchers can be used for buying games or software from Steam. You can buy these items not just in stores, but also online from vendors who offer payment methods such as EFT if you don’t possess a credit card or don’t wish to use it online.
Culled from punch: