Everyday Cheapskate: A do-it-yourself, hassle-free, totally brilliant ‘debit card’

What if I told you there is a way you can have a fully functional debit card without any of the problems and hassles that come with running up a credit card balance you cannot pay off in a single month. You’d say, “Mary, this is brilliant!” Well, get ready because that’s exactly what I have for you.

Step 1. To do this, you need a credit card with a $0 balance. This should be a MasterCard or Visa that has no annual fee.

Step 2. Transfer money into this account. Do this by check or online as you would if you did have a balance and were simply sending in the money to pay it off. This will result in your account showing a credit balance. If you send in $500, you will see a credit balance of -$500 on your next statement or online when you check your account. This is your money in the bank. And, yes, it is perfectly legal to have a credit balance on a credit card account

Step 3. When you shop online, at a store, or visit a restaurant — anywhere you normally depend on your debit card because the money comes straight out of your bank account — use this DIY “debit card” instead.

Step 4. In two or three days, the amount of your purchase will show up on your account as a charge. Your credit balance will be reduced by that amount with no fees or additional charges. If your purchase was for $3.73, your $500 credit balance will be reduced accordingly to $496.27.

Step 5. Watch your account as you would any account. If you see a fraudulent charge, you have all the protection of federal law that regulates credit cards. Call customer service without delay.

Step 6. When your credit balance runs low, deposit additional funds.

Step 7. If you need to get your credit balance refunded, call customer service with your request. By law, they must send it to you in full within seven days of your request.

There you go. And, yes, it is brilliant.

Mary Hunt is founder of www.DebtProofLiving.com.