transfer money with only card number and cvv

How to Transfer Money with Only Card Number and CVV

May 28, 2022

Payment cards are products from financial companies that allow you to digitally pay for goods and services. You can use the cards online at places that accept card payments. Moreover, you can pay at physical stores by swiping your card at the register. The systems can then deduct the used amount within seconds. We will learn how to transfer money with only card number and CVV shortly.

The CVV and the card number are essential details when making your payments online. The other one is the card’s expiry date. When paying online, you should provide the card number, the CVV, and the card’s expiry dates on the checkout form. Your card issuer may also send you a One Time Pin (OTP) to your registered mobile phone number or email for further verification. That is what we call a two-step verification.

The two-step verification ensures that fraudsters do not easily access your card account. Online fraud has become rampant as many people lose their funds to criminals online. They can get your card details, especially when you use unsecured internet connections or sites to make your payments. You should not make payments to any online platform since criminals may run some.

What are the various kinds of payment cards?

If you have never used a payment card or are hearing about them for the first time, you might wonder what they are. Generally, the cards have similar appearances, whereby they may be rectangular or metallic. There are four types of payment cards that you can get today. They include the following.

transfer money with only card number and cvv

i) Credit cards

Credit cards allow you to borrow finances from your issuer. They allow you to make recurring borrowings. Once you borrow funds, you can borrow again after selling the current debt. There are two types of credit cards. These include secured and unsecured credit cards.

The secured credit cards require you to make a security deposit before getting them. The amount of security deposit you make determines the borrowing limit. For example, make a security deposit of $400. Your issuer may decide to give you a borrowing limit of $380 while bearing in mind the interest.

On the other hand, unsecured credit cards only require you to have a borrowing history. If you took a loan or a line of credit, then you have some history. Again, having a borrowing history means you have credit scores. The card issuers usually check your scores to know the kind of card to give you. Credit scores, also called FICO scores, are numerical expressions that show your creditworthiness.

You can have a bad, fair, exemplary, or excellent credit card. Some issuers allow you to manage money online, where you can carry out various transaction activities. And by the way, you can add your card details to your wallet accounts such as PayPal or Cash App and use it to transfer money from a credit card to a debit card or bank account.

ii) Debit cards

Debit cards also allow you to buy goods and services online and in physical stores. The cards also allow you to withdraw money at an ATM using your PIN. Debit cards connect to your checking account, whereby you will be using your checking account balance when you use the card. The requirement to get a debit card is to have a checking account. Some institutions issue debit cards for savings accounts.

iii) Prepaid cards

Although they do not necessarily link to checking accounts, prepaid cards work the same as debit cards. You only need to apply for your card from your favorite issuer and then recharge your card account to start using it. Some prepaid card issuers include Walmart, Netspend, and Green Dot. Prepaid cards can work online as well as in physical branches. The card issuers allow you to open and manage an online account.

iv) Gift cards

The cards are usually gifts to your loved ones, just as the name sounds. They are available at various places such as banks, credit unions, and some outlets, and you have to purchase them in various denominations. You can even purchase virtual cards whereby you get the card details to use them for online purchases.

How do you get a payment card?

It is not difficult to get a payment card, although it depends on the kind of card you are applying for. For example, suppose you need a debit card. In that case, the first step will be to open a checking account with any financial company of your choice. It may be a bank, credit union, or financial technology company. After that, you can request a debit card to get it the same day or after a few days. Alternatively, you can request the card as you apply for your account.

For credit cards, it is different. If you are getting a secured card, you must first make your security deposit to get your card. Remember that your security deposit dictates your borrowing limit. The secured cards are usually suited for building your scores. They are suitable for people with no credit history or zero scores.

Unsecured credit cards require your credit scores to get them. The more your scores, the higher your credit limit. You need to apply from the relevant issuer online or at a branch to get a credit card. 

If you are applying for a prepaid card, you need to visit the concerned issuer’s website to apply, then make a deposit and get your card. Also, you can apply for your card at a branch and then recharge the card to begin using it. You can recharge your card account using your bank account or cash. It is also possible to transfer money from a debit card to a prepaid card to recharge your card account.

For gift cards, you need to visit the concerned issuer and buy online or at a branch. Some gift card sellers include vanilla, Visa gift cards, and Walmart.

How do you use payment cards?

There are various ways you can use a payment card. They include the following.

i) Buy goods and services

The primary use of payment cards is to buy goods and services. All cards allow you to make transactions online and at physical places. You need to swipe or tap the card readers to pay at physical places. Some years ago, the payment method was insecure. Some merchants could copy the card details to steal from unsuspecting card users. However, chip technology has helped to solve that issue.

When making your payments online, you just input your card number, the CVV, and the expiry dates to make payments. You may receive an OTP from your card issuer for verification, as I mentioned earlier.

The above process of paying with your card is different from how you carry out the process using your bank account. Banks allow you to make payments to merchants online or at a branch. Usually, you have to transfer money using the routing number and account number from your bank account to the merchant’s account to make your payments.

That is if the merchant’s bank is different from yours. When transferring money from your account to an account from the same branch as yours, you only need the account number to send money.

ii) Withdraw money

Prepaid cards, credit cards, and debit cards allow you to withdraw money at ATMs. You insert your card into the machine, enter your PIN, then proceed with your withdrawal. However, ATM withdrawals for credit cards are not encouraged since that is a cash advance and attracts a lot of fees.

You can also use your card to withdraw money over the counter at banks and credit union branches. Gift cards only allow you to exchange the cards for money as they do not support ATM withdrawals.

iii) Pay bills

You can use your credit card to pay bills such as water, internet, and electricity online or at the concerned offices. Usually, you can set an auto payment for a bill that involves a fixed payment per month. Even if you forget to make your payments, your card issuer can automatically trigger the payment.

How to transfer money with only card number and CVV

Many people usually wonder if you can transfer money using only your card number and CVV. However, that may not be possible since financial companies require you to use the primary three pieces of information to send money with a credit card. These include your card number, your expiry dates, and the CVV.

As I mentioned earlier, card issuers may also send you codes to verify your account. That adds extra security to your card account. You can only transfer money without using the above details when managing your card account online. For example, Netspend allows you to send money online to other Netspend users. You need to enter the recipient’s name and FlashPay ID to send money.

Another card that allows you to send money to others without using the card number, CVV, and expiry dates is the Green Dot prepaid card. To transfer money to others, you should move to send the money section, then enter the recipient’s name, email, or mobile phone number.

Bottom line

Payment cards are essential because they allow you to purchase goods and services online and at physical branches. To pay for goods and services online, you need your card number, the CVV, and the expiry dates. Various payment cards include credit cards, debit cards, prepaid cards, and gift cards. You can either apply for a payment card online or at a branch. When you apply online, you can receive it at your place through your address.

Posted by Spencer Tierney
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Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.