Hitting Debit Card Transaction Requirements

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My credit union, Lake Michigan Credit Union, requires that I make 10 debit card transactions per month, to get 3% interest on my checking account. I do not want to miss out on the interest, because it is virtually free money. The only problem is, I use my credit cards for everything. In fact, if a retailer doesn’t accept credit cards, I will just buy a gift card with a PIN and use that instead of a debit card.

So, here are a few ways to get debit card transactions without missing out on too many points.

Amazon Gift Cards
This is my favorite method, because I use Amazon regularly and you can purchase $0.15 Amazon gift cards, so there are no fees. The whole process only takes about 5 minutes, so it is not very time-consuming either. Simply go here to purchase each $0.15 Amazon gift card.

Amazon Gift Card $0.15

Square is another great option, but there is a 2.75% fee on every transaction. The lowest amount you can swipe is $1, so you will end up paying $0.30 (rounded) on 10 swipes. I am not sure if this is against their terms of use, but be weary you may be shut down when trying this.

Paypal Here
Paypal Here is similar to Square, but it is a little cheaper since they only charge 2.70% per swipe. Again, $1 is the lowest amount you can swipe. The only problem is, Paypal rounds like Square does, so it will still be a $0.30 fee per 10 swipes. I looked in their terms of use and I did not see anything that said you couldn’t do this, but there is always the risk of shut down when you are MSing. As a side note, Paypal Here Readers still have a $15 rebate.

Square Cash
Square Cash is relatively new, but I really like their system. Basically, you send money to friends or family with a debit card through an email. If you sign-up, they will send you a $1 for free. Then you simply send your friends, or yourself if you make two accounts, $1 at a time. There are no fees, which is what makes Square Cash so great!

Square Cash – Email Money for Free

Venmo is just like Square Cash. You can send money to friends with a debit card for free. You will need two people for this, because it hooks up to Facebook (make sure you find a friend you can trust). Another nice thing about Venmo is, you can send money with a credit card for a 3% fee. I would not suggest doing this often, but if you are in a pinch to hit a sign-up bonus, it is an easy way to do it.

Amazon Payments
If all else fails, there is always Amazon Payments. I would use this as a last resort, because there are much better ways to use AP (i.e. gift cards bought with a category bonus and cards you are trying to hit minimum spend with).

If you have any other suggestions, leave them in the comments.

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