|Sheeran at the 2013 Brit Awards|
The 22-year-old singer - who is thought to be worth around £4 million - isn't allowed to own the financial payment method after previously purchasing "weird things" such as two cars, even though he is yet to pass his driving test.
He told The Sun newspaper: "My manager doesn't let me have credit cards as I do weird things. He has to approve everything I buy.
"One day I said, 'I think I'll go and buy some cars today', and he goes, 'Right, but you don't drive'."
While he is known for splashing his cash on pointless products, the flame-haired star - who famously slept on friends and fans' couches after gigs as he made his way around the country in his early days - has previously advised his fans against "wasting money" by going to college to study music.
He explained: "The main thing that people get messed up is they think, 'Right, I need a degree, I'm going to go off and study music at university.' I made this mistake, I went to a music college for a couple of weeks.
"The first lesson was; how do you put up a mic stand? You can learn that on your own! There's no point wasting money going to college at 16, coming out of it at 18 - or 22 if you go to university - with all that debt and you've got a degree - what does that count for?
"What you need is that hard experience. You need to go in at the bottom and start at 16 by the time you're 21, 22, you will be on your way to where you want to be I think if you're willing to stick in the work."