Paypal Prepaid MasterCard Advantages And Cons
About Paypal Prepaid Mastercard
The PayPal Prepaid Mastercard allows you to spend money both in person and on the go. It offers cash back rewards, and if you transfer your paycheck directly to a PayPal prepaid card, you can get your money up to two days sooner. The card does, however, include a $4.95 monthly cost that you cannot waive. Furthermore, because it lacks ATM networks, you should anticipate to pay $1.95 plus ATM operator fees every time you withdraw cash.
The PayPal Prepaid Mastercard, issued by Bancorp Bank, a member of the Federal Deposit Insurance Corporation, functions similarly to any other prepaid card. However, in order to use it, you must have a PayPal account, which you can attach to the card. You can use it online, at stores, or anywhere else that accepts Mastercard debit cards or PULSE cards in the United States.
If you transfer your paycheck directly to your PayPal Prepaid card, you can get your money up to two days sooner. You also have access to a high-yield savings account with the Bancorp Bank, which pays up to 5% APY on balances up to $1,000. In addition, when you join the payback rewards program, you’ll get 2% cash back at chosen stores.
Despite the benefits, there are fees associated with the card. You’ll have to pay a $4.95 monthly fee to use this card. Because PayPal doesn’t have an ATM network, each withdrawal will cost you $1.95 plus any surcharges the ATM operator may levy. You must pay a $5.95 card replacement fee if you lose your card.
Advantages Of Paypal Prepaid Mastercard
- Get free cash back at shop checkouts.
- The card can be used anywhere that accepts Mastercard or PULSE cards.
- A savings account with an annual percentage yield of up to 5.00 percent is available.
- Transfers from a PayPal balance are free.
Cons Of Paypal Prepaid Mastercard
- There is no way to use online services without first linking your card to your PayPal account.
- There is no network that enables free ATM withdrawals, and each withdrawal over the counter at a bank costs $2.50.
- Transfers are limited at $300 per day.
- At a NetSpend Reload Network site, there is a fee of up to $3.95 each cash load.
For everyone who already uses PayPal, the PayPal Prepaid Mastercard is a wonderful option. Receiving direct deposits, making online purchases, paying bills, and managing finances on the go are all possible with this type of card. A prepaid card is very simple to obtain because it does not require a credit check.
When shopping for a prepaid card, it’s crucial to consider all of your possibilities. You should be informed of the fees associated with this card before committing to it.