PayPal is now offering a prepaid debit card.
This card is issued as a MasterCard and through Bancorp Bank. It is insured with the FDIC.
The PayPal prepaid MasterCard works just like any prepaid card, you have to load or deposit money before you can use your reloadable debit MasterCard for purchases.
PayPal gives you ‘no cost direct deposit’ and using this can give you quicker access to your cash (up to 48 hours quicker).
PayPal Prepaid Card Application Process
You can apply for the PayPal prepaid MasterCard online. You are going to be required to give them your personal information including your name, address, Social Security Number…
The next business day PayPal will mail you a personalized prepaid debit MasterCard.
Once you receive your card, all you need to do is activate it, load money, and start spending!
One great feature of the PayPal prepaid card is you are given a rewards program, this will earn you cash back from certain restaurants and stores.
You are automatically enrolled in the rewards program and can choose to opt out, at any time.
Where is the PayPal Prepaid MasterCard Accepted?
The PayPal prepaid card is accepted everywhere you see the MasterCard logo displayed. You can use this prepaid card online, and over the phone.
It will also be accepted to buy gasoline at the pump, rent a hotel room, pay your bills, and much more.
You will be given a $0 liability policy, just in case you ever lose your card or it is stolen.
You’re never going be charged any late fees or overdraft charges with the PayPal debit card.
And to help manage your money you can sign up for free account alerts to be sent via e-mail and/or text message.
Fees for the PayPal Prepaid MasterCard
The PayPal prepaid MasterCard has a very low fee structure. You will only be charged $4.95, as a monthly fee.
There are a few additional fees but even these are lower than most prepaid card offers.
One of these fees for example is a $1.95 domestic ATM withdrawal fee, but every prepaid card seems to charge you an ATM.
If you are considering a reloadable prepaid card we would urge you to consider the PayPal prepaid card.
This is a very low fee debit card, providing you with the same options and benefits of the best debit cards.
There is no credit check and they are the answer for people in searching for a non-chexsystem bank account.
Don’t keep throwing your money away paying check cashing fees or purchasing money orders.
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