PayPal Prepaid Mastercard Review: Should You Get One?
- Access to high-yield savings account with up to 5% APY
- No-cost transfers from PayPal balance to the prepaid card
- Payback Rewards opportunities at eligible stores
- Numerous reload options
- Unavoidable $4.95 monthly fee
- Must have PayPal account
- Not a credit card, so it won't build your credit score
What Is PayPal Prepaid Mastercard?
The PayPal Prepaid Mastercard, issued by Bancorp Bank, member FDIC, works like any other prepaid card. But, you must have a PayPal account to use it, meaning you can link your PayPal account to the card. You can use it online, in stores or anywhere Mastercard debit cards or PULSE cards are accepted across the nation.
PayPal Prepaid Mastercard Pros
With a PayPal Prepaid card, you can access your funds up to two days early if you deposit your paycheck directly to your card. Plus, you get access to a high-yield saving account through the Bancorp Bank that earns interest of up to 5% APY on balances up to $1,000. What’s more, you’ll earn 2% cash back at selected stores when you opt in to the payback rewards program.
PayPal Prepaid Mastercard Cons
Despite the benefits, the card comes with fees as well. To use this card, you’ll pay a $4.95 unavoidable monthly fee. And since PayPal doesn’t have ATM networks, you’ll incur another $1.95 fee for each withdrawal plus the surcharge fee the ATM operator may charge. If you ever lose your card, you have to pay a $5.95 card replacement fee.
Who’s It Best For?
- PayPal users
- Anyone who wants the convenience of using their card where Mastercard and PULSE points are accepted
- People who want to earn a decent APY with a prepaid card
PayPal Prepaid Mastercard is a great choice for anyone who is already using PayPal. This type of card allows you to receive direct deposits, make online purchases, pay bills and manage funds on the go. Plus, it’s easy to acquire a prepaid card since it doesn’t require a credit check.
However, it’s important to look at various options when shopping for a prepaid card. This card has several fees you’ll want to be aware of before committing to it.
PayPal Prepaid Mastercard FAQHere are the answers to some of the most frequently asked questions about the PayPal Prepaid Mastercard.
- Where do I get PayPal Prepaid Mastercard?
- You can order PayPal Prepaid Mastercard online or visit a retail location to buy a temporary PayPal prepaid card and activate it.
- Are there any fees to get the PayPal Prepaid Mastercard?
- Purchasing a temporary card comes with a fee and the price varies by location. But, the minimum initial load is $10 or $20. Upon purchase, you'll be automatically enrolled in the $4.95 monthly fee, which will be deducted within 36 hours after your purchase.
- How do you reload PayPal Prepaid Mastercard?
- There are several ways to add money to your PayPal prepaid Mastercard 一 PayPal balance transfers, direct deposit, over 130,000 Netspend reload network locations and tax refunds.