PayPal Prepaid Mastercard Review: Should You Get One?

GOBankingRates Score

4.0
Quick Take: The PayPal Prepaid Mastercard offers a convenient way to spend money both in person and on the go. It has cash back reward opportunities and you can access your funds up to two days early if you deposit your paycheck directly to a PayPal prepaid card. However, the card has a $4.95 monthly fee that you can't waive. Plus, it has no ATM networks, so you can expect to fork out $1.95 and ATM operator fees every time you make a cash withdrawal.
  • Card Features
    4.2
  • Mobile App
    4.1
  • Rewards
    4.1
  • Fees
    3.7
How did we calculate this?

Pros

  • 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

Cons

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

Final Take

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 FAQ

Here 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.

About the Author

Lydia Kibet has been writing professionally since 2017. Her passion for helping brands in all aspects of content marketing flows through in the expert industry coverage she provides — personal finance, investing and healthcare. Her work has been featured in The Motley Fool, Investor Junkie, Green Market Report, and Medical News Today. When she’s not writing, she’s either reading, playing guitar or catching up with nature. Follow her on Twitter.

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