PayPal is well-known for being one of the very first companies to offer consumers the option to send and receive mobile and digital payments in a safe manner. PayPal offers prepaid, debit and credit cards to help you access your balance online and for in-person purchases.
PayPal offers two credit card options: the Extras MasterCard and the Cashback MasterCard. PayPal offers two options for debit cards, Prepaid Mastercard or Cash Mastercard.
Note:
PayPal offers PayPal Credit. This is a digital credit line, not tied to a physical card. 2
PayPal Extras Mastercard
This card lets you borrow money from PayPal using a Synchrony Bank credit account. You’ll have to meet certain requirements in order to get an Extras card. This is the same as applying for a loan or credit card. PayPal will check your credit, and ask for income and employment.
Spending money on the Extras card allows you to accumulate points. Spending money on certain purchases will earn you between one and three points per dollar. You can then redeem your points for gift vouchers, travel vouchers or cashback to PayPal.
There is no annual fee on this card, but you will pay interest and possibly other fees if you do not pay off the card each month.
Note:
You should pay your credit card in full each month.
PayPal Cashback Mastercard
The PayPal Extras Mastercard is similar in that you have to apply for and be approved before opening a credit account at Synchrony. You must have a PayPal account to be eligible for the Cashback Card.
You can earn 2% cashback on every purchase. Cash rewards must be redeemed into your PayPal account. You don’t have to worry about any purchase restrictions or annual fees.
Note:
PayPal will not allow you to have both cards. PayPal does not allow users to have two cards.
PayPal Prepaid MasterCard
This is a debit card that you can load money onto before using it. Like all prepaid cards, you load money onto the card and then use it. Prepaid Cardsare a good way to manage your spending, as you can only use the money you have loaded.
The PayPal Prepaid Card mobile app allows you to manage your account. The card will not pull money directly from your PayPal balance. However, you can transfer funds to your card from this account. You can add money at a Netspend Reload Network store, but there may be a fee.
Refer a friend to receive $20 credit through the card’s Refer-A Friend program.
Even if you don’t have a good credit rating or have never established a credit history, you can still get a pre-paid card. PayPal will need to verify your ID and ask for your name, date of birth and social security number.
Note:
Your online access to a prepaid card is also blocked if your PayPal account freezes for any reason. If you’re an online seller, your account may be frozen unexpectedly.
PayPal Prepaid MasterCard is no different from other prepaid cards in that it comes with a variety of fees and costs. You’ll first need to purchase the card. The cost will vary depending on the retailer. The retailer may require that you load your card with $10 to $20.
The card will also cost $4.95 per calendar month for you to use it and make purchases. PayPal will debit the first $4.95 within 36 hours after you load it. PayPal charges fees for ATM withdrawals and checking your balance.
PayPal Cash Mastercard
This card is more like a debit card for a bank account. You can use your PayPal Cash Plus balance to spend money instead of loading it onto the card like you would with a pre-paid card.
Cash Plus is required to obtain the card. The same identity verification process as for a prepaid card is required, but there’s no credit check because it’s not a credit card.
You’ll need funds in your PayPal Cash Plus Account from transfers or payments that you have made. Your purchase will be declined if you do not have enough funds in your PayPal Cash Plus account.
There are no monthly fees, and there is no minimum balance requirement. However, the card does charge fees when transferring or withdrawing money. These include a $3.95 charge for loading money using the PayPal app, and a $2.50 charge for domestic ATM withdrawals. Other fees may also apply
