PayPal Prepaid MasterCard is ever-evolving with features it introduces in the market. They have thrown in quite a great product in this credit card race with their cash-back card. For users that use PayPal frequently, PayPal Extras is quite a popular feature. It did not only offer evil returns on the reward points but overall was not very helpful for its users. However, we have all the right things to say about this new card.
- 1 PayPal Prepaid MasterCard
- 1.1 Popular features of the PrePaid MasterCard Review
- 1.2 General features and fees
- 1.3 Withdrawals and purchases
- 1.4 Pros
- 1.5 Reloads
- 1.6 Other additional services
- 1.7 Our main takeaways
- 1.8 Some of the other takeaways include the following:
PayPal Prepaid MasterCard
PayPal has really gotten ahead in the game by offering some of the best rewards- two percent cash-back on every purchase you make. Another additional feature? No minimum amount is eligible to redeem these points.
There are also many other cashback cards available in the market. This includes the Citi Double Cash Card which also offers 2 percent cashback rates (wherein you buy one percent and one percent as you keep making purchase payments).
The PayPal Card is right here to give these cards quite a high competition with no redemption amount. The only downside that we see with certain users is that you will have to opt for PayPal services. If you are not a fan of then PayPal user interface, then you may have an issue.
Popular features of the PrePaid MasterCard Review
The PayPal Prepaid Mastercard mainly has one popular feature. It transfers the funds from any associated PayPal account to the card for quick fund access. The card has a good set of services and costs as compared to its competitors, but remember if you do not watch out, the fees may pile up on you.
For using a PayPal account, you must know about online card services. It is also great that this account offers a lot of free transfers from the balance you have in your PayPal account to your card. It also offers a savings account that generates interest for the users. However, it does come with a 4.95 USD on a monthly basis which may be a liability to some.
There is no network that offers free cash reloads or free ATM withdrawals so that is something you would need to keep in mind.
General features and fees
Here is all the good you can expect from this card. It is free to open in the online space. It does not come with any fee for not being active. The purchase limit that comes with this card is 5,000 USD, and the maximum card value which you can opt for is about 15,000 USD. It also comes with an ATM withdrawal limit of about 940 USD a day.
Unfortunately, there is a downside to this card too. It comes with an unavoidable fee of 4.95 USD. Whenever you want to close the card account and want to withdraw the remaining funds, then you may have to opt for 5.95 USD.
Withdrawals and purchases
When it comes to purchases and withdrawals in particular, you can expect the good in the form of accessibility that you get with this card. You can use this card wherever PULSE cards and MasterCards are accepted. It does not come with any purchase transaction fees at all.
It also provides you with cashback whenever you go for purchases at retail checkouts. The best part? It provides you with a 10 USD purchase cushion.
However, to combat all the free goodies, you will be charged with 1.95 USD per ATM withdrawal that you make along with any ATM operator fee that may be valid. Apart from the 2.50 USD fee charged at per withdrawal that you have to face when you go to a bank counter, you will also have to pay 1 USD every time an ATM transaction is declined.
The reloads come with some amazing pros. For example, free transfers from the PayPal balance is quite a convenient feature. There are over 130,000 NetSpend Reload Network locations available where this service can be used. Additionally, even direct deposits can be made nearly two days faster than most of the traditional banks give to their users.
While these work out for us, they can be considered as be cons for some people. So, this card comes with a daily limit of 300 USD on the PayPal transfers. Additionally, you will be charged about 3.95 USD per cash load at a NetSpend Network Location for a reload. For people who want to go through expedited mobile processing, the check costs is done at a minimum of five USD.
Other additional services
Some of the other amazing services that we feel can persuade you to buy this card include a 5.00% Annual Percentage Rate that is charged on the savings account. Additionally, cashback offers will also be offered to you from time to time, depending on how much you spend. PayPal also provides a free card for an additional cardholder.
You can also make free balance inquiries with the help of the customer service, through a dedicated text message server or through the PayPal website. The customer service is available seven days a week through the phone.
Additionally, whenever you need to make an ATM balance inquiry, you would be charged a 0.50 USD fee on the same. There is no other way to access the online services without you liking your PayPal account to the card you are using.
Our main takeaways
1) The unlimited cashback of 2 percent is one of the top features provided by this card. So basically it offers unlimited cash back on all the purchases made by you. However, every two percent cashback card has certain holdbacks.
For instance, the Citi Double Cash card requires you to pay all your bills on a timely basis. This helps you get the complete 2 percent rate. Similarly, in order to redeem your two percent, you would need to be an active user of this service.
2) This card does not come with a signup bonus either. Most of the cards give a two percent cash back. But, in the long run, the card that has a high rewards rate is a better idea than a card that comes with a really large signup bonus.
As far as you keep using your PayPal Prepaid MasterCard for some years, you need to keep earning more which comes with a lower rate of cash back.
Some of the other takeaways include the following:
- There is no minimum amount required to redeem the required points
- You would require a PayPal account for using this card
- It is issued by Synchrony bank hence it is a trusted service
- It does come with a high annual percentage rate for some of the cardholders
We would recommend this card for people who are avid shoppers. It is a simple card that comes with cashback and quite a high rate of rewards too. You would be able to redeem the cash rewards without settling for any minimum limit, which in our eyes is the best feature of this card.