PayPal Prepaid Mastercard Overview

PayPal Prepaid Mastercard Overview

The PayPal Prepaid Mastercard, issued by the Bancorp Bank and managed by Netspend, allows for free instant cash transfers from PayPal to the prepaid card. It also offers a number of useful features like a high-interest savings account, cash back bonuses, and mobile check deposit. But many of the features are available only to PayPal users.

PayPal Prepaid Mastercard Overview

The PayPal Prepaid Mastercard is available on the Mastercard network and is widely accepted anywhere Mastercard debit cards are accepted. It offers instant transfers to and from a PayPal account, particularly important for PayPal users who don’t have a checking account.

In addition, the PayPal prepaid card, similar to other prepaid cards managed by Netspend, offers a high-interest savings account with a promotional rate of 5.00% APY on deposits up to $1,000.

You can get cash at virtually any ATM, but ATM withdrawals come with a fee of $1.95.

Features

PayPal Prepaid Card Features
The PayPal Prepaid Mastercard includes the main features of most prepaid cards, such as free direct deposit and bill pay, but it also offers some unique features such as its connection to PayPal and Refer-A-Friend program.

Connect to PayPal Account: You can connect the card to a PayPal account for instant money transfers to and from PayPal. It is important to note that having a PayPal account is crucial to getting the full use of this card. Users who don’t connect their card to a PayPal account can’t access the online portal or mobile app to check their balance or transactions and aren’t eligible to earn cash back rewards.

Savings Account: The PayPal Prepaid Mastercard offers a high interest-bearing savings account. Users can transfer money into their savings account to earn up to a 5.00% Annual Percentage Yield (APY) on deposits up to $1,000, with a 0.50% APY on balances over $1,000.

Cash Back: If you connect your card to your PayPal account, you’ll receive periodic offers to earn cash back rewards for select merchants. You’ll need to opt-in to these offers through the portal to earn cash back.

Purchase Cushion: The PayPal Prepaid Mastercard doesn’t offer an overdraft program so it doesn’t have overdraft fees. However, direct deposit users may be eligible for a “purchase cushion” of up to $10. This allows a PIN or signature transaction to put your account at up to a $10 negative balance to cover an overage. Note that not covering the negative balance within two months can result in your card being canceled.

Referral Bonus: If you refer a friend with your refer-a-friend promo code, you and the friend each get $5. Note that all referrals need to activate their card and load at least $10.

Bill Pay: The PayPal card offers free bill pay through an e-check system. However, this takes several days. If you need to pay a bill instantly, you will need to use the MoneyGram service available through your PayPal card account, which charges a fee.

Text Alerts: As the PayPal Prepaid Mastercard is managed by Netspend, the card offers Anytime Alerts that users can customize to their needs. Alerts can be sent daily, weekly or with each transaction and include individual transaction details, received deposits, budget notifications, and declined transactions. Users that have opted into alerts can also get on-demand information by texting the Netspend SMS number any time.

rakesh

Hi everyone myself Rakesh and I am a Business Advisor in Infosys and in free time I will share my experience through my blog. you can see in my blog we have provided information on Prepaid Cards, Finance, and Business & Marketing.

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