PayPal Prepaid Mastercard® Review | Free Transfers from PayPal Account
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The PayPal Prepaid Mastercard is the one and only prepaid card specifically designed to work with PayPal. Behind its PayPal integration, it offers a wide range of benefits and features at a reasonable cost. We'll cover the benefits, features and fees in this detailed review of the PayPal Prepaid Mastercard®.
PayPal Prepaid Mastercard Review
The PayPal Prepaid Mastercard® is considered a top prepaid debit card. Its long list of features and benefits, along with its low fees, earned it a spot in our list of the best prepaid debit cards and prepaid cards for tax refunds.
How Does the PayPal Prepaid Card Work?
The PayPal prepaid card is a reloadable prepaid debit card. Add money to the card and it can be used anywhere Debit Mastercard is accepted, including online. There are several ways to add fund to the card:
- Direct deposit of paycheck or government benefits check (including tax refunds)
- PayPal instant transfers from your PayPal account to the card (free)
- Add cash at more than 130,000 Netspend reload locations
Features
| Direct Deposit | Yes |
| Bill Pay | Yes |
| Free ATMs | Yes |
| Savings Account | Yes |
| Rewards | Yes |
| Mobile App | Yes |
| Text Alerts | Yes |
| Mobile Check Deposit | Yes |
| Purchase Cushion | Yes |
| Virtual Card Numbers | Yes |
Direct Deposit: Get your paycheck or government benefits check (including tax refunds) deposited directly to your PayPal prepaid card.. Direct deposit is free and can result in getting paid up to 2 days faster.
Keep in mind that there is no guarantee you'll get paid 2 days earlier. No prepaid debit card can make that guarantee. Here's how PayPal explains its early funds policy:
Faster funding claim is based on a comparison of our policy of making funds available upon receipt of payment instruction versus the typical banking practice of posting funds at settlement. Fraud prevention restrictions may delay availability of funds with or without notice. Early availability of funds requires payor's support of direct deposit and is subject to the timing of payor's payment instruction.
Mobile Check Load: Using the PayPal card smartphone app, you can deposit checks by snapping a picture of the check.
Reload Locations: Load cash to the card at over 130,000 retailer locations nationwide (part of the NetSpend Reload Network). You can search for reload locations here.
Anytime Alerts: Receive text alerts for any of the following activity on your account:
- Individual transaction details
- Received deposits
- Declined transactions
- Budget notifications
You can setup alerts to be received daily, weekly or with each individual transaction. PayPal works with most major mobile phone carriers.
Purchase Cushion: The purchase cushion may cover you up to $10. To qualify, you must have completed at least one direct deposit transaction.
Smartphone App: With the PayPal smartphone app you can see your balance and transactions any time. It allows you to send and receive money or find the nearest reload location. The app also enables you to deposit checks by snapping a picture of the check.
Online Account Center: With the PayPal website you can see all your transactions, set up direct deposit and activate Payback Rewards. The account center also offers budgeting tools and enables you to set up Anytime Alerts.
Rewards & Benefits
Most prepaid debit cards don't offer cash back rewards. The PayPal Prepaid Mastercard® is an exception. It offers four types of rewards:
Payback Rewards: PayPal offers cash back rewards customized to your spending patterns. These offers can be specific to certain retailers. Rewards are credited to your account.
Refer a Friend: Refer a friend who loads at least $40 to their new card, and you both receive a $20 credit.
Savings Account: PayPal Prepaid offers an FDIC-insured savings account that pays up to 5.00% APY. You can transfer funds between your PayPal card and the savings account. You can also set up automatic transfers to the savings account to automate your savings. Note that the 5.00% APY applies to average daily balances of up to $1,000. For balances above $1,000, the current APY is 0.50%.
Virtual Card Numbers: You can create up to 6 Virtual Accounts for online or over the phone shopping or leasing. Each account consists of a 16-digit account number and a 3-digit security code, along with an expiration date. Each Virtual Account expires one year from the last day of the month in which the account was created.
Fees
| Monthly Fee | $4.95 |
| PIN Transactions | $0 |
| Signature Transactions | $0 |
| ATM Withdrawal Fee | $2.50 |
| Cash Reload Fee | $3.95 |
| Direct Deposit Fee | $0 |
Card Limits
| Card Limit | $15,000 |
| Transaction Limit | |
| Daily ATM Limit | $940 |
| Daily Cash Load Limit | $940 |
Comparison
Who the card is best for
The PayPal Prepaid Mastercard® is ideal for those who have a PayPal account. The card makes it easy and free to transfer fund from PayPal to the card. Because of its low fees and long list of features and benefits, the card is also well suited for anybody looking for a good prepaid debit card.
You do not need a PayPal account to apply for the PayPal debit card.
Who might do better with a different card
For those who frequently shop at Walmart or Target, you will do better with their branded prepaid debit cards.
FAQs
Yes. Its long list of features and benefits, paired with low fees, make it one of the best prepaid debit cards available today.
No. However, the card does offer additional features for those who link their PayPal account to the card.
The easiest way to get the card is online. There is no fee to get the card and the online application is quick and easy.
No. As long as you are a permanent resident of the U.S., over 18 years of age with a valid social security number and a verifiable physical U.S. street address you may get the card.
Yes. Under Mastercard Rule, there is a zero liability policy if your card is lost or stolen, subject to limitations. In addition, money added to the card is FDIC insured up to applicable limits.
Awards
The PayPal Prepaid Card is an Editor’s Pick in the following category: