Debit and credit cards from PayPal

Debit and credit cards from PayPal

One of the first businesses to give customers the option to send and receive digital and mobile payments securely was PayPal, which has grown in notoriety. Additionally, the business now provides credit, debit, and prepaid cards so you can access your balance for both online and offline purchases.

The Extras Mastercard and the Cashback Mastercard are the credit cards that PayPal offers. The business provides the Prepaid Mastercard and the Cash Mastercard debit card as non-credit options.

Additionally, PayPal provides PayPal Credit, a completely digital credit line unaffiliated with a physical card.

MasterCard Extras for PayPal

Using a credit account at Synchrony Bank, you can use this card to borrow money from PayPal. You must meet the requirements to be eligible for the Extras card, just like you would for any loan or credit card. You’ll be asked by PayPal about your income and employment as well as your credit.

The ability to accumulate points as you spend is the Extras card’s main advantage. You can exchange some purchases for one to three points for every dollar spent in gift cards, travel vouchers, or cash back to your PayPal account.

The card doesn’t have an annual fee, but as with most credit cards, you’ll pay interest if you don’t pay it off in full each month, and additional fees might also be incurred.

It’s best to make a full monthly payment on your credit card balance.

Mastercard Cashback for PayPal

Similar to the PayPal Extras Mastercard, you need to apply and be approved for this card in order to open a credit account with Synchrony Bank. The Cashback card application process also requires that you have a PayPal account.

With this card, you get 2% cash back on all purchases. These cash rewards must be redeemed into your PayPal account. There are no purchase limitations, annual fees, or redemption thresholds to be concerned about.

Both the Cashback and Extras cards cannot be applied for at the same time. You are unable to use both cards with PayPal.

Prepaid Mastercard from PayPal

This is, in a nutshell, a prepaid debit card. Like with all prepaid debit cards, you must load money onto the card before using it; only then can you make purchases. Prepaid cards are advantageous for controlling spending because you can only use the funds that are loaded, and it is impossible to accrue debt or incur overdraft fees.

The mobile app for the PayPal Prepaid card allows you to manage your account. Although you can transfer money from your PayPal account to your prepaid card account, the card does not draw money directly from your PayPal account balance. You can also add money by going to a Netspend Reload Network location, but you might have to pay a fee.

You may receive special offers and $20 in credit through the card’s Refer-A-Friend program if you choose to enroll in the Payback Rewards program.

Almost anyone can apply for a prepaid card, even if they have poor credit or no credit history at all. PayPal will still need to confirm your identity, so they’ll need to know things like your name, address, birthdate, and social security number.

Online access to your prepaid card will also be suspended if your PayPal account is frozen for any reason. Online sellers sometimes experience unexpected freezes, so think twice if there’s any risk to your account.

The PayPal Prepaid Mastercard comes with a number of expenses and fees, just like other prepaid cards. The cost of the card must first be paid for, and it varies between merchants. Depending on the requirements of the retailer, you must also load the card with a minimum of $10 to $20.

To keep the card active and use it for any number of purchases, you must pay $4.95 every month. Within 36 hours of you loading it, PayPal will deduct the first $4.95 from your account. Depending on the location, PayPal may also charge different fees for ATM balance checks and cash withdrawals.

The Mastercard for PayPal Cash

This card works more like a typical debit card for a bank account. As opposed to loading money onto a prepaid card, you can withdraw money from your PayPal Cash Plus account balance and use it to make purchases.

To obtain the card, you must have a Cash Plus account. Like with the prepaid card, you must also go through an identity verification process. However, since this is not a credit card, you do not need to have your credit checked.

You must have money in your PayPal Cash Plus account from transfers or payments you’ve made in order to use the card. Your purchase will be declined if there are no funds in your account when you attempt to use the card.

The card has no minimum balance requirement and no monthly fees, but it does have some fees for money transfers and withdrawals. These include a $3.95 fee for using the PayPal app to load cash and a $2.50 fee for domestic ATM withdrawals. There are also some other fees.

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