PayPal is the most used payment platform for all International transactions worldwide. It is also used for domestic transactions in most countries like the United States. There is no explanation needed for the service offered by PayPal as it is simple to use and accept all type of payment methods, including debit, credit cards, etc.
Now PayPal introduced a new offering called PayPal Prepaid Mastercard. As the name says, it is a prepaid debit card offered by PayPal for its users. It can be simply called a Paypal cash card.
PayPal introduced the new card in collaboration with The Bancorp Bank and is offered to those looking for a secondary debit card.
What is PayPal Prepaid Card?
The card offered by PayPal for its users offers all the features of a debit card. The card is the same as the ATM debit card and can be used for online and offline usage. We can use the card for cash withdrawal from ATMs also.
PayPal Prepaid debit card is more valuable when you need to offer someone with limited access to Money. Especially for parents who wish to limit their kids in the money spending. The card can be loaded with some limited cash and can be given the same to the kids. So they can use the card for all their spending, and at the same time, the bank account will not get affected by the usage.
How to add money to the PayPal Prepaid Card
There are multiple options available to load cash into the Prepaid Card. You can load money via electronic transfer, from your PayPal account, or by direct deposit. There will be no charge in all the cases, and the money will be loaded for free. However, if you load the money from an authorized retailer, there will be a maximum charge of $4.95. Also, it is noted that you can keep a maximum balance amount of $15,000 in the PayPal master card.
Charges & Other Fees For PayPal Prepaid Mastercard
The negative side of PayPal is its charges. The charges with the PayPal services are a bit higher always when compared with another service. Same here. If you use the Prepaid Mastercard carefully, you can use it without much charge. Sometimes it can be costly too.
You can signup for the new prepaid card online for free. However, if you collect it via a retailer, there will be a charge of $4.95. Similarly, if you load Money to the card electronically, or from your PayPal account, or even via direct deposit, it will be free. But if the Money is loaded via the retailer, there will be a charge of $4.95.
Money also can be loaded via check deposit, and the charge associated with it is 0-5%. Money withdrawal from ATMs also charges you a fixed fee of $2.50 per withdrawal.
Apart from this, there will be a fixed monthly charge of $4.95 to keep the card active for use.
Benefits and Rewards With PayPal Prepaid Card
Like the other debit or credit cards, PayPal Prepaid card also offers rewards to its users. When you recommend the PayPal Prepaid card to someone, both will receive $20 when he/she loads $40 into the account.
PayPal Prepaid Master card is an excellent option if you wish to have a secondary card for some particular purpose and thus limit the Money spent effectively. The main thing to be noted is that if you manage the usage wisely, you can limit the charges only to the monthly fixed fee. Otherwise, you will be charged additionally for cash deposits and cash withdrawal from the ATM.