The PayPal Prepaid MasterCard is a debit card that enables users to load cash onto the card before it can be used anywhere MasterCard is accepted. To use this card and have full access to all of its features users must open a PayPal cash plus account.
The PayPal Prepaid Mastercard does not pull funds directly from your PayPal account, the card can be loaded with funds via direct deposit, a transfer from a linked PayPal Account, or in person at a NetSpend Reload Network location. There are over 130,000 Netspend Reload Network locations where users can easily reload their Paypal Prepaid Mastercard, though charges may apply.
How do Paypal prepaid Mastercard works
Just like most prepaid card out there, users are required to apply for the card. Paypal prepaid Mastercard is delivered within 7 to 10 working days at your mailbox after a successful application and approval. Then you can activate the card and link it to your account to enjoy its full benefits. , Paypal prepaid Mastercard require users to add funds to it, only then you can make your purchases from any merchant that accepts Mastercards. Once the card is low on funds, then you refill.
PayPal Prepaid Mastercard carries unique features and benefits which include the following:
- The major beneficial feature of this card is that there is fast access to deposits. You can transfers from a PayPal account to the card for fast access to funds, also paychecks, tax refunds, or any government benefits are directed to the card, you can access it two days faster than what the traditional banks offer.
- PayPal Prepaid Mastercard users get to open a tiered savings account, which gives them the opportunity to put away some funds for emergency purposes. This will help users to budget their money effectively.
- You will have access to PayPal’s high yield savings account that earns 5% APY on the first $1,000 of the total balance.
- You can track your spending, check your balance via customer service, PayPal website or mobile app. PayPal also sends notifications via email or text if you make any transaction with your PayPal card with no charges.
- Earn up to $5 reward each time you refer a friend, also you are likely to earn cashback reward by using your PayPal Prepaid MasterCard at the retail checkout. It is important to note that your cashback depends on your spending habit.
- The Paypal Prepaid Mastercard is free to open, It has no inactivity fee and
- More than 130,000 NetSpend Reload Network location is available for users to the load’s fund from their PayPal accounts.
- Free transfers from a PayPal balance.
The drawback on Paypal Prepaid MasterCard
- users will have to open a PayPal Cash Plus account and link their prepaid card to enjoy full access to the PayPal Prepaid Card features.
- users will also have to reload the card anytime it’s low on funds, PayPal Prepaid Mastercard does not have the features to draw cash from the users PayPal account.
- This PayPal Prepaid Mastercard comes along with a ton of fees associated with the usage of the card. For instance, the inevitable monthly maintenance fee that cost $4.95.
- $1 fee for any declined ATM transactions.
- $300 per day limit on PayPal transfers.
Charges associated with Paypal Prepaid Mastercard
- Monthly plan fee for card maintenance cost $4.95
- ATM withdrawal fee (domestic and international) $1.95
- ATM transaction decline fee (domestic and international) $1.00
- ATM balance inquiry cost $0.50
- Cash withdrawal Over the counter (financial institution) cost $2.50
- Foreign transaction fee is 2.5% of the total purchase amount
- Card Replacement cost $5.95
- Additional statement mailing fee is about $5.95
- Direct deposit $0, it free of charge
- Cash reload fee at a NetSpend Reload Network location cost about $3.95