PayPal has become a household word. Anyone buying or selling on the internet has either seen it or used it to facilitate transactions. PayPal has now joined the ranks of prepaid cards by offering the PayPal Prepaid MasterCard. As a standalone card it doesn’t have any features that are particularly new and exciting, but it does offer a range of expanded features if you want them. Here are some of the features of the card:
- Can be used anywhere a Debit MasterCard is accepted
- Can be reloaded at one of thousands of retail locations using the NetSpend Reload Network
- Rewards for purchases made from PayPal online offers
- Pay bills online
- Track balances, spending and budgeting goals with online tools
- Alerts notify you of transactions and balances
When linked with an actual PayPal account your options become much more comprehensive. It would seem to me that if you use PayPal routinely, it might be worth checking out. Most prepaid cards make a point of the fact there are no credit checks. I couldn’t find that here. This may be because they ideally want you to link it to a PayPal account. When you open a PayPal account you are then asked to link your existing bank account, credit card or debit card to the PayPal account. These accounts can then be used to fund your payments. I’m assuming that your credit standing is important when linking these types of accounts; therefore they aren’t really marketing this card to people with poor credit.
Already Have A PayPal Account?
Once the prepaid card is linked to a PayPal account you will have all the expanded features available to account holders:
- Antitheft technology to keep your account information safe
- Pay online, send money, and accept payments
- Protection against unauthorized use
- Purchases protected in the event they are defective, don’t arrive, or are incorrect
- Zero or low fees depending on type of transaction
How To Load Funds
There are three ways you can add funds to your card – direct deposit, add cash or bank transfer. Here are the details along with the fees.
Direct Deposit: You can sign up for direct deposit and have your pay check automatically deposited to your account. This means you get your money faster and you don’t have to cash a paper check. This is safe, convenient and free.
Add Cash: At anytime you can add cash to your card by visiting one of the 100,000 NetSpend Reload Network locations. Usually a fee applies and it may vary based on the location you visit. You can find the nearest location or text your ZIP code to 226227.
Bank Transfers: You can transfer funds to your card account from any existing banking account. Depending on the type of transfers there may be a fee which you can see below.
Earn Rewards
When you activate your card you automatically get enrolled in the rewards program. At any time you can opt-out of the program by logging into your online account and visiting the rewards tab. The rewards program works by reviewing your shopping experience and then sending you offers that will save you money.
Card Fees
Every prepaid card has fees, some higher than others. The fees are one of the main considerations in determining if the card is a good choice for you. Here are some of the fees you should expect when using the card. To see a complete list you should review the Cardholder Terms and Conditions.
| Fee | Cost |
|---|---|
| Monthly Plan Fee | $4.95 |
| Signature Transaction Fee | N/A |
| PIN Transaction Fee | N/A |
| Foreign Transaction Fee | 2.5% of the U.S. Dollar amount of the Signature or PIN Purchase Transaction |
| Domestic ATM Cash Withdrawal | $1.95 per withdrawal, plus ATM owner surcharge fee, if any. |
| ATM Transaction Decline Fee | $1.00 each |
| Instant Bank Transfer | $1.95 per transfer of $100.00 or less (deducted from the transferor’s debit card account). Transfer up to $250 per day. |
| ACH Debit/ Preauthorized Payment Transaction Decline Fee | $1.00 |
| Stop Payment Fee for Preauthorized | $10.00 |
Is This Card For You?
If you do a substantial amount of purchasing or selling items online you should definitely check out this card. Consumers seem to have a level of comfort purchasing from people (especially individuals) when there is a PayPal logo involved. However, if you are looking for a prepaid card that is simply a means to keeping you from going into debt — or carrying a card much like cash, but without the risk of flashing a wad of cash around, you should compare other prepaid cards (and their fees) to see if this is the best fit for you.
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