Paypal Prepaid Debit Cards
The Bancorp Bank, member of the FDIC and pursuant to licensing from Mastercard International Incorporated issues the Paypal Prepaid Debit Card. This card is distinct from the standard debit cards since it is not connected to your bank account, checking account, or credit union.
Even if you don’t have an impressive credit history or have bad credit, you can still apply for and get these cards. Given that you can only spend the money that you’ve loaded into the card, this factor prevents you from spending more than what you can comfortably afford. Accordingly, you won’t add up a debt like in the case of a credit card or incur overdraft charges like in debit card usage that draws funds from your bank account.
Positives of the Paypal Prepaid Debit Cards
- Applying for and using the Paypal Prepaid Debit cards is easy and free of cost.
- You can get the card by putting in an application online. And, the card will be mailed to you.
- On receipt, you can activate the card online and load it at any of the convenient locations close to you.
- Even if you do lose the card, your liability is restricted to the balance in the card because it is not connected to your bank account.
- You can use your Paypal account to access your PayPal Prepaid MasterCard account and avail of the online facilities the company offers.
- As long as you have a Paypal account linked to your bank account, the company allows you to transfer funds into the card.
- Paypal offers you debit cards in three categories, the PayPal Prepaid MasterCard for individuals, the PayPal Debit Mastercard for specific kinds of businesses, and the PayPal Extras Credit Card that is similar to a credit card.
Downsides of the Paypal Prepaid Debit Cards
- You’ll find that the monthly maintenance charges are more than what most other cards charge at $4.95.
- Aside from conducting transactions at ATMs on the Allpoint network, you’ll pay a fee for using other machines.
- If your Paypal account is frozen for some reason, you’ll also lose the online access to your prepaid card.
- Before running your card through an ATM machine to check the balance in it, keep in mind that the facility will cost you 50 cents.
- Applying for a card online will not cost you anything. But, if you buy the card at a retail store, you may have to pay the cost of up to $4.95.
- You can apply for and receive the PayPal Prepaid MasterCard without the need for credit checks. However, the company may conduct identity and credit inquiries before approving the PayPal Debit Mastercard and PayPal Extras Credit Card.
Here’s How You can Use the Paypal Prepaid Debit Cards
Step 1: Open the homepage by clicking on this PayPal Debit Card button. You will open the Paypal page that you can use to log into your account. Click on the “Login to Prepaid Account” sign on the top right-hand corner of the page.
Step 2: The system will take you to a new page. This page allows you to login to your account by adding your Paypal ID. Haven’t applied for a Paypal Prepaid Debit card as yet? You can apply for one by clicking on the “Get a Card” button on this page.
Step 3: In case you’ve lost your password, you can use the homepage to find the retrieval button. Check the top right corner for a button that takes you to the appropriate page. Add your registered email ID and the system will help you set a new password.
Step 4: Having received your card, you can click on the Get Online Access on the homepage. The system will take you to a page that you can use for activating your new card. Or, for signing up for an online account.
Step 5: Once you’ve activated the Paypal Prepaid Debit Card, you can use various options for loading it with cash. Check out this page for the process that suits you best.
Step 6: Looking for information on the locations where you can load funds into your card? The homepage has a section that allows you to pick out the geographical site of the Retail Reload location or NetSpend Reload Network location closest to you.