The prepaid card from PayPal offers quite a bit of flexibility if you need a card that allows fund transfers from multiple sources.
It’s similar to a checking account in that the prepaid card is like a debit card, but you don’t get a checkbook.
There are a few fees to be aware of, so make sure you have a full understanding of those before you get started.
Ready to learn more? Let’s get started.
PayPal Prepaid Card Account Basics
Using this account, you can easily transfer money from your PayPal account to your PayPal prepaid card, as well as from your bank.
It’s branded as a MasterCard, making it as easy to purchase online and in stores as it is with a credit card.
Plus, the card is FDIC-insured so your funds are protected.
There are also no purchase fees, which is a stand out vs some other prepaid cards.
You’ll encounter a few fees when you use a prepaid card from PayPal.
First, there’s a $4.95 monthly fee, which is fairly hefty considering that totals nearly $60 a year.
On the flip side, there’s no annual fee, so you’ll at least encounter some savings there.
If you want to withdraw cash from your card at an ATM, it’ll cost you $1.95 for each transaction.
And if you travel abroad, know that you’ll pay a 2.5% foreign transaction fee for every purchase made with your card.
Only two out of three methods to reload your prepaid card are free.
These include direct deposits and standard transfers from PayPal or your bank.
An instant transfer from your bank, however, costs $1.95 each time if the amount is less than $100.
When transferring from funds from your PayPal account, you’re limited to $300 a day as well as up to $2,000 in transfers every 30 days.
This card doesn’t come with a rewards program, but it does give you access to high-interest savings account from Bancorp.
As an account holder, you can open a savings account with an APY up to 5%.
You’ll need $1,000 to qualify for that rate, so if you can muster the cash, you could certainly earn much more than the typical account.
The PayPal prepaid card makes it easy to transfer funds from a variety of sources onto a single credit card-branded prepaid card.
It won’t affect your credit score (either positively or negatively) but it can give you access to a broader range of payment options.
It’s especially helpful when making online purchases if you don’t have a debit or credit card.
Is it the best-prepaid card out there? While the monthly fee is quite high, this card from PayPal offers strong incentives in other areas.
If it fits your needs in terms of free transfers and you have a minimal need for ATM fees or foreign purchases, it could be a strong fit for you.