PayPal

How many of you use the PayPal Mastercard to make purchases? I have decided to use it on shops where I know I will be reimbursed via PayPal (that way my balance will continue to remain constant). With 1% cash back, that's like another extra $2 in fees if I were to do Coyle restaurant shop that has a $200 limit! =)

Hehe - I'm sure most of you know that already but I thought I'd share.

Edited 1 time(s). Last edit at 12/13/2015 06:17PM by LindaM.

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I do exactly the same. And those that have direct deposit or pay by check go into a separate checking. That way I can keep my MS money, and expenses, separate from our regular household monies.

Edited 1 time(s). Last edit at 12/13/2015 07:00PM by eveb.

How does a Paypal MasterCard work? Does payment come directly from the Paypal account balance? Is it similar to a pre-paid debit card?

Mine is a business MasterCard from years ago and I use it like a debit card. It comes directly from my Paypal balance.

Edited 1 time(s). Last edit at 12/13/2015 07:10PM by eveb.

I have a pay pal Mastercard, it is very convenient. You are talking about the prepaid card right?There is a monthly fee of around $4.99 ?

Edited 1 time(s). Last edit at 12/13/2015 09:35PM by breestjon.

It as a free debit card liked to your account, just like a bank debit card.

My posts are solely based on my opinions and for my entertainment, contact a professional if you need real advice.

When you get in debt you become a slave. - Andrew Jackson

No, no monthly fee. It's a regular Mastercard. Mine is linked to my checking account, so if I don't have enough actually in PayPal, it takes it from my checking, just like if my own bank gave me a debit card. I love the 1% back! Especially when I'm getting reimbursed, too!

Unless I need cash I always use it as a credit card. It can be fussy at gas pumps.

My brother, the finance genius in the family thought I was nuts, when he found out I had a PayPal account. Then he looked into it. Now he looks for every single deal for buying PayPal gift cards with one of the other cards that pay at least 2% and recycles the money through all of our accounts by depositing the gift cards. Yeah, everyone but the kid now has a PayPal business account. The bills for 3 different households are outrageous. He's figured out a way to save a minimum of $2000 a month collectively.

A couple of months back the BX wasn't charging any fees plus the gift cards were 20% off. He was a crazy fool for that deal. Besides the extra 2% he racks up air miles so they can go skiing, scuba diving, etc. They fly first class for free everywhere.

My favorite reason for loving it; is because it tells me when my checks from all the MSC's have been deposited. The other few companies that offer direct deposit, I don't get any notification so I need to check on pay day.

The 1% cash back can add up. I don't know if it helps your credit rating. You do have to have another checking account for overdrafts for the business card.

It's working for us.

Live your life in such a way that when your feet hit the floor in the morning; the devil shudders...And yells OH #%*+! SHE'S AWAKE!

@ceasesmith wrote:

No, no monthly fee. It's a regular Mastercard. Mine is linked to my checking account, so if I don't have enough actually in PayPal, it takes it from my checking, just like if my own bank gave me a debit card. I love the 1% back! Especially when I'm getting reimbursed, too!

I LOVE this!

So, if I want to buy something on ebay, and have nothing in my paypal account, they debit it from my card? Is there a penalty for doing this? Does this card take a hit on your credit score? Is it considered a credit card or a debit card? Thanks.

They will debit your account. The bad news is the debit can take up to 2 weeks to show in my experience. If you're operating on my shoe string budget, it can bite you huge.

I just had to give them an amount they were allowed to take from the other checking account. Because I get my 1% back on the PP acct, I rarely keep any money in the other account now. I don't remember if it's a minimum amount.

Live your life in such a way that when your feet hit the floor in the morning; the devil shudders...And yells OH #%*+! SHE'S AWAKE!

@SunnyDays2 wrote:

@ceasesmith wrote:

No, no monthly fee. It's a regular Mastercard. Mine is linked to my checking account, so if I don't have enough actually in PayPal, it takes it from my checking, just like if my own bank gave me a debit card. I love the 1% back! Especially when I'm getting reimbursed, too!
I LOVE this! So, if I want to buy something on ebay, and have nothing in my paypal account, they debit it from my card? Is there a penalty for doing this? Does this card take a hit on your credit score? Is it considered a credit card or a debit card? Thanks.

They take the money from your bank account. It is not a credit card.

My posts are solely based on my opinions and for my entertainment, contact a professional if you need real advice.

When you get in debt you become a slave. - Andrew Jackson

@MA Smith wrote:

They will debit your account. The bad news is the debit can take up to 2 weeks to show in my experience. If you're operating on my shoe string budget, it can bite you huge.

I just had to give them an amount they were allowed to take from the other checking account. Because I get my 1% back on the PP acct, I rarely keep any money in the other account now. I don't remember if it's a minimum amount.

So, you mean that the funds are not taken immediately out of the account? I know that when I move money from my bank into paypal, it takes 5 long days or more...

I have to wonder if there are different versions, perhaps based on the type of PayPal account. I have the debit MasterCard which will draw from a certain bank account if my PayPal balance is not enough. Most of the time I use it on the credit function. No fees or penalties anywhere in sight.

I consider getting this card one of the best conveniences I have had for the better part of 10 years.

@SunnyDays2 wrote:

@MA Smith wrote:

They will debit your account. The bad news is the debit can take up to 2 weeks to show in my experience. If you're operating on my shoe string budget, it can bite you huge.

I just had to give them an amount they were allowed to take from the other checking account. Because I get my 1% back on the PP acct, I rarely keep any money in the other account now. I don't remember if it's a minimum amount.
So, you mean that the funds are not taken immediately out of the account? I know that when I move money from my bank into paypal, it takes 5 long days or more...

PP honors the transfer and it hits immediately on the PP side for me. My problems came from the fact it could take as much as 2 weeks for the transfer to show on my normal checking account. If I wasn't vigilant about the other account I was hit with overdraft fees. And yes to transfer into PP it has taken a minimum of 5 business days for it to show on the PP side, I normally waited 7 to 10.

Hopefully this will explain the situation a little better. I have an outstanding check for $45. I know the person has had it for a solid 2 weeks of business days. The check still hasn't cleared. It's not that big of a deal, because I run the business through PP. But, there are months where I'm running on a thread. When the transfers don't show and I'm not checking all the accounts daily, it can cost big money with overdraft fees.

It's a matter of paying attention. And I'll admit I'm lax when it comes to watching these accounts. There isn't any valid excuse, except I'm lazy.

Live your life in such a way that when your feet hit the floor in the morning; the devil shudders...And yells OH #%*+! SHE'S AWAKE!

Last I checked, and I admit it was probably over a year ago, the PayPal MasterCard charged fees for everything. Just like a prepaid card, a fee for every transaction and a fee for using the ATM. At least that's what I thought I read, which is why I didn't apply for it.... Maybe I read it wrong?

Shopping Boston and North Shore MA

You must have read it wrong. I have two and have never had a fee on either of them for any reason.

There are reasons that a body stays in motion
At the moment only demons come to mind

The only charges that I'm aware of, is when you want to do a cash withdraw at an ATM. Back in the day, you could withdraw cash from a Chase ATM without a fee, but it's now, at least last time I tried it, was $3. Depending on how the MSC classifies the payment a fee could be charged. I had one company's payment that was being charged a fee. They (PP and the MSC) each said it was the others fault, luckily I was able to switch the MSC to direct depost.

If you use it as a debit card and take cash back you won't have any fees. That's how I avoid the fees if I need to get money from my paypal account into my bank account.

Can you explain this?

@TexGmn wrote:

If you use it as a debit card and take cash back you won't have any fees. That's how I avoid the fees if I need to get money from my paypal account into my bank account.

Go to the grocery store. Buy a drink or something you need anyway. When you swipe your card hit the little cash back button on the terminal and select how much you want. No ATM fee.

I do it with my regular debit card sometimes when travelling in an area there aren't any branches because not only do ATM's charge fees my bank hits me with another $2.50.

There are reasons that a body stays in motion
At the moment only demons come to mind

Edited 1 time(s). Last edit at 12/16/2015 02:37PM by bgriffin.

I use the Paypal PrePaid MasterCard, which is the one that has the $5 monthly fee. I believe the company who owns it has a partnership with Paypal, which is why it allows you to do instant transfers from your Paypal account. But you do have to manually do the transfer through their website. I have checking (with no checks, haha) and savings accounts through them. It sounds like you guys are talking about something else that debits directly from your Paypal balance...? Is that a debit card that comes from Paypal or a different company? (Sorry if that's not worded well. I'm not feeling so great tonight.)

And I understand that the OP was talking about a MasterCard credit card. But other posters mentioned debit functions, so it sounds like that is a separate card.

Happily shopping the Pacific Northwest. Shopping since 2013

There are several PayPal card options.
There is the PayPal Debit card that comes straight out of your PayPal balance just as your regular debit card comes out of your checking account.
There is a PayPal Credit Card which is just a regular credit card that is PayPal branded. I can't remember which bank it is done through but probably one of the big ones that do branded cards like Chase, Citi, or BOFA.
There is the prepaid option which you have.

Edited to add: The PayPal Debit card is the one that gives you 1% cash back into your PayPal account. The others may have cash back options but I am not familiar with them.

There are reasons that a body stays in motion
At the moment only demons come to mind

Edited 1 time(s). Last edit at 12/17/2015 03:20AM by bgriffin.

I am confused too, is this a charge card or the business card? I have the prepaid card that I transfer my pay pal funds to, but it is 4.95 a month. I will have to check this out because I would prefer to not pay for the card.

Edited 1 time(s). Last edit at 12/17/2015 02:31AM by breestjon.

I have a "Paypal Business Debit Card". I pay nothing to use it unless I used it to make an ATM withdrawal. It debits against the money in my PayPal account. If I use it as a credit card (rather than as a debit card), then they give me a 1% rebate back into my PayPal account.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

I have the PayPal Business Debit Card, too. No, there are no fees to use it at all. But like everyone said, there can be an ATM fee for a withdrawal. And again, like others said, just go to the grocery store and buy something and use it as a debit card to get cash back. If someone paid you $50.00, through PayPal, and you already had 5 cents in your PayPal account, making the balance $50.05, and you needed that whole $50.00, in cash, you can buy for example, a banana that is 17 cents. Pay 12 cents in change that will cover the cost of the banana with the 5 cents that is already on the card/account and withdraw $50.00. I mean, this is if you are really cutting it close with your finances, but you could always withdraw $49.00, just as easy. Certain grocery stores do not require $10 or $20 dollar increments. Some let you do what ever amount, $8.50, etc. And if there is a $50 or $100 limit on cash back, you can do a few transactions to get all your money out if you need the cash right away. I have bought 3 bananas, with separate transactions to get $300, from my card.

@myst4au wrote:

I have a "Paypal Business Debit Card". I pay nothing to use it unless I used it to make an ATM withdrawal. It debits against the money in my PayPal account. If I use it as a credit card (rather than as a debit card), then they give me a 1% rebate back into my PayPal account.

Thank you for providing the name. I am going to look into this one, as I would prefer not to pay a fee too...or if nothing else, it would be good to have as a backup.

Happily shopping the Pacific Northwest. Shopping since 2013

@bgriffin wrote:

There are several PayPal card options.
There is the PayPal Debit card that comes straight out of your PayPal balance just as your regular debit card comes out of your checking account.
There is a PayPal Credit Card which is just a regular credit card that is PayPal branded. I can't remember which bank it is done through but probably one of the big ones that do branded cards like Chase, Citi, or BOFA.
There is the prepaid option which you have.

Edited to add: The PayPal Debit card is the one that gives you 1% cash back into your PayPal account. The others may have cash back options but I am not familiar with them.

This is exactly right. Three types of cards, only one of which is a debit card that you can link to your bank account (and move money both ways, to-from bank) and get back 1%. I too have been using the debit card for years (11, I think). That 1% can add up - I love it!

I also do the same. Is everyone aware that Pay-Pal effective Jan 1st will now charge a
Transaction Fee of $1.50 for each time we receive payments. Thought I would pass that on.

If it's not the Pay Pal Business Debit Master Card then you will be charged for every Signature and, Pin transaction.

@breestjon wrote:

There is a monthly fee of around $4.99 ?

Doesn't this defeat the purpose? ?

A Dad shopping the Ark-LA-Tex and beyond.

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