PayPal Prepaid Mastercard

In-Depth Review: PayPal Prepaid Mastercard 

The PayPal Prepaid Mastercard is a prepaid debit card that offers significant value to those who love the PayPal ecosystem and those looking to boost their savings through a connected high-yield savings account.

Who Can Benefit from of a Prepaid Card?

Prepaid cards offer one key benefit vs. a traditional credit card. Prepaid cards act like debit cards. This means you can only spend what you have in your account – saving you from potentially going into debt. And while a prepaid debit card will not let you overspend, you can still enjoy the near-global purchasing power of the credit card payment network they are part of – and many of the purchase protections that come with that network.

PayPal Prepaid Card Benefits

Receive Bonus Cash for Referring Friends

Cardholders can also receive Payback Rewards – plus special discounts and bonuses – when using their PayPal Prepaid Mastercard at select retailers. They can also earn a $20 card credit when they invite their friends to get the card through PayPal’s Refer-A-Friend program. Once their friend orders a new card, verifies their identity, and loads at least $40 into their account, both parties get $40 in credit – not bad!

Access to a High-Yield Savings Account

Perhaps the nicest perks of the PayPal Prepaid Mastercard is access to high-yield savings account through Bancorp Bank.  According to PayPal’s terms and conditions, the savings rate with this account is very impressive – and can provide serious value for cardholders looking to grow their savings:

If the Average Daily Balance is $1,000.00 or less, the interest rate paid on the entire balance will be 4.91%, with an Annual Percentage Yield (APY) of 5.00%.

If the Average Daily Balance is more than $1,000.00, the interest rate paid on the portion of the Average Daily Balance which exceeds $1,000.00 will be 0.49% with an APY of 0.50%, and the interest paid on the portion of the Average Daily Balance which is $1,000.00 or less will be 4.91%. The APY for this tier will range from 5.00% to 0.54%, depending on the balance in the account.

Helpful Mobile App

The card also comes with a helpful mobile app that allows users to seamlessly add funds to their card, check their account balances, or review recent transactions.

Worldwide Acceptance Courtesy of PayPal and Mastercard

With the PayPal Prepaid MasterCard, that payment network is – you guessed it – Mastercard.  Mastercard is the second-largest payment network in the world, behind only Visa. Over 200 nations accept Mastercard, meaning users can shop confidently knowing that wherever they shop – their Debit Mastercard is likely accepted.

However, this card’s payment reach stretched even further, thanks to the impressive global presence of PayPal.

Easy to Reload

Loading and reloading with the PayPal Prepaid Mastercard are easy and straightforward. The simplest way to reload a prepaid card is through a direct deposit. PayPal allows traditional bank transfers/ deposits, with a turnaround time of up to two days faster than typical bank direct deposits.

Prepaid cardholders can also transfer funds to their PayPal Mastercard through their existing PayPal account – saving them time by instantly loading funds to their debit account. Cardholders can also load cash onto their accounts at more than 130,000 locations in the NetSpend Reload Network.

High APY Debit Comparisons

Things to Consider

While the PayPal Prepaid Mastercard offers plenty of value-for-money, there are a few things to consider before getting the card. First, the card comes with a monthly account fee of $4.95. For those who plan on taking advantage of the high-yield savings account through Bancorp Bank, that likely won’t be an issue.  For everyone else, however, it’s something to consider.

Fees

Second, the card comes with various other fees for things like ATM withdrawals and balance checks. These fees are as follows:

• Domestic ATM balance inquiries: $0.50
• Over-The-Counter Withdrawal Fee: $3.00
• Over-The-Counter Withdrawal Fee at Netspend Reload Network location: Up to the greater
• of 2.75% of the withdrawal amount or $4.00
• Domestic ATM withdrawal fee: $2.50
• Cash reload fee: Up to $3.95

PayPal Ratings

How does the PayPal stack up? Here are a selection of expert reviews for the card and company:

Should You Get the PayPal Prepaid Mastercard?

Prepaid cards are something of a can’t-miss since they rely on your own money for spending. The PayPal Card, however, is something different.

For those who enjoy PayPal but want a card that helps them earn rewards or links to their PayPal account when shopping outside the PayPal ecosystem, the card is excellent.  The same applies to those looking to gain access to a high-yield savings account and don’t mind a $4.95 monthly fee.

For everyone else, however, other prepaid debit cards have no fees. Those individuals will find better value elsewhere.