Feb 14, 2012 – GlobeNewswire today released that online payments guru, PayPal is venturing with prepaid goliath, NetSpend to offer a new General Purpose Reloadable prepaid debit card called the PayPal Prepaid MasterCard. A notable feature worth mentioning, is the cross-functionality or “linking” between the prepaid product and the renowned PayPal online payment portal.
According to the release, not only will cardholders be able to spend transaction fee-free at retail merchants (there is a monthly fee), but also have full access to the online portal’s functionality and features. A recent visit to the cards website indicated a relatively competitive card with many features and low fees. The $4.95 monthly fee covers all PIN and signature purchase transactions – that is, you won’t get dinged at the register. Other noteworthy features include an optional savings account, rewards program, text message account alerts and online account management/budgeting tools. Also included by the card issuer, The Bancorp Bank is FDIC account insurance.
Dan Henry, CEO of NetSpend was quoted:
“PayPal has chosen us to be the exclusive program and distribution manager and processor for their GPR card. We are marketing the PayPal prepaid card online and through our direct mail channels. Through this relationship, we are able to offer the prepaid card to PayPal’s 106 million active users.”
Don Kingsborough, VP and General Manger at PayPal added:
“The PayPal Prepaid MasterCard brings PayPal customers even more financial flexibility and choice for both online and brick-and-mortar purchases.”