PayPal Prepaid MasterCard

One of the leading online payment conduits, PayPal has now teamed up with dominant prepaid players, NetSpend and The Bancorp Bank to offer the new PayPal Prepaid MasterCard debit card. It is apparent that PayPal has been watching the prepaid universe and analyzing the various features and benefits offered by other companies to determine which are best to put in their prepaid card. Excellent purchase power, great cash load capabilities, fantastic account management tools, safe & secure product and even a rewards program are just a sample of what you can get with this card.

Review of the PayPal Prepaid MasterCard

PayPal Prepaid MasterCard


Like any other MasterCard, the PayPal prepaid card will be accepted anywhere that recognizes the world-famous MasterCard brand. You can add funds in a variety of ways including free direct deposit, bank transfer, tax refund deposit, NetSpend reload network, cash reload packs or transferring funds from your online PayPal “linked” account. And linking your PayPal MasterCard to your PayPal online account is easy — when you sign up for the card, you will be prompted online for login account information — simple!

Besides unlimited free purchase transactions (with low monthly fee), some of the other fantastic benefits you will enjoy include – $10 purchase cushion (with direct deposit), FDIC account insurance protection, online rewards offers, real-time transaction alerts, access to PayPal linked virtual account and even an attached savings account. You know what else? The PayPal Prepaid MasterCard website is easy to navigate without a ton of clutter. Check it out!



How We Rated the PayPal Prepaid MasterCard

Card FeaturesPayPal Prepaid MasterCard Features
FeesPayPal Prepaid MasterCard Fees
Disclosure ClarityPayPal Prepaid MasterCard Disclosure
BBB RatingPayPal Prepaid MasterCard BBB Rating
Load OptionsPayPal Prepaid MasterCard Reload Options
Overall RatingPayPal Prepaid MasterCard Rating
Rating Explanation
PayPal Prepaid MasterCard 4 GetDebit.com Editor There are some great features included with this card considering its relatively low cost and unlimited FREE purchase transactions. The "linked" online PayPal account is great for being able to transfer funds. There is also a cash back rewards component offered and savings account plan available. The BBB ranks both PayPal and Bancorp Bank extremely high, so their customer service will be great. Although this is a very good product, there are a couple of things holding it back from being one of our top ranked cards. One is that there is no online bill pay component like many other cards have. Another is the fact that there is no monthly fee credit offered for direct deposit. This incentive is offered with many other cards. Fee disclosure could be a little better as the fee schedule is on the last page of the cardholder agreement. Still, this is definitely a competitive prepaid product and should be considered for the online account "link" flexibility alone.
There are some great features included with this card considering its relatively low cost and unlimited FREE purchase transactions. The "linked" online PayPal account is great for being able to transfer funds. There is also a cash back rewards component offered and savings account plan available. The BBB ranks both PayPal and Bancorp Bank extremely high, so their customer service will be great. Although this is a very good product, there are a couple of things holding it back from being one of our top ranked cards. One is that there is no online bill pay component like many other cards have. Another is the fact that there is no monthly fee credit offered for direct deposit. This incentive is offered with many other cards. Fee disclosure could be a little better as the fee schedule is on the last page of the cardholder agreement. Still, this is definitely a competitive prepaid product and should be considered for the online account "link" flexibility alone.

PayPal Prepaid MasterCard Fee Examples

Want to know how much the PayPal Prepaid MasterCard might cost you to use in a typical month? We have crunched the numbers for you! We also show how PayPal Prepaid MasterCardstacks up against some common alternatives so you can see if you would save money using this card. Please remember -- cost should NOT be the only reason why you pick a card -- make sure to consider the card's features (some cards have more features than a typical bank account).

To see different scenarios, change the following variables.
Number of transactions each month PayPal Prepaid MasterCard Bank of America "Regular" Checking Check Cashing Store
Monthly Fee Once per month $ $ $
Cash paycheck (per month) $ $ $ $*
ATM Withdrawals $ $ $
Bill Payments $ $ $
Online Purchases $ $ N/A
In-Store Purchases*** $ $ N/A
Overdrafts:**** $ $
Total $ $ $

Note: * Based on a U.S. Average check cashing rate of 4.54% (per the Brookings Institution),
**Using the Money Order fees from the U.S. Post Office (Some of the lowest available),
*** We assume that 1/2 of your in-store purchases will be made using your PIN,
****A LARGE portion of Americans experience at least 1 overdraft each Month. Also note that the Check Casher CANNOT buy items online, and must use cash for all purchases.

Fees Associated With The PayPal Prepaid MasterCard*

Activation Fee:$0.00 Card Limit:$15000
Monthly Fee:$4.95 ATM Withdrawal:**$1.95
Signature Transactions:***$0.00 ATM Balance Inquiry:$0.50
PIN Transactions:***$0.00 Bill Payments:$n/a

With a low monthly fee, all signature and purchase transaction fees are free. There is, of course and ATM withdrawal fee among a few others. All-in-all, this is a rather low fee card. There are some features missing that can be found with other cards like an online bill pay portal, but one great feature is the ability to "link" the PayPal prepaid Mastercard with an online PayPal account and transfer funds.


Notes:
* Fees verified as of 02/14/2012. Check the Current Terms & Conditions for a list of all the fees.
** Some ATM operators may charge a fee for use of their ATMs in addition to this fee.
*** To use your PayPal Prepaid MasterCard in a "signature" transaction, select "Credit" when checking out at a brick and mortar merchant. Most internet transactions are automatically processed as "signature" transactions.

PayPal Prepaid MasterCard Card Options

Custom card design is available for an added cost. There is no fee for a Secondary Card to friends or family.

Here are GetDebit’s “Low Fee Tips” for this Card

One of the great things about PayPal Prepaid is they actually offer you tips on their website on how to avoid fees. Getting cash over at a merchant can help you avoid the ATM Withdrawal fee and using an Allpoint Network helps you eliminate the extra owner surcharge fee. A small fee for an ATM balance inquiry applies, as well as card replacement, paper statement, ATM decline and stop payment fees

Tips for Using The PayPal Prepaid MasterCard