PayPal Prepaid MasterCard is a reloadable debit card issued by The Bancorp Bank. The benefits of the card are that you can add money from your PayPal account instantly and open a 5% APY savings account. Plus, it has a reward program.
PayPal Instant Transfer
You can move money from your PayPal account to a prepaid card in no time. Limited $300 per day and $2000 per month. If you need to load more, use PayPal Basic Transfer or other methods. Please note that money has to be in PayPal account for a transfer. Money won’t move from backup funding sources such as credit cards or debit cards.
Any cardholder can open savings account that offer 5% APY. There is no minimum balance to open or maintain a savings account. They offer 5% APY on $5000 or less in the account. For the portion that exceeds $5000, they still offer 0.5% APY. You can take money out from savings account to prepaid account six times per month. Transferring from prepaid to savings is unlimited.
How to Add Money
Here are all the ways to add money to PayPal Prepaid MasterCard.
- Direct Deposit – Free
- Bank Transfer – Free (your bank may charge a fee)
- PayPal – Free (Instantly $300 per day, $2000 per month by PayPal Instant Transfer. Use PayPal Basic Transfer to add a larger amount. It takes 3 to 5 business days.)
- Reload Pack – Up to $4.95 for a purchase fee
- Reloads Center – $2 to $5 depending on retail locations
- Monthly Fee – $4.95 (There is no option to avoid a monthly fee. They charge $4.95 on 11th of each month.)
- ATM Withdrawal – $1.95 + ATM owner’s fee
As I wrote this page, I don’t have any information about its Rewards Program. Before I applied the card, I learned at least there was a reward program, but there were no details in their website. I searched on the internet, but I couldn’t find the details, either. That is probably because most of writers of review sites don’t actually own the card, or they don’t use the card. Rewards are targeted offers. The issuer sends them based on your shopping habit. If you don’t use the card much, you don’t see any offers. I haven’t been using much, so there have been no offers so far. I will make some experiments and upload results on the other page. Here are the posts related to Rewards Program.
- Payback Rewards of PayPal Prepaid MasterCard 11/2014
- My First Cash Back Rewards from PayPal Prepaid MasterCard 07/2015
- PayPal Prepaid Payback Rewards for Sears and Kmart 09/2015
- PayPal Prepaid MasterCard Rewards Dos and Don’ts 11/2015
- 10% PayPal Prepaid Payback Rewards for Rite-Aid purchase 11/2015
PayPal Prepaid MasterCard has a savings account which offer 5% APY. You can open and maintain savings account with no minimum balance. Unlike Mango Money Card, you don’t need to enroll direct deposit to earn higher APY. Adding money from your PayPal or bank account is free. $4.95 monthly fee is non-avoidable. If you keep $1200 or more in a savings account, interest offsets monthly fee, and you can start saving. Apply through this link to get $5 sign-up bonus.