PayPal is well-known for being one of the first firms to provide users the option to securely send and receive digital and mobile payments. In addition, the firm now provides credit, debit, and prepaid cards that may be used to access your balance for online and in-person transactions.
When it comes to credit cards, PayPal provides the Extras Mastercard and the Cashback Mastercard. The Prepaid Mastercard and Cash Mastercard debit cards are the company's non-credit choices.
PayPal also provides PayPal Credit, a totally digital credit line that is not connected to a physical card.
PayPal Extras Mastercard
This card allows you to borrow from PayPal using a Synchrony Bank credit account. You must qualify for the Extras card, just like you would for any loan or credit card. PayPal will do a credit check and inquire about your income and work.
The opportunity to earn points as you spend is the key advantage of the Extras card. Certain purchases earn one to three points per dollar spent, which may be redeemed for gift cards, travel certificates, or cash back to your PayPal account.
The card does not have an annual fee, but like with other credit cards, you may be charged interest if you do not pay it off each month, and additional costs may apply.
It’s best to pay off your credit card balance in full every month.
PayPal Cashback Mastercard
This card, like the PayPal Extras Mastercard, requires you to apply for and be accepted for a Synchrony Bank credit account. In order to apply for the Cashback card, you must also have a PayPal account.
The advantage of this card is that you receive 2% cash back on all purchases. You must deposit the cash prizes into your PayPal account. There are no redemption limits, purchasing limitations, or yearly fees to be concerned about.
You may only sign up for one of the cards, not both. PayPal does not let you hold both cards.
PayPal Prepaid Mastercard
To put it simply, this is a prepaid debit card. And, like with other prepaid debit cards, you'll load money onto the card before using it, and then spend it. As a result, prepaid cards are great for budgeting since you can only spend what you've loaded and you can't accrue debt or overdraft fees.
You may manage your account using the PayPal Prepaid card's mobile app. Although the card does not draw cash directly from your PayPal account balance, you can transfer monies from your
If you choose to participate in the card's Payback Rewards programme, you may receive exclusive deals, and you can also earn $20 credits for referring a friend.
Even if you have no credit history or have low credit, almost everyone may receive a prepaid card.
If your PayPal account is locked for any reason, you will lose online access to your prepaid card. Online vendors are occasionally subject to surprise freezes, so consider twice if your account is at risk.
The PayPal Prepaid Mastercard, like other prepaid cards, comes with a range of expenses and fees. First, you must pay for the card, which varies depending on the shop.
You'll also have to pay $4.95 each month to keep the card open and make limitless purchases. Within 36 hours of loading it, PayPal will debit the first $4.95 from your account. PayPal also charges different fees for cash withdrawals according to location, as well as monitoring your balance through an ATM.
PayPal Cash Mastercard
This card works more like a conventional bank account debit card. Rather than putting funds onto your card, like with a prepaid card, you can spend money immediately from your PayPal Cash Plus account balance.
To obtain the card, you must have a Cash Plus account. You must also go through an identity verification process identical to that of the prepaid card, but no credit check is required because it is not a credit card.
To use the card, you must have funds in your PayPal Cash Plus account from payments received or transfers made into the account. Your purchase will be refused if you do not have funds in your account before using the card.
The card has no monthly fees or a minimum balance requirement, however it does impose fees for transferring and withdrawing funds. There is a $3.95 cost for loading cash through the PayPal app, as well as a $2.50 fee for domestic ATM withdrawals. Other fees may also apply.