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Verdict: If you’re a frequent Paypal user, the Paypal Debit Card is a must. There are no fees associated with this card and you can earn 1% cash back through the PayPal Preferred Rewards Program.
Overview: The Paypal Debit Mastercard allows you to instantly withdraw money from your Paypal balance at any ATM. One thing I really like about this card, which I personally use quite frequently, is the fact that you earn 1% cash back on your purchases with the PayPal Preferred Rewards Program.
I’ve had a Paypal Debit Card now for just about as long as I can remember. I decided to review this card because I get a lot of questions asking about the difference between the Paypal Debit Card and the Paypal Plus Credit Card. The Paypal Debit Card is available to anyone with a Paypal account. This card provides a way to instantly access your Paypal balance via an ATM. You can also use this card at shops, restaurants or anywhere that MasterCard is accepted.
The Paypal Debit Card is not a credit card because it is funded directly through your Paypal balance and thus doesn’t have a credit limit. There is a daily spending limit of $3,000 and a daily ATM limit of $400.00
Fees: There are no fees associated with the Paypal debit card, although there may be a cash withdraw fee when using the card at an ATM.
Rewards: The Paypal Debit Card is one of a growing number of debit cards now offering a rewards program. You can earn 1% cash back on eligible purchases that you make with your card. Eligable purchases are “all online and signature based purchases”. Whenever you use the Paypal Debit Card and are given an option of signing for the purchase (selecting credit) or using debit and entering your pin, ALWAYS select credit so that you earn cash back. There is no difference between selecting credit or debit on your end other then having to sign for a purchase if you select credit.
To enroll in the PayPal Preferred Rewards program you must have a Premier or Business Account. This program is not available for debit cards obtained with a Personal Account or Student Account.
- Instantly access your PayPal balance at any ATM.
- You can use your card anywhere Mastercard is accepted.
- Earn 1% Cash Back (Rare for a Debit Card).
- 100% protection against unauthorized charges.
- Cash back through PayPal Preferred Rewards was recently reduced from 1.5% to 1% cash back.