PayPal Prepaid MasterCard Review – The Rolling Pin

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Over the years, a number of readers have asked me how to transfer money to and from a PayPal account. I use a PayPal account and still transfer funds through my online current account. But many readers don’t and don’t want (or can’t get) a checking account. So for these folks, today we’re going to look at a relatively inexpensive solution – the PayPal Prepaid MasterCard.

As the name suggests, this card is a Prepaid MasterCard. Before going into the card details, it’s important to note that this is the only prepaid card that you can link to a PayPal account. Why? Because that’s how PayPal wants it. Taken straight from their website: “You cannot link a gift card, prepaid card, or one-time card to your PayPal account. So if you want to use a prepaid card you will need to use the PayPal Prepaid MasterCard®.

PayPal MasterCard® Prepaid Card Costs

If you’ve read any of my other reviews of prepaid cards, you know that the most important consideration is the cost. While most cards offer reasonable fees, some are outrageous. So where does the PayPal credit card stand in terms of cost? While it’s not the cheapest card available, the fees are very reasonable.
The main charge is a monthly maintenance fee of $ 4.95. While some cards will waive this fee if you load a fixed amount to the card each month, PayPal will not. But with these fees, you get unlimited signature and PIN purchase transactions for free. There are fees for ATM withdrawals and loading cash on the card. Direct deposit is free. All in all, I would give the expense of this card a B +.

Get the Paypal prepaid card

Paypal features

As stated above, the most important feature is the ability to link the card to your PayPal account. Once linked, you can transfer funds between accounts. If this feature isn’t important to you, there’s really no reason to prefer this card over other prepaid cards.

That being said, the card does offer some standard features that you would expect to find in most prepaid cards:

  • Instantly transfer money from your PayPal account to your PayPal MasterCard prepaid card
  • Earn Cash Back at specially selected stores, restaurants and more
  • Use free direct deposit and get your paychecks faster
  • Receive account alerts on your mobile device or download our app to check your balance and view recent transactions
  • No credit checks, overdraft fees or interest charges
  • Safer than carrying cash – use it to pay for your daily purchases

Load money on the card

There are several ways to load money onto the PayPal MasterCard® prepaid card. The easiest way is direct deposit. It’s free and you get access to your paycheck up to two days faster.

You can also load money onto the card at any of the more than 130,000 locations in the NetSpend top-up network. And of course you can transfer money to the card from your PayPal account.

About Wendy Hall

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