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The PayPal Prepaid Mastercard offers a convenient way to use PayPal funds in-person and on the go. Plus, the potential to earn 2% cash back at select merchants when you opt into the optional PayPal Payback Rewards program. But the card has an unavoidable $4.95 monthly fee, which is typical for prepaid cards. There’s also no ATM network, so expect to shell out $1.95 each time you need to withdraw cash.
$4.95
Monthly maintenance fee
$0
Signature transaction fee
$0
PIN transaction fee
Card type | Prepaid |
---|---|
Card network | Mastercard |
Monthly fee | $4.95 |
Signature transaction fee | $0 |
PIN transaction fee | $0 |
Additional Cardholder Fee | $0 |
Review by
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
The PayPal Prepaid Mastercard may be a good choice if you want a convenient way to use PayPal funds in-person. The card earns 2% cash back and has convenient reload methods for cash, check and electronic deposits.
On the downside, the PayPal Prepaid Mastercard doesn’t have an ATM network, so you’ll pay $1.95 for each withdrawal. Plus, there’s an unavoidable $4.95 monthly fee. That said, most prepaid cards cost at least $5 a month and some cost as much as $10 a month. If you want to avoid a monthly fee altogether, a debit card may be a better option.
The PayPal Prepaid Mastercard costs $4.95 a month, plus a one-time purchase fee of $4.95 if you buy the card in-store. It also has these fees:
Card purchase fee if ordered online | $0 |
---|---|
Plan fee | $4.95 a month |
Signature purchase transaction fee | Included in plan |
PIN purchase transaction fee | Included in plan |
Over-the-counter cash withdrawal fee (financial institution) | $2.50 |
Over-the-counter cash withdrawal fee (NetSpend Reload Network) | Varies by location |
ATM cash withdrawal fee (domestic and international) | $1.95 |
ATM transaction decline fee (domestic and international) | $1 |
View a full list of fees in the PayPal Prepaid Mastercard’s terms and conditions.
Apply for this card in minutes by following these steps:
If you live in Vermont, you’re ineligible for the PayPal Prepaid Mastercard. But all other US citizens and residents who are at least 18 years old are eligible.
You’ll need this information when you apply for the PayPal Prepaid Mastercard:
You’ll typically receive a decision on your application right away. If approved, you’re mailed the card within 10 business days.
This prepaid card is free to open, has no inactivity fee and features unique perks, such as:
The PayPal Prepaid Mastercard has a few potential drawbacks to watch out for:
If you want a prepaid card with zero to minimal fees, consider the PayPal Business Debit Mastercard that draws from your PayPal balance. You can apply for it if you have a PayPal Business account or received at least $500 in your personal PayPal account in the last 12 months. Or, compare your options to find another prepaid card with minimal fees.
Yes, the PayPal Prepaid Mastercard is safe. Funds are FDIC insured through Bankcorp Bank and you can request a new card if yours is damaged, lost or stolen.
PayPal has a 1.2 out of 5-star rating on TrustPilot based on nearly 16,000 customer reviews as of February 2021. Most are about PayPal in general, but there are a handful for the PayPal Prepaid Mastercard. The most common complaint is that the unavoidable $4.95 monthly fee eats into your balance.
Now that you have your PayPal Prepaid Mastercard, make the most of it by:
There are five ways to add funds to your PayPal Prepaid Mastercard: