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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
Review by
Kevin Joey Chen was a credit cards, banking and investments writer for Finder. His work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com.
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 21,450 customer reviews as of April 2022. Most are about PayPal in general, but there is 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:
Can you overdraft with the PayPal Prepaid Mastercard?
No. As with most prepaid cards, transactions that would bring your account balance below $0 are automatically declined.
How do I open the PayPal Prepaid Mastercard Savings account?
If you wish to take advantage of the optional savings account that comes with your prepaid card, log into your PayPal account, navigate to the online Account Center and follow the on-screen steps to open the account.
How do I close my PayPal Prepaid Mastercard account?
There are two ways to close your account:
Before you request to close your account, you need to withdraw any remaining funds at the card. The fastest way to do this is at an ATM. If you request a paper check from PayPal, you’ll pay a $5.95 fee and it’ll take three to four weeks to process.
6 Comments
February 14, 2019
What time do direct deposits post to your account. My tax return was sent to my acct yesterday and I still haven’t received it , but I was wondering if it will post by midnight or could it post at anytime during the day, basically is there a specific time on when the deposit will post?
February 19, 2019
Hi Erin,
Thank you for getting in touch with finder.
Please note that direct deposits through a bank can take up to two working days. You may visit PayPal’s help page to learn more on receiving your tax refund with PayPal.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
December 21, 2018
I signed up for direct deposit, this will be my 1st deposit. Why haven’t I received it early? It’s 12 am and I have not yet received anything. How does it work?
December 21, 2018
Hi Neisha,
Thanks for reaching out to finder.
If you have just set up direct deposit with Paypal, the first direct deposit usually takes 1-2 pay periods for the deposit to be effective but can also vary across employers. You may want to check with your employer for specific timing.
I hope this helps.
Cheers,
Charisse
April 8, 2018
Can you get cash advance from this card?
April 8, 2018
Hello Chiquita,
Good day! Appreciate you contacting finder regarding your inquiry today.
Please note that cash advance is not available for this card. This Mastercard is a prepaid card. You’ll need to load money to the card before using it.
Hope this helps!
All the best,
Ron