PayPal Mastercards is one of the easiest ways to pay someone. All you do is set up an account with PayPal and send your payment through them to their website. You have the option to pay in a variety of ways including credit card, pay pal and check. Below at PayPal MasterCard Review we look at what the cards offer and how they work.
At a glance PayPal Mastercard at a Glance. Pros The biggest pro about the PayPal Mastercard is that they don't charge any fees. At a glance this would seem like a major drawback, but the reality is that there aren't many fees associated with the program. Main advantages include:
No annual fees means you can use your card for any reason forever without any fees. This also means you don't have to pay any charges for reloading either card or a PayPal debit card. A PayPal debit card is basically a Prepaid Card. With these cards you have to load it with money before you can use it, which defeats the purpose of having a prepaid card.
No annual fee No annual fees mean you only have to pay a one time fee. Nowhere on the card does it state any annual percentage rate. So basically you're not paying anything extra on your PayPal debit cards. If you want the benefits of both then you can transfer your debit cards to a Paypal cash card or a Paypal money card and use those. The benefit to this is that if you like the cashier, you can go to a local store and pay with your cash and not with a debit card.
No membership fees associated with the card means you don't have to pay any fees associated with the card. With PayPal, they allow you to add funds as many times as you wish. With a Paypal cash card you can use it anywhere online including Paypal itself, ATM, and credit and debit card terminals. This is another benefit of having a PayPal cash card. You have instant cash withdrawal.
No set limits means you can withdraw as much money as you wish without any fees associated with it. With traditional debit cards you must set up an account, add funds, make payments and then set limits for how much you want to withdraw. Also, with these types of cards you usually can't withdraw to a PayPal bank account. This is a drawback of using PayPal. There are other cards available though that allow you to do just that.
No rewards provided means that you get nothing in return for the money you spend. In addition there are many people who are leery of rewards programs. For these individuals they can rest assured that using PayPal is beneficial since they won't get anything in return for their money. Rewards programs are usually offered by banks and credit card issuers as a way to get cardholders to spend more. With these benefits it's easy to see why some people are leery about whether or not . . . . . . using PayPal is worth the added expense.
The best part of using PayPal is that you can earn cash rewards just by spending money. You can make use of these rewards to save for vacations, pay off bills, or to purchase items that you know you'll like. All it takes is a little bit of research and a PayPal MasterCard to enjoy all of these rewards.
The downsides to using PayPal on both of these cards include the fact that you won't be able to redeem your points for anything once you've earned them. This means that you can't get cash back or store credits with these cards. On the other hand, if you're a person who wants to be able to redeem points then you may want to consider this aspect of using PayPal. While you won't get the same rewards that you would get with traditional credit cards, you can still enjoy the same benefits that the regular cards offer.
On top of these drawbacks many people worry about the cost. Between Paypal fees and the additional cost of receiving Paypal as a bank, many cardholders earn less than two to three times the amount of money that they would in cash. While it is true that you won't earn as much as you would with a traditional credit card, that's neither here nor there. If you're simply buying plane tickets, dining out, or simply having an emergency comes up, then you should be fine.
Overall, there are several advantages and disadvantages to both Paypal MasterCard and Paypal. Cardholders earning cash-back from their PayPal transactions tend to have more spending power and can use this extra purchasing power to earn more money. On the flip side, PayPal fees can eat away at any savings that cardholders earn, unless they also happen to be racking up lots of cash-back purchases. However, if you take these factors into consideration, the benefits of owning both of these cards are well worth the costs.
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