Many people today use Paypal as there preferred way to send money to friends, family and pay for goods online. PayPal has grown and now even offers a Prepaid Paypal Mastercard. The card is issued and backed by BanCorp Bank. The unique part of this card is that unlike most prepaid credit cards, with the Paypal Prepaid Mastercard you do not need to deposit $300.00 which is then held by the bank, with this prepaid card you simply load up the cards balance directly from your Paypal account balance or you can transfer money directly from your checking account into your prepaid Mastercard. This frees up the hefty deposit you would otherwise need with any other prepaid credit card on the market, and let you put that $300.00 to work for you elsewhere. Do not have a Paypal account or a bank account? No need to worry, you can reload your card or add money to your card at one of more than 130,000 NetSpend Reload Network locations nationwide, including places like 7/11.
For those who receive a paycheck via direct deposit, this card has an awesome feature, the no cost direct deposit service. Whats unique about this? You can have access to your money up to 2 days faster than what traditional brick and motor banks offer you. Pretty much like getting paid 2 days sooner. To get your money quicker depends on the payer supporting the feature, however BanCorp Bank does not put a temp hold on your deposits, they are available the moment it hits your Prepaid account for use.
Unlike many prepaid and cash back cards, this card features a rewards program, of sorts. There are cash back rewards on select purchases, through vendors who participate with the PayPal prepaid Mastercard merchants program. Your PayPal Prepaid Mastercard must be linked to your PayPal Account to participate in this online based rewards program. other than linking the two accounts together you do not need to do anything else, simply pay for qualifying merchandise and services and get the reward stated in your rewards center tab of your account. Any cash back will be posted to your account at the end of the following month. Rewards program offers can also be emailed to the email on file tied to your account, and offers are selected based on your past purchases.
You also have the opportunity to open a optional savings account through the BanCorp Bank which will earn up to 5.00% APY for balances up to S5,000.00 which is the current rate for CD’s or certificates of deposit, but your funds are free to use unlike a certificate of deposit where your money is tied up a long period of time. The interest is much more than a traditional savings account would garner.
The card has plenty of other nice features, such as the ability to manage your funds directly though your smartphone, no need to hop on a PC to check your balance, review your most recent transactions, or add funds to your account. You also get Paypals buyer protections when making eligible purchases with your prepaid card. You can even use to pay bills such as phone, electric, heat, auto insurance immediately by using the MoneyGram ExpressPayment service available through your online Account Center.
This article was written by Steven Moore, who has been covering consumer finance and the credit card markets since 2006. You can learn more and connect at his Google+ page.