You know about credit cards and debit cards, and you may even be familiar with secured credit cards, but did you know there's another option out there? Millions of Americans rely on prepaid credit cards to handle their finances. Prepaid credit cards work just as you'd expect: after acquiring a card, you load it with money. As you spend,...
|Intro APR Promotions||
- Get your tax refund faster when you use Direct Deposit to load your Federal & State refunds
- Free direct deposit - get your paycheck and government benefits up to 2 days faster.
- Instantly transfer money from your PayPal Account to your PayPal Prepaid MasterCard®!
- No credit check, overdraft fees or interest charges.
- Get cash back rewards.
- Safer than carrying cash - use it to pay for everyday purchases.
Poor Credit AcceptedLearn how to raise your credit score
- Links to PayPal account
- Reasonable $4.95 monthly maintenance fee
- Sign up for an optional 5% APY savings account
- No late fees and overdraft charges
- ATM fees
- Fees for loading cash on card, except through direct deposit
- Users report poor, outsourced customer service
- Users report charges are frequently declined
The Simple Dollar’s Review
For consumers who often use a PayPal account to make purchases or other transactions online, the PayPal™ Prepaid MasterCard® is an excellent option. It’s the only prepaid card out there that links to your PayPal account. Besides having this convenient account-linking option for frequent PayPal users, it’s a good prepaid card on its own. Many prepaid cards charge exorbitant monthly fees; this PayPal prepaid card charges only $4.95 per month. A few other advantages of the PayPal™ Prepaid MasterCard® include no late fees, no overdraft fees, and relative ease of reloading the card at any of the 130,000 NetSpend Reload Network locations. An interesting feature of the card is the ability to deposit money into a 5% APY savings account. Considering most high-interest savings accounts offer an average of 1% APY, this is a pretty incredible deal.
Disadvantages of the PayPal™ Prepaid MasterCard® include your typical prepaid card fees like ATM fees and fees for reloading your card (except through direct deposit). Users have reported problems with customer service, which is mostly based offshore. While PayPal offers excellent fraud protection on this card, some users have also reported that many of their legitimate charges have been declined. All in all, however, the PayPal™ Prepaid MasterCard® is a great option for frequent PayPal users.
It’s okay. You can admit that you were sucked in by that 0% introductory interest rate. It happens to the best of us. But what happens when the introductory rate expires, and you’re stuck with rate that skyrockets to 15, 20, or 25%— or (gulp) even higher? Credit card interest rates drain you of your hard earned money. A $20...