The online banking giant, which up until now often serves as a secondary ‘online’ bank account for many individuals, hopes that their cash card will move the service into primary bank account territory.
Wondering what is PayPal cash card or how to use it in 2020? We’ve tried it out and here are the pros & cons, fees, limitations and the data you will need to complete registration.
Like any other prepaid card, PayPal cash is also one of the most rational ways to help avoid overdraft or accrual of additional fees. However, to use this card as efficiently as possible, you need to know where its use will be most appropriate. For example, many users actively use the PayPal cash card to:
- Withdraw funds from an ATM.
- Quickly transfer money to family members.
- Make an unlimited number of online purchases from local and foreign retailers.
Using a PayPal card is also relevant during trips abroad. Please note that the digital funds that will be deposited into your account will allow you to use the card and withdraw money in the real world.
An equally important advantage of the card is that you can count on reasonably low fees and an extensive ATM network with the ability to withdraw the required amount of funds for free. However, do not forget that your money is not under the protection of the FDIC since this is not about traditional bank cards.
Pros and Cons of using a PayPal cash card
After you find out what the PayPal card is often used for, it’s time to consider the strengths and weaknesses of this type of payment instrument.
- Lack of credit rating checks. Since this is a debit card, you do not need to confirm your creditworthiness.
- Minimum commission for financial transactions. As the owner of this card, you will not need to pay a monthly fee or pay an additional statement on the card account.
- You are not obliged to have a minimum account balance to use this financial service.
- Ease of reloading. Thanks to a well-developed infrastructure, depositing and withdrawing funds using PayPal is an effortless task.
- PayPal cash card might also be an option for online gambling fans, as it is now forbidden to use credit cards to reload an account. Therefore, this debit card is the go-to solution for making quick-n-easy deposits in UK PayPal casinos.
- High level of security. Given the high popularity of the brand, you can also count on a substantial degree of security. This way, you will be protected from unauthorized payments on the Internet thanks to PayPal Purchase Protection.
- A wide network of free ATMs. One of the main advantages of using PayPal cash card is a relatively large number of ATMs where you can withdraw cash without additional fees.
- High-speed financial transactions. Send funds using a PC or smartphone 24/7.
But as they say, there is always room for improvement. In this case, PayPal cash card was no exception. Despite the round-the-clock access to your account, as well as a low commission, still, this financial tool has some disadvantages, which are also worth knowing.
- Lack of bank protection. Please note that PayPal is not a bank. In other words, the bulk of the functions and services that banking institutions offer will not be available for PayPal card. In particular, this concerns such an issue as FDIC insurance.
- Fixed commission for account replenishment. Each time you want to deposit cash into your digital account, you will have to pay a commission of up to $3.95.
- Withdrawal fee. If you want to withdraw funds from an ATM, then get ready for the fact that you will have to pay $2 for each withdrawal. If you’re going to withdraw money at the checkout, then you will need to pay a commission of $3.
- Withdrawal limits and daily purchases. If it comes to withdrawing funds from the account, then the maximum amount that you have can be up to $400 per day. Daily PayPal purchases are also limited to $3,000.
- The maximum amount of refilling is limited. You can fund your account with a maximum of $1,500 per day. Besides, the total amount that you can deposit to your PayPal card during the month is limited to $5000.
Features of PayPal cash card recharge
To deposit funds to your online account and then manage them using a PayPal card, you can use one of the following methods:
- Bank transfer.
- Transfer from a debit card.
- Financial transfers from friends or relatives.
- Funding an account using retail outlets.
Please note that when reloading the account, you will definitely have to pay a commission depending on the amount that you want to deposit.
How to get a PayPal card in 2020
To get a PayPal card, you must first submit an application on the official website of the payment service. If you already have a registered account, then using the username and password, you can enter your personal account and check the balance status. However, if you are creating an account for the first time, you will need to specify the following types of information:
- Name and surname.
- Full address.
- Date of Birth.
One way or another, the use of this payment service to make online payments is trendy. If you need a debit card able to quickly create an online payment and having a high level of security, then PayPal cash card is the best choice in 2020!