PayPal’s Cash Card Explained – Is It Worth Having?

This is everything you need to know about PayPal’s popular debit card including how it works, where you can spend your money and how to get your hands on one

PayPal has revolutionized the world of online payments since its launch in 1998. Today, it is one of the most popular payment methods, with PayPal having more than 270 million users.

The ongoing rise of PayPal is down to the way it continues to make transactions quicker and easier for users, whether sending money to your friends via your smartphone or setting savings goals.

One of its most recent product launches is the PayPal Cash Card, a debit card that allows users to spend the money held in their PayPal account when shopping online and in-store.

The Pay Pal Cash Card is provided by Mastercard, and in addition to online and retail spending, users can also withdraw cash as ATMs that accept Mastercard.

Below, we look at how the PayPal Cash Card works, the most popular uses for the card and how you can obtain one.

How The PayPal Cash Card Works

The PayPal Cash Card is hooked up to your PayPal account. Adding money to your account is really easy and can be done by any of the following methods.

  • Direct deposit – set up a direct deposit with your employer to have your wages paid into your PayPal account. PayPal does not charge a fee for this.
  • Cheque – use the PayPal mobile app you cash cheques into your PayPal account in a matter of seconds.
  • Bank transfer – transfer funds from a bank account directly into your PayPal account.
  • Cash Loads – add cash to your PayPal account via its Cash Loads service. This can be done at thousands of retail locations around the world.

You can then use the PayPal Cash Card in the same way you would a normal debit card. Instead of the funds coming out of your bank account, they come out of your PayPal account.

The PayPal mobile app can then be used to monitor PayPal Cash Card transactions.

Where you can use the PayPal Cash Card?

The PayPal Cash Card can be used at thousands of online and retail stores around the world. Basically, anywhere that accepts MasterCard will accept the PayPal Cash Card.

This includes clothing stores, technology shops, restaurants, bars, supermarkets, convenience stores, eCommerce sites and even the Apple App Store.

As the PayPal Cash Card becomes more popular, additional online and retail outlets will undoubtedly accept the card alongside other payment methods.

How To Apply For a PayPal Cash Card

Applying for a PayPal Cash Card is really easy. Assuming you already have a PayPal account, simply click on PayPal card to be taken to the application page.

The good news is that because this is not a credit card, you will not be subject to a credit check and what’s more there are no monthly fees.

What To Watch Out For…

PayPal is very open and honest about the terms and conditions of using its products and the PayPal Cash Card is no different.

The main thing to be aware of is fees that come with using the card. While you won’t pay a monthly fee for holding a PayPal Cash Card, there are some transaction fees imposed.

This includes:

  • ATM withdrawals – $2.50
  • Cash Reload Service – $4.95
  • Over the counter withdrawal – $3.00
  • Foreign transaction – 2.5%

These are fairly standard fees and should not be cause for concern.

All things considered, the PayPal Cash Card is a great product for PayPal account holders, allowing them to spend their money online and in-store easily and securely.