Review: PayPal Prepaid MasterCard by NetSpend

By on

This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.

The PayPal Prepaid MasterCard issued by NetSpend is a prepaid debit card that offers some nifty benefits for frequent users of PayPal.

Advantages

  • Free direct deposit. Cardholders get free direct deposits so that paychecks and government benefits can be deposited directly without any fees.
  • Transfer money instantly between your PayPal account and debit card.
  • Get mobile account alerts. Cardholders can get mobile alerts on their cellphone via text message or mobile app.
  • Optional high-interest savings account. Cardholders can open an optional savings account that currently offers a 5 percent APY for balances up to $5,000.
  • Cash-back rewards from select stores. Cardholders can earn cash-back rewards from select stores, restaurants and more.
  • No credit check, overdraft fees or interest charges. Enough said.

Disadvantages

  • Monthly fee. The card charges a monthly fee of up to $4.95.

Bottom line

Get it if: You want a prepaid debit card that’s accepted everywhere a credit card is accepted, and you’re a frequent PayPal user.

Forget it if: You would rather use a credit card than a prepaid debit card, or if you’re not a frequent PayPal user.

Follow Logan Abbott on Google+

Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page. Also note that any terms, rates or other features described in this article can change without notice. Always double-check everything with the issuer before applying for any credit card.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Check out our hottest deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,222 more deals!

Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.

  • Ted Bundy

    Why would anyone pay 4.95/month for a debit card. Why are you wasting our time. This is not benefit to the user. You are probably receiving a commission for promoting this shite.

  • Aric Macloor

    Instant transfers from my PP account to the card is by far the biggest reason I use over other Prepaid cards. The fee is not much more than what you see from other cards. Great way to compartmentalize your spending.