The PayPal Prepaid MasterCard issued by NetSpend is a prepaid debit card that offers some nifty benefits for frequent users of PayPal.
- 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.
- Monthly fee. The card charges a monthly fee of up to $4.95.
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.
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