When you use your Paypal debit card it pays you 1% cash back on your account.
This may not seem like much money but when you think of the 0% your other debit cards give you then you can see the cash back start to add up.
You get the benefit of a debit card with the cash back bonus of a credit card. Just be sure to have the card processed like a credit card when you shop at places like Walmart etc. so you can get the benefits.
The important thing to remember is that you must have the funds available in your account in order to make a purchase.
With the 5% interest that Paypal gives on your account you will always make sure you have funds available there.
Enjoy the savings!
With the 5% interest that Paypal gives on your account you will always make sure you have funds available there.
???–How can I receive 5% ????
I think you see the interest rate at the top of all the accounts in Paypal. If you are not seeing the 5% then maybe you need to get a business account with them. (I emailed you about this Tanyetta). I am not sure if the regular account and the business accounts have different interest rates.
Paypal has just introduced a new way to scam you out of some of your money. Here’s a recent email I received from Paypal.
“Many of you asked us to make tracking your PayPal Debit Card cash back simpler. You got it.
Starting August 1, 2009, the cash back earned on your PayPal Debit Card transactions will be combined into a single deposit and paid monthly, rather than after each transaction, making your record keeping easier.
Your cash back rate won’t change.”
What this means is that Paypal will now keep your cash back money and not release it till the end of the month. You are in fact making Paypal a interest free loan of your money till the end of the month. Now this only means a few dollars kept back per person till the end of the month but multiply that by the millions of people that use it and Paypal is holding back Millions of Dollars till the end of the month.
I have a PP debit card and I’ve heard a friend of mine receiving money back from PP for using his card but I didn’t believe him. I also use a lot my card but no money from them, not yet! How many times do I need to use it?
@ray: you are right. I also noticed that but no one seemed to complain. Well until I found your comment.