Credit Tips: Paypal Credit Card Account Tips

Written by carnold
Posted On: September 14, 2006

Author: multiplierx
Posted: Thu Sep 14, 2006 6:39 pm
Post subject: PayPal debit 1.5% cash back

I’ve had this debit card for several years but have never really taken advantage of the 1.5% cash back.

No balance needs to be kept in the account since it sweeps from my checking(up to $1000 spending per day)

It appears you can only sweep to a PayPal credit card, not another of your choice. That’s a bit different than using PayPal for payments which lets you run it through any credit card you choose.

Does anyone use this for the 1.5% cash back?

Author: Polonius
Posted: Thu Sep 14, 2006 8:58 pm
Post subject:

It’s one of my favorite cards. There’s no limit to the 1.5% cashback, it’s credited to the account–and since I’ve signed up for the PayPal money market account, all the funds in the account earn a competitive rate of interest with no fees and no minimum balance required. It’s earning 5.02% today, 09/14/06. I can’t get that in a checking account!

Unfortunately, if you don’t have it you can’t get it. The PayPal debit card only pays 1.0%, not 1.5% to those who apply today.

Author: Tejan
Posted: Thu Sep 14, 2006 9:06 pm
Post subject: Paypal Credit Card Account Tips

I have the 1.5% cash back and its instantly credited to your account at the time you make the purchase. So its basically an instant 1.5% discount. Never had any problems with it.

Author: multiplierx
Posted: Fri Sep 15, 2006 12:35 am
Post subject: Paypal Credit Card Account Tips

That’s interesting Polonius. I must have read the terms of the money market wrong. For some reason I thought I’d lose the 1.5% cash back if I signed up for the money market. I will have to look into that.

I think I’ve had the card for nearly 6 years now. I signed up with Paypal back when they were X.com.

Author: Polonius
Posted: Fri Sep 15, 2006 6:31 pm
Post subject: Paypal Credit Card Account Tips

The money market fund has nothing to do with the cash rewards. Just agree to the terms of the money market fund and you start earning the interest.
_________________
Polonius
“Neither a borrower, nor a lender be; For loan oft loses both itself and friend”

Author: Board Monitor
Posted: Fri Sep 15, 2006 6:44 pm
Post subject:

Polonius-

I love the Paypal money market fund too. Does the fact that it’s not FDIC insured make you nervous, though.
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews