Many of us are familiar with PayPal. It’s a website that facilitates sending money through the Internet in a safe way. Many online stores use it, as do private merchants. It’s also a handy way to send birthday money or wedding gifts.
I’ve been a member of PayPal for a number of years, and appreciate its service. I have to admit, though, that I only just recently got the debit card you can get in conjunction with your account. And I love it.
When someone sends you money through PayPal, it can take a little while to transfer those funds to your bank account. Depending on how the money was submitted, it can take three days (for a cash submission) to a week and a half (for some e-checks). If you’re in a bind and need your money now, this can cause problems.
However, with the PayPal debit card, you have access to your money right off the bat. You can just take your card to the store and spend it on whatever you need. It functions as a debit card, so it withdraws money straight from your PayPal account, and it doesn’t rack up interest rates or allow you to get into debt. But at the same time, because it’s powered by MasterCard, it functions like a credit card. You can swipe it through a credit card machine and it will process just as quickly and easily.
You do register for a PIN with this card, just as you would with any debit card, but you don’t always have to enter it. If the cashier rings it through as a credit, you would sign for it just as you would regularly, but it is deducted from your PayPal account.
Then you get an e-mail with a receipt reminding you what you spent and where. This additional tracking device is so appreciated – I tend to lose receipts, and this helps me stay on track.
If you’re a PayPal member, or if you have been thinking about getting an account, I encourage you to get the debit card. It really makes using the site that much easier.
Related Blogs:
PayPal Basics: Send Money On the Internet