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Senior Contributor
jsucool76
Posts: 3,751
Registered: ‎12-11-2011
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Re: PayPal Debit MasterCard BusinessCard


Brian_Trying_700 wrote:

Thank you for all the help. Sock drawed. lol :smileyhappy:


trumpet-205 wrote:

steve23111 wrote:

What I'm amused by is the fact that it's a "business" Mastercard.  I have a personal PayPal account, and every debit card they've ever issued to me (including several previous iterations of their debit product) have been "business" cards.


It's not really a business debit card per say. When I tried to sign the card up for MasterCard EasySavings (business savings program), I couldn't. Called PayPal only to found out that it was a personal debit card, even though they printed "business" on the card.

 


 


It is only really useful if you have a paypal smart connect account. Also, paypal is offering purchase protection this holiday season, so it is worth it if none of your credit accounts offer that. 

;
Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
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Re: PayPal Debit MasterCard BusinessCard

do they pull your credit report when you get this debit card? because they ask you for SSN

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Contributor
akabigo
Posts: 84
Registered: ‎11-01-2012
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Re: PayPal Debit MasterCard BusinessCard

I didn't get any inquiries but I did get denied and then got an email from Paypal that I had 14 days to send them a copy of my DL, SS card and utility bill or they would restrict my account. Mind you I have had this account since 2000. I wasn't happy about it but I sent the stuff in and 24 hrs later my account was back to normal. I didn't bother applying again since I see some people have had to send docs in multiple times  over that stupid debit card. YMMV

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Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
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Re: PayPal Debit MasterCard BusinessCard

[ Edited ]

I've been using this for several years -- since I've had a PayPal acct for my website. If you're using PayPal for income (e.g. from an online business, eBay sales, or using their invoice feature), then using their debit card makes sense. #1, it gives you immediate access to your funds, so you don't have to wait a week or so for the $ to transfer to your bank acct. Also, I seem to think there is a fee for either the transfer or to have a check sent to you. I have never gone that route, but I do recall some fee, if memory serves. So, with the debit card, there are no fees to access your money. #2, with the 1% back (older accts get 1.5% back), it helps to offset the fee you're charged as a merchant when you receive money.

 

If you're not getting income coming into your PayPal acct., then I would agree that it isn't really useful.

 

ETA: AFAIK, they don't pull your credit. They do verify your identity and address.

 

 

 

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Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Valued Contributor
trumpet-205
Posts: 2,505
Registered: ‎11-11-2010
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Re: PayPal Debit MasterCard BusinessCard


bichonmom wrote:

I've been using this for several years -- since I've had a PayPal acct for my website. If you're using PayPal for income (e.g. from an online business, eBay sales, or using their invoice feature), then using their debit card makes sense. #1, it gives you immediate access to your funds, so you don't have to wait a week or so for the $ to transfer to your bank acct. Also, I seem to think there is a fee for either the transfer or to have a check sent to you. I have never gone that route, but I do recall some fee, if memory serves. So, with the debit card, there are no fees to access your money. #2, with the 1% back (older accts get 1.5% back), it helps to offset the fee you're charged as a merchant when you receive money.

 

If you're not getting income coming into your PayPal acct., then I would agree that it isn't really useful.

 

ETA: AFAIK, they don't pull your credit. They do verify your identity and address. 


There is no fee for electronic transfer. There is a fee for ATM withdraw (that and in addition to whatever ATM operator is charging).

 

Again 1% cashback is only for signature purchase. Most B&M do not give you the option to choose between PIN and signature (they will force you to use PIN in store with debit card).

 

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New Contributor
Project17
Posts: 132
Registered: ‎11-21-2012
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Re: PayPal Debit MasterCard BusinessCard

They don't pull your credit but may check something like chex system or something.

New Visitor
IRemember
Posts: 1
Registered: ‎10-11-2013
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Re: PayPal Debit MasterCard BusinessCard

 

As of the date of this post, they state that they do do a "soft" pull (if you apply, and look at "Why" they need your social secuity number on the application, they specifically say that it's to access your credit repor.  No hard inquiry would appear on any bureau they use, and your credit score would not be affected.  To some extent, they can choose what information they want to receive in a soft pull, but it's general.  Basically, it's the same type of pull that credit card companies that say they can "pre-approve" you for a card do and, perhaps more significantly, what companies like Axciom do when they provide lists of prescreened information to credit card issuers.  Thus, they may be able to check your credit score, as well as a list of general criteria that they may request via a soft pull.  I do not believe they use ChexSystems, EWS, or any other type of check database.  They state that part of the reason they do a soft pull is to verify your identity.  They can use the results of the soft pull any way they want; that is, not just to approve or decline you for their debit card.  That's why the person who applied and was refused because his/her identity couldn't be validated had his/her PayPal account temporarily suspended.

 

The evolution of the PayPal Debit Card--and PayPal in general, really--is quite something.  Back in 2000, when ChexSystems had recently started, the PayPal Debit Card was a suggestion for those who were having difficulty getting bank accounts.  That's because when they first started, they really didn't require any identifying information for either a PayPal account or a PayPal Debit Card.  The only requirement was that you had to have a PayPal account in good standing for two months before you were eligible for a PayPal Debit Card (this is no longer required).  If you did, you were automatically approved, and no identifying information, such as date of birth or social secuity number was required.  This remained true for many years--I would say through around 2007, although that's a rough guess.  Sometime after that, the requirement that one had to have a PayPal account in good standing for two months still applied, but when you applied for the Debit Card they did ask for information that could be used to verify your identity, but identity verification was the only factor used for approval (they didn't do any soft pulls, or use any credit report data).  If you think about it, it is pretty amazing that they were able to issue Debit Cards for so many years after the Patriot Act was passed without verifying anything at all.  If fact, I don't think it was until around 2006 or 2007 that they even pulled a credit report if a person had a PayPal Business Account, and requested a merchant account through PayPal (allowing people to accept credit and debit cards directly).

 

As time passed, they altered their terms, and now they have the right to pull a credit report on anyone who opens a Premier or Business PayPal account.  This doesn't mean that they always do, just that they maintain the right to do so.

 

PayPal accounts provide most of the benefits that they always have (any offer many more, particulary for Business Accounts)--predominantly as both a money-transfer service, and a payment mechanism for both buyers and sellers; however, one significant change that they've made within the past year or two is that now one can't add money from a bank to a PayPal account without providing information that allows them to identify you as provided by Patrot Act rules.  In fact, they're now so strict that you can't even add money to your account via a Green Dot MoneyPak without providing such information.  Another feature that they used to offer that's now totally gone, (ended around four years ago), was the ability to create virtual debit card accounts with the money you had in your PayPal account.  If I remember correctly, you didn't even have to have a PayPal Debit Card to access this feature.  Presumably, this was stopped because of higher than acceptable fraud levels, although given how they've changed, I think it might now be doable again without signficant risk.  Also, in the very early days, until a little before or a little after it was acquired by eBay, PayPal also used to offer a Bill Payment Service.

 

It should also be noted that there's a PayPal Prepaid Debit Card.  This Card is currently issued by Netspend, and is a totally different product from the PayPal Debit Card.  As with most prepaid cards, there's no credit check, although identity verification is required.  While this Card doesn't provide nearly as many benefits as the PayPal Debit Card, you can transfer up to $300 per day / $2,000 per rolling 30-day period instantly from your PayPal account to this Prepaid Card.  Of course, a person can have both the PayPal Prepaid Card as well as the PayPal Debit Card.  A PayPal account is not necessary to obtain the Prepaid Card, although it provides a good incentive to holders who don't have a PayPal account to open one.

 

Because both the PayPal Prepaid Card and the PayPal Debit Card are just that--debit cards--your "performance" on these Cards are not reported to credit bureaus, and thus have no affect on your credit.  The only possibility that your credit would be affected is if you overdraw your PayPal Debit Card for an extended period of time, in which case a collection account might result and could appear on your credit report.

 

If you look at PayPal overall through the years, it's really gone full swing--it used to be a haven for those who could obtain a Debit Card and even a Merchant Account without having to be subject to the identity requirements of the Patriot Act, which I always considered somewhat amazing.  But now it's gone full swing into compliance and further--since they may now even deny a request for a PayPal Debit Card based on their credit requirements.  That's something that's still unusual for a bank where you have a checking account to require (although, of course, most banks now have criteria that a person must pass before a checking account is opened). 

 


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