Earn 3% on everything using one card -Dead !-

[UncleB]

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@CreditCuriosity wrote:

https://www.doctorofcredit.com/paypal-business-debit-card-now-reserved-only-for-businesses/

Seems to pretty much sum it up... It is going to be dead

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Yep, I figured they would catch on eventually.

I do wonder, though, what will happen to folks with a "Premier" account; that's a step-up from personal but not a business account.  I upgraded to "Premier" years ago (10+) to be able to get the debit card. 

I'm sure they have it all figured out and we'll find out soon enough. 

[CreditCuriosity]

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@UncleB wrote:

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@CreditCuriosity wrote:

https://www.doctorofcredit.com/paypal-business-debit-card-now-reserved-only-for-businesses/

Seems to pretty much sum it up... It is going to be dead

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Yep, I figured they would catch on eventually.

I do wonder, though, what will happen to folks with a "Premier" account; that's a step-up from personal but not a business account.  I upgraded to "Premier" years ago (10+) to be able to get the debit card. 

I'm sure they have it all figured out and we'll find out soon enough. 

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Hmm no clue on premier account have had a business account like 15+ years with the 1% debit card didn't hop on this bandwagon for many reasons.  They certainly have it figured out as this clearly imho wasnt meant to work this way and was a "loophole".  Although others will argue differently which is fine as we all have opinions, etc.  If it is to good to be true then __ __...  Hopefully people get to enjoy it for awhile longer and possibly some might survive, but doubtful imo

Heck the limitless couldn't make it any other 2+% card are either cats and capped or have an AF being alliant, etc.. So yes 3% is too good to be true plus you lose alot of the protections using a MC/Visa, etc offer I would think as you are using a debit card correct?  Anyways going a bit off subject.

To those that have the 3% working I wish you all the luck, but I don't see a great outcome to this

[Anonymous]

DP: I applied for the card post the change that required a business account and already had a PP 2% MC at that point. Received the card today and successfully activated it & setting the 2% MC as backup payment method.

[UpperNwGuy]

UncleB and CreditCuriosity are correct.  They never intended for cardholders to get 3% cash back on non-category spending.  That would be a money losing proposition for the financial institution.  Unless swipe fees increase, 2% cash back is going to be the best we can get for non-category spending on a no-fee card.

[patoot10]

I understand and respect all the opinions in this thread but recent changes have nothing to do with earning 3%. I don't even think that PayPal knows about this trick. This all has to do with PayPal creating a new debit product for personal accounts and wanting to force PayPal personal account holders to use it instead of the business debit. They basically want you to swipe more as a business owner (more fees for them) so they give you the 1%. Also don't forget that the terms and conditions of the business debit have always mentioned explicitly that to earn 1% cashback you must have a PayPal business account, it wasn't forced until now.

As far as them giving back 3% per transaction this is completely wrong. PayPal is a service not a bank and the debit and credit cards are backed by two different banks so no bank is giving you more than they are willing to, otherwise they would have blocked this trick from day one, we are talking about money and banks never kid about money.

tl;dr: PayPal is forcing personal account holders to use their new debit product and made the business product exclusive for business accounts.

[DaveInAZ]

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@patoot10 wrote:

I understand and respect all the opinions in this thread but recent changes have nothing to do with earning 3%. I don't even think that PayPal knows about this trick. This all has to do with PayPal creating a new debit product for personal accounts and wanting to force PayPal personal account holders to use it instead of the business debit. They basically want you to swipe more as a business owner (more fees for them) so they give you the 1%. Also don't forget that the terms and conditions of the business debit have always mentioned explicitly that to earn 1% cashback you must have a PayPal business account, it wasn't forced until now.

As far as them giving back 3% per transaction this is completely wrong. PayPal is a service not a bank and the debit and credit cards are backed by two different banks so no bank is giving you more than they are willing to, otherwise they would have blocked this trick from day one, we are talking about money and banks never kid about money.

tl;dr: PayPal is forcing personal account holders to use their new debit product and made the business product exclusive for business accounts.

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I saw that notice on DoC but didn't pay it much attention. My PP account is personal but I've had the business debit card for years & years, maybe 10, I never asked for it, they just sent it to me. I've heard nothing from PayPal about having to change to the personal debit card, which I won't do. I just checked my settings on PayPal and I see a button "upgrade to business account", which I will do if I get the notice. I sell fairly regularly on eBay and get the payments on PayPal, that may be a difference.

I don't use the PP debit w/ Synch 2% MC as a "daily driver", but have been using it on Plastiq for my mortgage as the 1% +2% covers Plastiq's 2.5% fee, and as I regular do new bank accounts SUBs and use the PP debit + 2% backup when debit/CC funding is permitted. If it ends well, it was nice while it lasted . . .

[OmarR]

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@UncleB wrote:

 I do wonder, though, what will happen to folks with a "Premier" account; that's a step-up from personal but not a business account.  I upgraded to "Premier" years ago (10+) to be able to get the debit card. 

I'm sure they have it all figured out and we'll find out soon enough. 

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I am in this same boat.

I currently have a premier account and still haven't gotten any emails.

[DaveInAZ]

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@OmarR wrote:

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@UncleB wrote:

 I do wonder, though, what will happen to folks with a "Premier" account; that's a step-up from personal but not a business account.  I upgraded to "Premier" years ago (10+) to be able to get the debit card. 

I'm sure they have it all figured out and we'll find out soon enough. 

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I am in this same boat.

I currently have a premier account and still haven't gotten any emails.

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Where do you see if your account is a "premier" account? I looked in Settings and don't see anything like that, just a button to upgrade to a business account.

[patoot10]

I have updated the main topic to include all recent changes.

[pdxmike]

For those who upgraded to a PayPal business account, have you noticed a hard or soft pull on any of your credit reports?

From the PayPal user agreement:

"If you open a Business Account, you are providing PayPal with your written instructions and authorization in accordance with any applicable law to obtain your personal and/or business credit report from a credit bureau."
https://www.paypal.com/ga/webapps/mpp/ua/useragreement-full