@ptatohed wrote:Since it's a debit card, you'll need to keep $1000 in a non-interest-bearing account. If we value MMAs or HYSAs at 5% APY right now, then (1/12) (5%) ($1,000) = $4.17 not earned each month. $50-$4.17 = $45.83 = 4.58% CB, not 5%.
You must have missed the part where you can auto-reload your balance. No need to keep funds in there 😜
@ElvisCaprice wrote:
I do not have a Costco membership, nor do I want one, so I can't test this myself and report my findings.
Costco payment is Visa or "Most Pin based Debit Cards" and a quick look says Costco gas codes as gas.
So, the 5% question is will the Paypal Debit Card with "Gas" choosen as the monthy catagory work at the Costco gas stations?
I don't see why not, as long as you have available funds in the account. I would check but I drive Electric these days. Don't miss gas powered one bit.
Indeed... and free charging at work makes me REALLY glad I got mine pre-pandemic! So much money saved.
Authorized User - 
Sock Drawer'd - 
@Wu-Credit wrote:
@ptatohed wrote:Since it's a debit card, you'll need to keep $1000 in a non-interest-bearing account. If we value MMAs or HYSAs at 5% APY right now, then (1/12) (5%) ($1,000) = $4.17 not earned each month. $50-$4.17 = $45.83 = 4.58% CB, not 5%.
You must have missed the part where you can auto-reload your balance. No need to keep funds in there 😜
So you're saying you don't need to keep $1000 in there? Trying to find the downside of getting this debit card.
@Wavester64 wrote:
@Wu-Credit wrote:
@ptatohed wrote:Since it's a debit card, you'll need to keep $1000 in a non-interest-bearing account. If we value MMAs or HYSAs at 5% APY right now, then (1/12) (5%) ($1,000) = $4.17 not earned each month. $50-$4.17 = $45.83 = 4.58% CB, not 5%.
You must have missed the part where you can auto-reload your balance. No need to keep funds in there 😜
So you're saying you don't need to keep $1000 in there? Trying to find the downside of getting this debit card.
No. Not sure how some are assuming this? $1000 is the max spend to earn 5%, not the required balance.
There is no downside if one already has PayPal, aside from adding another piece of plastic to your collection and picking a category every month.
Thanks @Wu-Credit 
I just put in for the debit card - PP didn't ask me what choice for 5%. Maybe when the card comes and is activated it will.
@Wavester64 wrote:Thanks @Wu-Credit
I just put in for the debit card - PP didn't ask me what choice for 5%. Maybe when the card comes and is activated it will.
I was unable to see the option at first until I updated the app. Check your app updates.
@Wavester64 wrote:Thanks @Wu-Credit
I just put in for the debit card - PP didn't ask me what choice for 5%. Maybe when the card comes and is activated it will.
That's weird. It was part of the initial set-up for P2, even before requesting a physical card.
For those planning to use this debit and balance account often, here is a trick:
Add funds to your PayPal Balance with CB debit, pay CCs not listed in billpay with PayPal routing/checking on the CC website/app. Of course, this depends on if the debit card you use gives CB for adding to your balance (not just PayPal billpay). IME, some do (Affinity CB debit, Axos CB rewards checking), some don't (Primis perks).
This can work for any bills (even rent, mortgage) that only accept routing/account numbers as payment. Just make sure you turn on "enable payments" in the account & routing screen. The challenge here, however, is finding a debit card with a large enough CB cap to cover all your non-CC expenses.
@Wu-Credit wrote:For those planning to use this debit and balance account often, here is a trick:
Add funds to your PayPal Balance with CB debit, pay CCs not listed in billpay with PayPal routing/checking on the CC website/app. Of course, this depends on if the debit card you use gives CB for adding to your balance (not just PayPal billpay). IME, some do (Affinity CB debit, Axos CB rewards checking), some don't (Primis perks).
This can work for any bills (even rent, mortgage) that only accept routing/account numbers as payment. Just make sure you turn on "enable payments" in the account & routing screen. The challenge here, however, is finding a debit card with a large enough CB cap to cover all your non-CC expenses.
Brilliant, wasn't aware of this option. Looks like you can do auto reload with the external DB card but I plan on just doing it manually as I pay bills. What would happen if a biller tries to process from Paypal and your balance is not enough? Would paypal automatically pull funds from your external DB account (as long as this is main linked account)? Thus no need to auto/manual reload??
Hummm, not sure if Quontic DB will pay the 1% for a transfer to paypal??
@ElvisCaprice wrote:
@Wu-Credit wrote:For those planning to use this debit and balance account often, here is a trick:
Add funds to your PayPal Balance with CB debit, pay CCs not listed in billpay with PayPal routing/checking on the CC website/app. Of course, this depends on if the debit card you use gives CB for adding to your balance (not just PayPal billpay). IME, some do (Affinity CB debit, Axos CB rewards checking), some don't (Primis perks).
This can work for any bills (even rent, mortgage) that only accept routing/account numbers as payment. Just make sure you turn on "enable payments" in the account & routing screen. The challenge here, however, is finding a debit card with a large enough CB cap to cover all your non-CC expenses.
Brilliant, wasn't aware of this option. Looks like you can do auto reload with the external DB card but I plan on just doing it manually as I pay bills. What would happen if a biller tries to process from Paypal and your balance is not enough? Would paypal automatically pull funds from your external DB account (as long as this is main linked account)? Thus no need to auto/manual reload??
Hummm, not sure if Quontic DB will pay the 1% for a transfer to paypal??
I have no idea. They do not have an overdraft option and the debit card does not auto draft from your bank if your PP balance is zero. I assume the same for ACH payments. I would not try to find out lol, just auto/manual reload to avoid issues or account shutdown.
Another perk: all purchases with the debit card are covered under PP's purchase protection program. That's rather OP for a debit card that also offers 5% CB. It's just as good as using a CC except for using funds right away, no grace period.