Closing Credit Card before activation? - Page 2

https://www.paypal.com/us/webapps/mpp/debit-card

maybe you should research further before blatantly condemn the society. stop being cynical.

PayPal Business Debit MasterCard® is issued by The Bancorp Bank pursuant to license by MasterCard International Incorporated. The Bancorp Bank; Member FDIC. MasterCard is a registered trademark of MasterCard International Incorporated.


If PayPal was a bank it wouldn't have the Debit cards issued through another entity. What you posted clearly says that The Bankcorp Bank is FDIC. The money is secure but PayPal is not a bank.

you are right paypal is not a bank and they like to think they are a banking institute and act like one. but there is no need to worry at all; the debit card, credit card they issued are through an actual banking institution. and all these banks are FDIC insured. if paypal goes bankrupt one day your money is still insured by FDIC up to $250k. i dont know what is the fuss. my first post is just to inform the OP not to worry.

PayPal doesn't want to be considered a bank because then they would have to comply with more regulations. They're edge on the market, is the monopoly they have with ebay and the fact that they can get away with certain things a bank wouldn't.

I might of made a big deal but its needed in the community. Ive been a long time lurker and everyday I see someone saying something that is off and people take it as a fact if no one come in and says otherwise.

it's cool. no harm being done or offence taken. i dont study finance so i cant validate anything in regards to banking regulations etc utmost to my common knowledge. but i know for sure (being a paypal user myself) paypal is acting just like any other banking institution. in fact it is easier to get a mastercard from paypal than from an actual bank. also another fact i like about paypal is i havent find any other bank that issue debit card that offer rewards cashback.

What I know from PayPal is from selling on ebay. You said you have been using the Mastercard since 2005-06, around those days you could get them with out a SS#.

What kinda cash reward % are you getting? I didn't know they did that but its good for the community to take advantage of it.

Yeah back in those days because they are not a bank they aren't allow to collect ssn from customer. But that changed with the Feds regulation. Now any company that do monetary safekeeping are required to report to irs?

PayPal offers unlimited cashback of 1% to any purchase using their debit mastercard meaning you need to have money in your paypal account just like you would in checking account to use bank's debit card. From what i know all other or most cashback rewards only coming from credit cards not debit card (this give paypal a leg up vs conventional banks). Also few years back when paypal have this enrollment program called money market where the amount of money you have in your paypal account is eligible for some dividends (acting like a saving account). Basically what it means is they use your paypal balance to do some guaranteed investment just like regular bank does with your saving account; hence the interest they give you each cycle. This is why all along I have been saying PayPal is not a bank but they like to act like one.

Thanks Chyno. Yes, she pays her bills and her rent so she does not have a problem paying off $200/moth.