How to receive 1% cash back bonus with PayPalcustomer adventures, How To, finance — by TDavid @ 3:41 pm PST
New!
 (Hmm, no ratings yet) Loading ... |
Not sure what took our business so long to get a PayPal debit card but shortly after writing about the PayPal virtual debit card recently, we filled out the short online form request and had our business account approved within a business day.
PayPal Debit Card requirements
1. Have US PayPal Business or Premier account
2. Must be PayPal member for at least 60 days
3. Is a verified PayPal member
4. Be active PayPal member with account in good standing “as determined by [PayPal] Account Review Department.”
It took a good week for the card to arrive snail mail (pictured above) and then I needed to activate and assign a PIN number online. After that you can order additional cards for other family members using the master account. There doesn’t appear to be a security option or user configurable spending limit so when you give another family member a card, you are giving them your entire PayPal balance. That would be a good feature for PayPal to add.
Applying to receive 1% cash back bonus requires having a website (blogs would work too) where some PayPal advertising is shown. We’ve already had this advertising in place for years at my tdscripts.com site, so it was instant approval into the cashback program too.
PayPal preferred program requirements
1. Must have PayPal debit card.
2. Business information must be provided to PayPal
3. Promote PayPal as a preferred method on eBay or on business website.
After you’re in the program and assuming you have a PayPal balance it’s time to start shopping. Online, offline, whatever. By logging into PayPal you’ll now see on your normal statement a green dollar sign like this: “Cash Back Bonus $”
In order to actually receive the 1% back, you need to use the PayPal debit card as a credit card and it does not apply to cash withdrawals. For security purposes there is a daily ATM limit of $400 and a daily spending limit of $3,000. My wife already discovered that at some stores it will try to default to an ATM card, which you can just push the ‘cancel’ button and have it submitted as a credit card instead. You can also backup the PayPal balance with a credit or checking account, thus enabling you to make 1% on nearly every credit card purchase you make.
Security concerns
Before somebody mentions this is in the comments — and nearly every time I write something about PayPal, someone stops by to remind me — yes, PayPal security is a concern. But then every time you use a credit card online it’s a concern, isn’t it? Even if you are extremely careful about what sites you do business with there is a chance your card info will be compromised. We receive PayPal phishing attempts in our email boxes regularly and yes, it sucks. It’s definitely something to put your spidey senses on high alert, but my thinking is if we are going to use PayPal, as we have done so for nearly five years now with our programming business without any problems, why not take advantage of the 1% cash back option too?
As I’ve also mentioned before I have friends who have had horror story problems with PayPal, but PayPal has worked without incident for us. Any readers that have a PayPal debit card already and are receiving the 1% cash back bonus? Any dark alleys or eerie side streets with this program that we should be aware of?
Related Posts- Would you use a PayPal Virtual Debit Card?
- Using the PayPal security key
- Napster now takes PayPal for tunage
- Canceling all credit cards
- Revisiting the Paypal Virtual Mastercard, er, now PayPal Secure Card?
- How does Bill Me Later work?
I’m not an avid reader, I picked up your site from someone’s shared feed on Google, but I’ve been using the PayPal Debit card for a few years now. Actually, I have had actually had a renewal card sent to me. I used to use the card a lot more than I do now. I had sold a lot of items on ebay (comics and toys) and instead of always just transferring the money from PayPal, I would just use the debit card. I loved the 1%, on some big purchases, it was nice. Now that I don’t have time to sell anything, I do not use it as much, but I still have one also.
Comment by Jamie R. Rytlewski — January 15, 2007 @ 1:36 am PST
You should read my post on Paypal. Just so you know. I have a business account with them and someone paid me with funds. Which they then took back a month later. 1700.00 to be exact. They won’t tell me why they took them back. And the person that paid me has said there shouldn’t be any reason. So be very careful… Paypal has the right to do this.. So they say. Now I have a lawyer involved. But read my post…
Brandy-
Seattle
Comment by Brandy — January 15, 2007 @ 2:23 am PST
Hi Jamie - thanks for taking time to leave your thoughts on the PayPal debit card.
Brandy - sorry to hear of your troubles
If it’s a chargeback issue where the customer didn’t receive the funds back, you should see an attorney about that (have you?). We don’t have a backup account selected for the Debit Card (credit card or checking account — and am not interested in doing that at this time), so the limit of being swindled should be the balance we maintain in PayPal and/or the payments we accept from others (our business typically doesn’t accept PayPal payments from clients over $200 USD, so that’s a risk we’re willing to take). In fact, I think the highest amount we’ve received from a single PayPal transaction has been around $1,000 USD. No problems there fortunately.
Comment by TDavid — January 15, 2007 @ 10:25 am PST
I have had one (well, technically, a few, since they keep sending new ones every 2 years) of these for around 5 years. I’m still getting 1.5% cashback, which is what they offered when they started issuing the debit cards. That’s 50% better …
Comment by Ron — January 27, 2007 @ 10:57 pm PST
I have used paypal for my businesses for about 10 years. I have taken $5000 payments with no issues. I pull in about $14,000 a month gross and never has paypal tried to take my funds. If there is a security issue, they will lock down my account and force me to validate my identity via fax. Hey, I have no problem with that, it keeps my money safe. Within a few days, my funds are free for spending or transfer.
The only time paypal takes money is when fraud is in play. To prevent theifs, narrow your acceptance choices in your paypal profile. I demand that users be verified paypal users, no instant credit card payments, and I make my big customers fax me the front of the card and their photo id before I begin working on their project. This protects me and my company from jerks that get services and then chargeback later.
Paypal is not a bank and it is not FDIC insured, so don’t store your money there long term.
Comment by Jeff PAris — January 19, 2008 @ 12:47 pm PST