So you’ve signed up for your PayPal account and are a few steps away from faster checkouts. Adding a credit or debit card not only saves the hassle of looking for payment details each time you shop, it also better guards your data as you no longer have to type in your financial information on the different websites you check out on. Show
Moreover, PayPal never shares your full details and monitors for any activity that seem unusual. We’ll send you a receipt for every payment, so you can keep track of your spending. The best thing is that using PayPal to shop and pay online, you won’t need to pay any transaction fees to enjoy faster and safer checkouts, along with your card rewards and additional perks such as Buyer Protection#. Linking your credit or debit cardThere are various ways you can link your credit or debit card. If you haven’t already done so while signing up, you can do it at any time from your personal account. STEP 1: Link from your PayPal dashboard Once you’ve logged in, look for the Link a card button on your account dashboard and click on it. STEP 2: Enter your credit or debit card detailsChoose your card type and let us know your card details, which can be found on your physical bank card. Once you have done so, click Save. You’ll then be taken to your bank’s website to authenticate your card. Once you enter the one-time passcode your bank will send to confirm your card, you’re done! STEP 3: Add new credit or debit cardUsing PayPal doesn’t mean you lose out on card perks. In fact, your account allows you to pick and choose the card that gives you the preferred reward points, miles and cashbacks. All you need to do is link each card once — so go ahead and link more credit or debit cards to your PayPal account to have all your rewards at hand. Remove A Credit or Debit cardTo remove a credit or debit card, simply go to the same page under Payment Methods and select the card you want to remove. Click on Edit, and then Remove Card, and it will no longer be linked to your PayPal account. Now that you have your account and credit or debit card linked and ready to go, it’s time to shop on more stores all around the world. Don’t forget, you’re covered with our Buyer Protection# when you check out with PayPal, You can also receive payments from others when you link your bank account. People who buy online.When you make a payment, you can choose how you want to pay for your purchases:
You can choose any of the payment methods in your PayPal account as your preferred payment method. You can select a preferred payment method in your account preferences on www.paypal.com or in the PayPal app. There may be times when your preferred payment method cannot be used, for example, if you select a credit card that is expired. You can set separate preferred payment methods for online transactions, in-store transactions, and each of your automatic payment agreements, as described below. Our editorial team and expert review board work together to provide informed, relevant content and an unbiased analysis of the products we feature. The editorial content on our site is independent of affiliate partnerships and represents our unique and impartial opinion. Learn more about our partners and how we make money. SummaryPayPal’s new virtual card program should offer more opportunity to earn rewards and additional protection against online fraud and identity theft. Keep reading to learn more about PayPal Key, including its benefits and drawbacks. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs. The digital payments industry has seen significant growth as the coronavirus pandemic accelerates the shift to online shopping, which makes it easier for us to get the things we need – safely and from the comfort of home. But while contactless payments keep you safe from germ-laden credit cards and cash, shoppers remain susceptible to other kinds of danger online, including fraud. That’s where virtual credit cards can come in handy. Since its founding in 1998, PayPal has become practically synonymous with digital payments. Its latest service, PayPal Key, offers another way to protect yourself against cybercriminals the next time you click “Place Your Order.” Here’s what you need to know. See related: Is PayPal safe? What is PayPal Key?PayPal Key is a virtual account number connected to your PayPal account that you can use when making payments online or over the phone. A virtual card such as PayPal Key hides the real details associated with your payment account, providing an extra layer of protection against fraud and identity theft while you shop. It’s similar to the virtual account numbers issued by Eno, Capital One’s virtual assistant, or those generated by the Token app. PayPal Key also gives you the ability to shop at any retailer that accepts Mastercard – including those based outside of the U.S. – even if the merchant doesn’t accept PayPal as a payment method at checkout. The service doesn’t charge any setup or usage fees, either. Tip: Because PayPal Key isn’t a traditional credit card, you won’t have to fill out a separate application or incur a hard inquiry on your credit report. How does PayPal Key work?As a brand new product, PayPal Key isn’t currently available to all PayPal users, though it will be rolled out to more customers in the future. To find out whether you have early access, check the PayPal Key setup page: Click “Set It Up Now.” If you see the following notice, it means you’re not eligible for the service (at least not yet): If you are one of the lucky few, getting started with PayPal Key is simple. Here’s what to do:
If you choose PayPal balance as your primary payment method, you’ll be asked to choose another one as a backup. The method you select is used to complete the transaction in the event you don’t have enough money in your balance to cover the purchase. It’s worth noting that only a small subset of users will have the option to use PayPal Credit with PayPal Key, but those who do will still be able to access the same promotional financing offers they normally would. Where can I use PayPal Key?You can use PayPal Key at any online retailer that accepts Mastercard, including international merchants. It’s also compatible with Venmo (a mobile payment service owned by PayPal) and Google Pay (but only for online purchases). Unfortunately, at this time PayPal Key can’t be added to other mobile wallets, like Apple Pay or Samsung Pay. Benefits of PayPal KeyOne obvious benefit of using a virtual card like PayPal Key is that it offers another way to safeguard your payment accounts from fraudsters who want to steal your information. As more people shop and pay their bills online – and as EMV chip cards make point-of-sale fraud harder to pull off — cybercriminals have turned their focus away from brick-and-mortar stores, giving rise to so-called “card-not-present” fraud. Plus, using a virtual card helps protect your information in the event of a data breach (like the one at Equifax in 2017). In addition, PayPal Key lets you earn points, miles and cash back just as you would with any credit card in your PayPal account. In fact, with a bit of strategy, you might be able to earn even better rewards. For instance, let’s say you have the Discover it® Cash Back, which offers cash back in rotating bonus categories throughout the year upon activation. For Q3 2020 (which ends Sept. 30, 2020), the Discover cash back calendar includes 5% cash back at restaurants and on PayPal purchases, money transfers and PayPal Here transactions (on up to $1,500 in quarterly spending, then 1%). By setting your Discover card as your PayPal Key payment method, you can get that 5% bonus rate even at websites that don’t normally accept PayPal, thereby maximizing your overall cash back earnings. Chase’s cash back calendar is also offering PayPal as a bonus cash back category for Chase Freedom and Chase Freedom Flex℠ cardholders in the fourth quarter of 2020, just in time for holiday shopping. From Oct. 1, 2020 to Dec. 31, 2020, you can earn 5% back on the first $1,500 you spend on purchases using PayPal (upon enrollment, then 1%). Another benefit to PayPal Key is that you won’t have the option to save your payment information to your retail accounts. Although that may be a drawback for some, one-click ordering makes shopping online a bit too easy sometimes – so if you’re prone to overspending with a mobile wallet, taking the extra step of entering a virtual card number at checkout gives you a bit more time to think over your purchase and decide whether it’s really worth the money you’re shelling out. Other pros of PayPal Key:
Drawbacks of PayPal KeyPayPal Key may boost both your credit card rewards earnings and overall spending power, but that doesn’t mean the service is right for everyone. For starters, certain purchases can result in a temporary hold on your payment method for up to 60 days, during which your credit line or available balance will be reduced accordingly. Not having access to your own money can be frustrating, particularly if you live on a budget and can’t wait that long for the transaction to settle. And while it can help you resist impulse buying, the extra time it takes to enter your PayPal Key details at checkout might be annoying for some shoppers. If you’re interested in PayPal Key for its security benefits, take note that virtual or temporary credit cards aren’t 100% effective against fraud, as your address and account password may still be vulnerable to thieves. Other cons of PayPal Key:
Should you try PayPal Key?If you can already generate a virtual card number via your existing card account, PayPal Key may not provide much in the way of additional benefits or fraud protection. But if your credit card company doesn’t offer that kind of service – and if shopping online without divulging your real account information gives you added peace of mind – PayPal Key is probably worth a try. However, don’t abandon the usual rules when it comes to keeping your payment cards safe in cyberspace:
Overall, PayPal Key should be a clear winner for avid PayPal users. Aside from the security benefit of a virtual card number, PayPal Key should offer additional flexibility when you pay online. You can use your PayPal virtual card number to pay bills or make purchases using your PayPal balance, and if you’re a Chase Freedom Flex or Discover it Cash Back cardholder, PayPal Key could help you earn rewards when shopping on websites that don’t accept PayPal. See related: Best credit cards for online shopping Tweet Share Share Editorial Disclaimer The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners. Kelli Pate is a former contributor to CreditCards.com and a freelance writer and copy editor living in Kansas City, though she's a Jersey girl at heart. When she's not writing about personal finance and credit cards, she's immersing herself in the world of travel hacking. Essential reads, Stay up-to-date on the latest credit card news 一 from product reviews to credit advice 一 with our newsletter in your inbox twice a week. Why can't I use my PayPal Credit card?Sometimes PayPal thinks that you are signed into PayPal, and therefore won't let you use your card. To get around this, clear the cache of your internet browser and try once more. If you don't know how to clear your cache, here is a helpful resource. Your credit card is already connected to an active PayPal account.
Can I transfer PayPal Credit to my bank account?Click on Transfer it to your bank. Select the card or bank account you'd like to transfer the funds to and click on Next. Enter the amount you would like to transfer from your PayPal balance and click on Next again. Review the details and click on Transfer $xx Now.
How do I use my PayPal Credit card in store?Go to Settings. Click Payments. Click Select or Change next to "In-store purchases." Select your payment method and click Confirm.. Tap Wallet.. Tap In-person & QR code purchases.. Tap Payment method.. Select your payment method and tap Done.. How do I transfer PayPal Credit to cash?Go to Wallet. Click Transfer Money. Click Transfer to your bank. Select in 1-3 days (No fee).
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How to use paypal credit as a card
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