![]() You can use PayPal to pay your bills, online or from the PayPal app. PayPal offers several financial services and products that may serve the banking needs of some people. These installment payments are interest-free and using this option does not affect your credit score. This is a buy now, pay later option that lets you use PayPal to pay for a purchase in four installments, with one payment every two weeks. There’s no annual fee, and you can use PayPal Credit wherever PayPal is accepted. If you pay off your purchase within six months, you won’t owe interest. This is a digital, reusable credit line that allows you to pay over time for purchases of $99 or more. ![]() You can redeem rewards for cash back, travel vouchers, gift cards or merchandise. Cardholders earn 3 points per dollar spent on gas and restaurant purchases, 2 points per dollar spent on PayPal and eBay purchases, and 1 point per dollar spent on all other Mastercard purchases. This credit card offers reward points for spending in specific categories. This credit card pays 3% cash back on PayPal purchases and 2% on all other purchases where Mastercard is accepted, with no annual fee and no category restrictions. This account is FDIC insured through The Bancorp Bank. Any portion of the balance above $1,000 earns 0.50% APY. This prepaid card gives you a convenient way to manage your spending, while also giving you the option of setting up a tiered-rate savings account that offers 5.00% APY on an average daily balance of $1,000 or less. Receiving this card also makes your PayPal Cash Plus account balance eligible for pass-through FDIC insurance, through one or more partner banks. There’s no monthly fee, no minimum balance and no credit check to get this card. You can also use this card to withdraw cash, fee-free, at more than 33,000 MoneyPass ATMs worldwide. This debit card lets you use your PayPal balance to spend money online or in stores, wherever Mastercard is accepted, just like a bank account with a debit card. PayPal Cash Plus is a more advanced account that you get when you apply for a PayPal Cash Mastercard or enroll in direct deposit to add your paychecks to your PayPal balance automatically. These two cash balance accounts let you send money from your PayPal balance, hold money in PayPal and shop in-store with your balance with Google Pay or Samsung Pay (where accepted). If you want to keep money in PayPal, you’ll need either a PayPal Cash or PayPal Cash Plus account linked to your personal account. PayPal offers several banking products and financing options: But a connected account isn’t necessary if you only plan to use PayPal funds to shop online or send money to family and friends. You will need to link a bank account if you ever want to take cash from your PayPal balance you must have a place to transfer the money to. You can, however, connect your PayPal account to a bank account, a debit card or a credit card account for sending and receiving payments and transferring funds. No, you don’t need a bank account to sign up for PayPal or to receive payments. You can also use PayPal to make online payments or to send and receive money between friends, family and business partners. ![]() It acts as an intermediary between your payment method and merchants, keeping your payment information safer. ![]() PayPal allows you to connect an external bank account, credit card and debit card and use the service to shop online securely. Although PayPal is not a bank, it partners with banks-like The Bancorp Bank and Synchrony Bank-to offer various products like debit cards, prepaid cards, credit cards and lines of credit. And it was one of the first companies to make it possible for people to easily and securely shop online and send money to people electronically. It offers the ability to make transactions in 25 currencies. PayPal is a digital payments company available in more than 200 countries. What Is PayPal and How Does It Work? What Is PayPal?
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