PayPal is a popular online payment platform that has been in existence for over two decades. It offers a wide range of products and services, including a prepaid card that allows you to load funds and make purchases without the need for a traditional bank account. However, the question on many people's minds is how much they can load on a PayPal prepaid card. In this article, we will explore the maximum amount you can load on a PayPal prepaid card and other essential details.
What is a PayPal Prepaid Card?
A PayPal prepaid card is a debit card that is linked to your PayPal account. The card is issued by Bancorp Bank, and it allows you to withdraw cash from ATMs, shop online, and make purchases at physical stores that accept Mastercard. The card also offers a rewards program that allows you to earn cash back on certain purchases.
How Much Can You Load on a PayPal Prepaid Card?
The maximum amount you can load on a PayPal prepaid card is $15,000 per day. This limit is for both cash and direct deposit loads. However, the maximum balance you can have on the card at any time is $15,000. If you try to load more than $15,000, the transaction will be declined.
Other Limits on a PayPal Prepaid Card
Apart from the maximum load limit, there are other limits you should be aware of when using a PayPal prepaid card. These limits include:
- Cash withdrawal limit: $940 per day (ATM fees may apply)
- Purchase transactions: $4,999 per day (inclusive of cash withdrawals)
- Direct deposit limit: $15,000 per month
- Card-to-card transfer limit: $300 per day
How to Load Money on a PayPal Prepaid Card
There are various ways to load money on a PayPal prepaid card. These include:
- Cash loads: You can load cash on your card at participating retailers such as Walmart, 7-Eleven, and Dollar General.
- Direct deposit: You can have your paycheck or government benefits directly deposited to your card.
- Transfer from PayPal account: You can transfer funds from your PayPal account to your prepaid card.
Conclusion
A PayPal prepaid card can be a convenient alternative to traditional banking options, especially for people who do not have a bank account or have limited access to banking services. However, it is essential to understand the maximum load and other limits that come with the card. Knowing these limits will help you manage your spending and avoid any issues when making transactions. Always ensure you load the amount you need and avoid exceeding the maximum limits.
