We’ve got some welcome news on the PayPal Access pre-paid Mastercard for UK users – we’re fully expecting it to be widely available to most PayPal customers in the near future.
Of course the card will only be useful for PayPal users who hold a balance on their PayPal accounts, but if you’re a seller and in receipt of regular funds it’s a great way to access them immediately and spend anywhere you see the Mastercard symbol.
In preparation PayPal have rewritten the terms and will publish them on the 11th of March to replace the current PayPal pre-paid Mastercard Agreement.
The main change coming to the agreement is that there will be three levels of card, Full, Standard and Restricted. If you currently have a PayPal Access card there should be no changes that affect the way you use your card. The main difference is merely the introduction of a “Standard Card”, in advance of issuing them to new customers.
| Type of Limit | Full Card |
Standard Card |
Restricted Card |
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| Point-of-sale* | ATM | Point-of-sale* | ATM | Point-of-sale* | ATM | |
| Single Transaction Limit | £1,500 | £250 | £1,000 | £250 | £600 | £250 |
| Daily Limit | £1,500 | £250 | £1,000 | £250 | £1,500 | £250 |
| Weekly Limit | £3,000 | £1,000 | £1,500 | £500 | Same as Annual Limit |
Same as Annual Limit |
| Annual Limit | N/A | N/A | N/A | N/A | £1,600** | £600 |
| * includes purchase of Quasi Cash. ** includes ATM withdrawals. |
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There is also a new restriction which prohibits the card being used for online gambling.
Should you be interested? Yes – apply for a card as soon as you can. That way if you’re out shopping and you get an email on your smartphone letting you know a customer has paid you can spend the money instantly. No more waiting to log into PayPal to do an instant transfer to your bank account before you can access your funds.
5 Responses
I’ve had one for about a year now and it’s changed my life…!
Now, if only PayPal would stop randomly changing the length of time it takes to transfer my cash to my bank account, I would be in a state of nirvana…
It makes seperating business and pleasure a whole lot easier.
Is there any interest charge?
PayPal have been delaying their withdrawals for over a month now these withdrawals should take 2hrs but in preparation for the launch of this to every UK PayPal Account it currently takes 4 days+.
Delaying Bank withdrawals to encourage people to get one of these cards to increase their market share in the PrePaid Card industry.
GO PAYPAL!!!!!!!!!!