£1.39 is hardly going to change my life, but it’s the first cashback reward for my new PayPal Business Debit Card which just landed in my PayPal account. If you’ve not yet got a PayPal Business Debit Card it’s time to consider applying for one.
The PayPal Business Debit Card replaces the PayPal Access card which, if you have one, will stop working in just over a month’s time (9th of September). The one downside is that you can only apply for a PayPal Business Debit Mastercard if you are a PayPal business account holder.
My paltry £1.39 was based on just a couple of hundred quid of spending and I only received it mid month so covers juat a couple of weeks. Once I received the new card I tested it and then, having some funds in my PayPal account, took advantage of spending them in the local supermarket and a tank of fuel.
If you use the card to pay your business expenses such as courier bills, suppliers for stock, purchases to run your business, your eBay invoice and just about every other expense you have then you should see modest bu significantly higher cashback rewards – the rate is 0.5%. Cashback rewards are uncapped, unlimited and on every debit transaction – in-person and online.
Soon, you’ll also be able to apply for up to four additional debit cards on the same account, so others in your business can also access the funds to make business purchases.
There is a £350 daily ATM withdrawal limit (£1 fee per withdrawal) and a £6000 daily transaction limit, although PayPal say that your individual limit may vary depending on your PayPal financial history.
You can apply for a PayPal Business Debit card here.