The Best Kept Credit Card Secret…
…is the PayPal Debit Card.
(I am NOT being paid to write this.)
The PayPal Debit card can be run as a credit card on almost all transactions, and, you can configure your account to recieve:
- 1.5% cash back INSTANTLY
- Interest on your PayPal account at a competitive online savings rate
Most cash back programs require you to collect a certain amount of cash back or rewards credit before redeeming it, and many also require certain steps on your part to actually receive it — like having to log into online banking and specifically clicking “request check.” Not so with the PayPal card — your cash back, which at 1.5% is 50% more than most companies return to you, is nearly instantly deposited into your PayPal account, usually the same day as the transaction clears.
The balance of your PayPal account, from which the debit card draws, can be configured as a money market fund — automatically turning the contents of what would normally be a checking account into an investment. There is no need to specifically maintain a balance in your PayPal account since it can pull from your traditional checking account to fund the debit-card purchases, but the more you keep in PayPal the higher your dividends.
As with any debit card, with the PayPal Debit card you are spending money that you have, as opposed to the credit card model which predisposes you to spending money that you don’t have.