Here's What People Are Saying About Paypal Credit Card Logo | paypal credit card logo

PayPal has radically afflicted the way millions of bodies move money around. If you allegation to accelerate addition money and you both accept PayPal, you can aloof zap the funds to them electronically — no allegation to address a analysis or hit up the ATM for cash.

You can set up your PayPal annual to cull money anon out of your coffer account, but you can additionally allegation it to a acclaim card. Which leads to a accepted question: If you’re application PayPal to accelerate addition money, should you use your rewards acclaim agenda to get a little commodity aback for yourself?

Answer: Probably not, aback the processing fee will usually eat up the rewards you earn, and again some. There's one exception, though, which we'll altercate below.

Purchases are altered

First off, let's ascertain our terms. In this article, we're talking about application PayPal to accelerate money anon to ancestors members, accompany or others. Any fees for these kinds of transfers are paid by the being sending the money. But the rules are altered aback you are application PayPal to buy commodity online. For purchases, it's the merchant who pays the fees, not the customer. (That said, some merchants will canyon the fee on to the chump by abacus it to the price.)

PayPal alteration fees

When you accelerate addition in the United States money via PayPal, there's no fee for the alteration if the money is advancing out of your PayPal antithesis or your affiliated coffer account. If you're application a acclaim card, however, PayPal accuse a fee. That fee has two parts:

A anchored fee for the transaction. For transfers in U.S. dollars, it's 30 cents per transaction.

A allotment of the alteration amount. As of mid-2020, it was 2.9% of the alteration amount.

Say you're appointment $100 through PayPal application a acclaim card. First, you add in the anchored fee, to get $100.30. The 2.9% fee comes to $2.91. So your agenda will be answerable $103.21, and the almsman will get $100 deposited into their PayPal account.

Nerd tip: Fees are college aback sending money to added countries or in currencies added than the U.S. dollar. There are finer three genitalia to the fee for all-embracing transfers: See this folio at PayPal's armpit for added advice about all-embracing fees.

Rewards usually don't awning the fee

Most rewards acclaim cards won't accord you added than 2% rewards on PayPal transfers — and abounding will accord you alone 1% to 1.5% — so the fee will added than clean out the amount of the rewards you earn.

Say you use the Capital One® Venture® Rewards Acclaim Agenda to armamentarium a $1,000 transfer. This agenda gives you 2 afar per dollar spent, and afar are about account 1 cent. Afterwards abacus in the fees, PayPal will allegation you $1,029.31. At 2 afar per dollar, you'll acquire rewards agnate to about $20.59.

If you put the alteration on your acclaim agenda for the purpose of earning rewards, you spent $29.31 added to get aback $20.59. You've concluded up $8.72 in the hole. So, as a accepted rule, it's not account putting PayPal money transfers on a acclaim agenda aloof for the points.

The 5% barring

There's one noteworthy barring to this rule, though.

Cards that action 5% banknote aback in alternating categories occasionally accept PayPal as a annual account category. In these instances, you can appear out advanced on transfers — but alike then, your account is limited.

Take the Discover it® Banknote Back. In the third division of 2020, its 5% account class was "restaurants and PayPal." Under the card's terms, you allegation "activate," or opt into, the annual account class online, again you acquire 5% banknote aback on up to $1,500 in absolute spending in the category. You acquire 1% afterwards that.

Suppose you had the Discover it® Banknote Back, activated the class and again transferred $1,000. PayPal would allegation you $1,029.31. But at 5% banknote back, you'd acquire $51.47 in rewards. You'd appear out about $22 ahead.

The $1,500 annual spending cap banned how far you can booty this. Alteration $1,457.43, and the fees would accompany your absolute to $1,500 —you'd get $75 in rewards for $42.57 in fees, a "profit" of more  than $32. Afterwards that, though, your rewards amount drops to 1%, and the fees alpha communicable up. Alteration added than about $3,190, and your fees outstrip your rewards.

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