Things You'll Need:
- PayPal Account
-
Step 1
If you do not yet have a PayPal account sign up for one for free at paypal.com. If you have an account upgrade it to a Premier account if you have not done so already to be able to receive the benefits described in this article. Upgrading is free.
-
Step 2
Sign into your account and go down to the bottom of the page. Click on the Debit Card link and follow the steps to sign up for a Paypal Debit Card-it is free. Once you receive your card activate it and then you can add a bank account as a backup funding source. With a backup funding source you can use the card even if there is no money in your PayPal account or not enough to cover what you are purchasing. Why do all this? Because on every purchase with your PayPal Debit Card you will receive 1% cash back. The way it works is you make a purchase with the card and as soon as the transaction clears, about 2-3 business days, the 1% is deposited right back into your PayPal account. You must select the credit option when making your purchases to get the 1%-do not use your PIN.
-
Step 3
Next click on the Money Market link at the bottom of your PayPal page and sign up for the PayPal Money Market Fund. It is free to sign up and you will earn interest on your PayPal balance. The interest rate when I was writing this article was only .42 percent but I have seen it over 5% in better economic times. Once you have signed up you do not have to do anything different with your account-you just earn interest on your balance.
Comments
admiller said
on 5/6/2009 I did not know this.
steeda432 said
on 3/31/2009 great article, i am doing this right away.
FrazzledNanny said
on 3/30/2009 Great tips! Thanks for the article 5*
dzagotti said
on 3/30/2009 Excellent information and article!