PayPal is an online commerce banking system that allows users to make online transactions, whether for personal purchases and sales or business transactions. The transactions are made through the Internet and occur electronically with almost instant results. To make the transactions instant, whether buying or selling, PayPal often requires you to verify your account by submitting either your credit card or bank account information. This submission of banking information is also done for security reasons.
PayPal and Credit Cards
PayPal is a third party in online transactions that helps you conduct safe business over the Internet. The service requires you to add banking or credit card information to make purchases from a seller online or to sell items or services for a client or customer. This is done to verify that you are indeed the actual owner of the bank account or credit card and to protect your account or card from scams during a transaction. If you have chosen to verify your account using your credit card, PayPal is able to charge your credit card when you have agreed to make an online transaction.
Removing Credit Card Access
If you have your credit card listed on your PayPal as your primary banking information, you can remove it so PayPal does not charge it. Log in to your PayPal profile and click on your personal profile. Click either on the “Credit/Debit Cards” button and click “Remove” next to the credit card you want to remove. Once completed, PayPal will no longer be able to charge your credit card. Keep in mind that you may not be able to remove your credit card information if there is a pending transaction or if you have a negative balance.
PayPal Debit Card
PayPal offers users the ability to get a PayPal debit card that is linked directly to their PayPal account. The funds in your personal bank account or credit card are not affected by the PayPal credit card. Instead, you are able to make purchases and accept income from sales using this particular card. PayPal does have a daily spending limit of 3,000 USD, and it does take approximately two to four weeks to get approved and receive the card in the mail.
Making a Purchase
If you remove your credit card information from your PayPal account, you can no longer make instant transactions using credit information. Your account must still be verified to remain safe on PayPal, so use your banking account information, such as your savings account information. When you make a purchase using your PayPal account, the transaction will be sent as an electronic check rather than instant transactions.