Cobalt (sort of) Clone

Discussion in 'Credit Talk' started by supershawn, Jul 23, 2001.

  1. supershawn

    supershawn Well-Known Member

    Hi Guys!

    Just an FYI.

    I do a lot of buying selling on EBay and have been using the service to pay for and receive money for purchases. Anyway, Paypal just sent me a debit card.

    Why am I telling you this?
    Well, is an online account that I can fund, for free, from my checking account or (nudge nudge, wink wink) a Master Card or Visa. My Paypal debit card, which has a Master Card logo, can be used at ANY ATM machine for only a 1.50 charge....less than the 'Cobalt Card' charge and Master Card is accepted at more places than AMX.

    Anyway....the paypal debit card is free to paypal members, mine came today and I had NO inquiries on my CR, hard or soft.

    Just thought I would pass it on.......

  2. dlo64

    dlo64 Well-Known Member

    I checked it out, but it states that I would have to upgrade my account to a business account...I passed. I no longer use my PayPal account as much as I used to so it is not worth it to me to upgrade.

    For those that have the business account, it would be worth it to check it out.
  3. breeze

    breeze Well-Known Member

    Does paypal still limit you to $1,000 every six months?

    Does the debit card come with the money market account or does it have to be a business account?

    I am waiting for yahoo to issue a debit card ;)

  4. NanaC

    NanaC Well-Known Member

    I got mine with my business account. But, I'm not sure about the limits!

    GEORGE Well-Known Member

  6. supershawn

    supershawn Well-Known Member

    There are limits, sorry....didn't realize you guys were such big spenders! LOL

    "Limitations On The Number And Dollar Amount Of Card Transactions. Your Card transactions will be subject to daily limits of $300 for ATM cash withdrawals / $1000 for purchases. If you reach your daily limit, for fraud prevention purposes, you may not be able to complete additional transactions on the following day. This restriction should be lifted within a day. "


    p.s. I can spell, but I can't type....and I don't have time for spell check.

    GEORGE Well-Known Member

    I don't use an ATM, but I do spend >$1,000/day sometimes...

    @ $1,000???
  8. supershawn

    supershawn Well-Known Member

    A lot of Bank 'debit' cards do that as well.

    I bought a stereo once on my Bank Debit card and it was 'declined'. Knowing I had far more than enough in there, I called them up- pretty pissed off. Thats when I found out about the 2k a day limit they had. And , get this, the normal limit was 1k, mine was 2k because I had a Gold card.

    I had to drive to a branch and withdrawl the money and pay in cash. Talk about 'convienence'.

    Needless to say, I LOVE having a bank debit card, but they do have their limits (no pun intended)

  9. FooBar

    FooBar Member

    Paypal also lets you transfer money into your checking account, for free. Once you validate your address and bank account, there are no transaction limits on bank account transfers.

    Of course, funding your Paypal account with a credit card just so you can transfer the money to your checking account is against Paypal's terms of service.
  10. supershawn

    supershawn Well-Known Member

    Just got this today (email)......

    "You will now earn 1.5% cashback on all PayPal ATM/Debit Card purchases not
    requiring a PIN entry. Just use your debit card like a regular
    MasterCard at stores, restaurants - anywhere MasterCard is accepted -
    and you'll earn 1.5% cashback immediately.

    Also, by becoming PayPal Preferred, your ATM/Debit Card will now have
    the highest daily spending and ATM withdrawal limits:

    * Spend up to $3,000 a day at stores displaying the MasterCard logo.
    * Withdraw up to $400 a day at ATMs."

    Looks like the limits just got a litttle better.

    PLUS, consider this......

    Transfer from Charge card to Paypal, then make a purchase and get 1.5% back. I don't think thats a bad deal.....

  11. breeze

    breeze Well-Known Member


    I went and looked at this. Tell me, did they check your credit report? In the TOS it says I will agree that they can check my credit report.

    It sounds pretty good, but not worth another inquiry.


  12. NanaC

    NanaC Well-Known Member

    Breeze, I have it and I received no inquiry. (That was a year ago).
  13. supershawn

    supershawn Well-Known Member


    Nope! No inquiry here.

    I think it's a good thing, even with the limits.

    The way I see it, I can fund my card 4000k for free from another card (just a scenerio), then make a 4k purchase and get 1.5% back. Thats $60.00 off, right?

    Now, thats not a lot of money, but it's better than nothing. I think that, over time, it could add up.

    Give it a whirl..what can it hurt?

  14. breeze

    breeze Well-Known Member

    Thanks y'all.

  15. chriscraft

    chriscraft Well-Known Member

    FYI - I just signed up for a new Paypal business account, and the website states that a Mastercard debit card cannot be applied for until the applicant has been a Paypal member for at least 60 days. So, if you want the card, you'll have a two month wait, unless of course you are an existing Paypal member who has been with them for two or more months. That is a bummer.
  16. supershawn

    supershawn Well-Known Member

    Wow..that stinks...didn't see that requirement.

    I was laready a Paypal memeber, just respnding to an email they sent.

  17. chriscraft

    chriscraft Well-Known Member

    Supershawn, yep, that stinks. But hey, it seems like a nice card to have, so I'll wait it out. If credit repair has taught me anything, it's P A T I E N C E !!!

    Thanks for the heads-up on the card.
  18. dogman

    dogman Well-Known Member

    OR - put the $4000 into some savings vehicle or stock - and work towards growing it to 10K then 50K-etc.

    Fidelity will give you a Visa Signature debit with an account - or AMEX at $5K+.

    Merrill gives up the Visa Signature as well,
    and you can get into them for less than $4K.

    Yes, $60 is a possible windfall - but there are many ways to accumulate real cash. Any moderate mutual fund will build you a future AND you will get a presitge debit card in the process.

    I was in the company that turned into
    It was - they sent out a Titanium Visa Check Card that didn't have "the word check" anywhere on the card. But changed to Paypal which is partially owned now by providian.....

    c ya dogman
  19. NanaC

    NanaC Well-Known Member

    I loved X.Com..until they closed down. Right before they closed, I requested copies of checks that were proof of a paid debt for a CA..really important I get them..2 people told me they'd ordered the copy showing it had been through the bank..nothing..ever..

    really caused me grief..ok..I'm bitter! ROFL
  20. dogman

    dogman Well-Known Member

    That Titanium Card and initial line of credit at 9.9% attracted everybody. I had $0 in there long B4 they folded, fortunately.

    c ya - Cobalt Chid! Dogman

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