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The Paypal My Cash card is a good alternative to the Vanilla Reload cards found at CVS. My local CVS stores do not carry Vanilla Reload cards anymore, but have the Paypal My Cash Card. You also may be able to find the Paypal My Cash Card at Riteaid. Similar to Vanilla Reload cards, it costs $3.95 to load $500 into your Paypal account. Many people choose not to work with Paypal because people have experiences with frozen accounts if Paypal suspects suspicious behavior.
However, Paypal announces to ease its policies and to resolve frozen accounts quickly according to this article. I have not have any experience with a frozen Paypal account, but then again I rarely reach the monthly limit of $4,000 for the Paypal My Cash Card.
How to Liquidate your Paypal My Cash Card
It is highly recommended to apply for the Paypal Debit Business Card which links your debit card to your Paypal balance. You can then liquidate your Paypal balance using the following methods:
- Spend a small amount at grocery stores and get cash back. You can get up to $200 cash back at many places.
- Load Bluebird card with Paypal Debit – $1,000 per day at Walmart.
- Buy $0.70 money order at Walmart.
- Pay off your store credit card with a debit card. I paid off a Macy’s credit card at the store with the Paypal debit card after receiving 15% back. A great way to get store discounts and not worry about the bill. Of course you cannot use a credit card to pay off store credit cards.
- Withdraw Paypal balance – Not recommended. I’ve withdrew some small amounts over time, but this is the number one way to get your account frozen. Be very careful.
Which Credit Card to Use to Buy Paypal My Cash Card?
The Hilton AMEX credit cards are an obvious choice because they give 6X points from drugstores. However since the Hilton Devaluation announcement occuring on March 28, 2013, collecting Hilton points may not be worth it now. There is still time to collect some points before your statement closes and the booking deadline is reached though.
- Buying a Paypal My Cash card at $503.95, you can earn 3,024 Hilton points or $0.0013 a point.
- Buying a Paypal My Cash card at $503.95, you can earn 504 SPG or 504 Ultimate Rewards points at $0.0078 a point.
I would personally mix up my purchases between 3 different cards. Buying SPG or UR points at $0.078 a point is a good deal, but is it worth the effort?
I am reconsidering if all this is worth the trouble, but its not really trouble when you enjoy collecting points and treat it as a game. Going to the store, loading these cards to your Paypal account, and then liquidating them requires some effort. It all depends how you value your time and comparing work vs. leisure. However, some people might not see collecting these points as “work” and consider it leisure. I know… crazy people.
Is this method worth it for you?