The trick is: PayPal.
Follow these instructions:
1. Sign up for a PayPal account
Most people already have a PayPal account, if you do, skip to the next step. If you’re living in the dark ages, visit PayPal’s and click the “sign up” text link at the top of the page to join.
2. Connect Your PayPal account to your Bank Account
To be eligible to receive 1% cash back, you need to have money in your PayPal account. PayPal acts like a checking account, not a credit card, so you need to have money in the account for the purchases you make. Adding you bank account is very simple - follow the instructions - and deposit money.
3. Apply For A PayPal Debit Card
This is where the magic happens. All purchases made on the PayPal Debit Card is eligible for an instant 1% cash back. The beauty about the PayPal Debit Card is that, unlike a bank account, it runs on the Mastercard network and thus you can use it at 99% of all point of sales.
Start Getting 1% Cash Back
Starting using the system instead of it using you!
UPDATE 1:
It was awhile since I got PayPal debit card so you *might* have to sign up or apply for a business account. No worries, any one can join! I belong as a Premier BusinessCard Holder. It’s Free! ;)
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7 responses so far ↓
1 anon // Aug 9, 2007 at 2:15 pm
According to PayPal’s website, the rebate is 1%.: https://www.paypal.com/cgi-bin/webscr?cmd=xpt/cps/account/DCIntro-outside
Is there another debit card or special program?
2 Donovan // Aug 9, 2007 at 2:40 pm
Thanks Anon. I had to change the post around to make this post valid. Damn.
I could have SWORN when I signed up for the Debit Card had a 5% cash back. I must be smoking something…
Hmmm… does anyone have more drugs for me?
3 anon // Aug 10, 2007 at 1:33 am
Amex Blue Cash gives you 5% back on gas, groceries, and drugstore purchases, and 1.5% back (assuming you spend over $6000 (i think) per year) on everything else.
4 anon // Aug 10, 2007 at 1:34 am
oh yeah, and no fees.
5 jonah // Aug 10, 2007 at 10:58 am
Yeah, but the platinum card is a little more elegant…
6 Donovan // Aug 10, 2007 at 2:52 pm
Blue Cash only rewards 5% if you spend over $6500 per annum on it - which could be good for most, otherwise 1%. From what I’m seeing in the terms and conditions is that it only pays that out once a year… did I read that right anon?
7 Steve // Mar 26, 2008 at 8:06 pm
Unless you have a very small amount in your Paypal account, or very high spending, this is a silly idea.
You’ll earn 0% interest on the money in your Paypal account in exchange for a 1% reduction in costs for things you buy.
If you kept the money in a high-interest online savings account (ING Direct, Emigrant Direct, HSBC Direct), you’d earn 3.05% on the cash in the account (current as of 3/26/08). That might be more of a benefit than the 1% reduction in costs.
Finally, there’s a way to combine both systems:
- Keep cash in high-interest savings acct.
- Each week, transfer from your high-interest savings acct. into Paypal enough cash to cover your weekly expenses
- Pay with the Paypal debit card
Voila!
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