If you’re looking for a way to save money that doesn’t involve searching for coupons or haggling with service providers, PayPal offers some great options. If you’re cashing out your Branded Surveys points for cash or gift cards, you might not know about all the benefits that come with using PayPal. Redeeming your points for cash that goes directly to your PayPal account is just one way PayPal can help you save money this year.
1. Use PayPal as a Separate Bank Account
One way PayPal can save money is if you use it as a separate bank account. Although PayPal isn’t technically a bank, you can use the money in your account to pay for items online. You can also get a PayPal debit card to use anywhere you would normally use a credit or debit card.
If you’re trying to reach a savings goal to save up for a vacation or another big purchase, you can cash out your Branded Surveys account points for money that goes directly to your PayPal account. Once it’s there, leave it alone until you reach your goal. Since you don’t see this money, you will likely forget it exists – which will help you not spend it.
You can also use your PayPal account to allocate a budget of spending money for yourself. Since PayPal lets you deposit money from a debit or credit card onto your account, you can create a weekly spending budget with the money you’ve deposited from other cards or from the money you’ve made on the side, like freelance gigs or from taking online surveys. For example, you can limit your spending to only what is in your PayPal account for the week. This can help you stick to a budget, which will overall help you save money.
2. No Interest
PayPal’s debit card is a MasterCard, but it doesn’t charge you interest like a standard credit card would. You can use your PayPal debit card anywhere MasterCard is accepted without worrying about spending money you don’t have or paying interest on your purchases. Please note that PayPal also offers a credit card that does charge interest, so if you’re trying to save money, it’s best to use their debit card to avoid interest payments.
3. No Check Fees
Can PayPal save money in other ways? Yes, by taking away any fees associated with traditional checks. Instead of spending money buying checks or paying overdraft fees or returned check fees, you can just use your PayPal account to pay for everything. This can save you money in the long run! Simply deposit money from an existing account to your PayPal account and use that money to pay your bills.
4. No Postage Required
You will also save money by not having to purchase stamps to mail paper checks. Instead, you can send money electronically through PayPal or by using the PayPal debit card. As a bonus, you don’t have to worry about your mailed check falling into the wrong hands or getting lost in the mail.
5. Easy Bank Transfers
If you want to transfer the money from your PayPal account to your bank account, bank transfers with PayPal are easy and completely free. The transaction usually takes about two business days to process, but if you don’t need the money immediately, it will save you a trip to the bank. Overall, you’re saving money from banking fees or the gas it takes to drive to the bank. It’s also incredibly convenient!
6. Safe Online Shopping
One issue many people have with online shopping is that they’re scared their debit or credit card information will be stolen. When you shop online using your PayPal account, you’re protected by PayPal Purchase Protection. This allows you to file a dispute for any payments you’ve made within the past 45 days if you never receive an item. You’ll have peace of mind knowing your funds are completely safe when you shop online.
7. Direct Deposit for Free
If your bank or employer charges you a fee to have funds directly deposited, you can save yourself from these fees by having your company send your check directly to your PayPal account. From there, you can deposit your funds directly into your bank account, fee-free. This will save you money every time you’re paid!
8. Enjoy Cashback Shopping
Using your PayPal account to pay for purchases can actually help you earn money. When you use the PayPal debit MasterCard you can earn 1% cashback on all qualifying purchases. If you opt for the PayPal credit MasterCard, you can earn 2% back on all purchases! Both options allow you to earn money simply by spending money. Make sure to watch out for interest charges with the credit card, though – pay off your balance every month to prevent these charges.
9. Absolutely No Fees
The average personal checking account can charge you a monthly fee simply for having an account with them, and these monthly fees can range from $5.99 to $13 per month. Other common charges with typical checking accounts include minimum balances to open the account, card replacement fees, overdraft fees, incoming wire transfer fees and outgoing wire transfer fees. Card replacements can cost $3 to $8, while overdraft fees can cost up to $38 per overdraft. If you plan on wiring money, expect to pay up to $35 per transaction. These types of fees can amount to hundreds of dollars in just a year.
With PayPal, you don’t have to worry about paying any fees to open your account, overdraft your account, send money, receive money and so on. Simply using PayPal instead of a checking account can save you money.
Can PayPal save money for you? Definitely! If you’ve never tried it before, you can always start now by taking online surveys and then exchanging your points for money to deposit into your PayPal account. Sign up for Branded Surveys today to get started.