@anricat brought up PayPal Key noting she earned Chase quarterly 5% category on PayPal with a recent purchase and
@platamama explained it might not be available to everyone at this time but it's coming. I'm no expert but I do feel PayPal Key can help save money even on gift card purchases, let's dig in!
PayPal Key
If you need a virtual card for online purchases but your bank doesn’t offer one, PayPal Key may be your solution.
PayPal Key is a new, free online security offering from PayPal that generates unique credit card numbers for internet transactions.
Here’s how PayPal Key works:
- Choose a payment method from your PayPal Wallet
- Receive a secure PayPal Key with its own virtual card number, expiration date and security code
- Save the PayPal Key to your browser for faster checkout or use it as you would any card online
- Take PayPal Key anywhere you shop online
Note: If the payment method you chose for PayPal Key doesn’t have enough funds to cover a purchase, we may use another payment method in your account to complete the transaction.
Data Point: American Express works
except for travel & entertainment.
Where You Can Use PayPal Key
You don’t need to shop with a business that accepts PayPal as a payment method to use PayPal Key.
These virtual cards are powered by Mastercard. So you should be able to complete a virtual card transaction online or over the phone at any business that accepts a card with the processing giant’s logo.
This applies to both U.S.-based and non-U.S. transactions, though you may be subject to foreign transaction fees with the latter. Check the settings on your PayPal Wallet account and the policy with your actual credit card before making a foreign transaction.
Virtual cards also can be used for contactless payments through digital wallets in select brick-and-mortar stores.
How PayPal Key Works to Keeps Your Information Safe
PayPal Key is a virtual card creator, which means that it produces a “dummy” credit card number, expiration date and security code. This is done to mask the true details of your debit or credit card information, thus protecting you from internet nightmares like fraud and identity theft.
To use Key, you have to have a PayPal account. PayPal lets you to send and receive money from individuals, as well as upload banking, debit or credit card information to make protected purchases with online merchants.
You Don’t Need to Fill Out a Credit Application to Get a PayPal Key
Though you are receiving access to unique credit card numbers specific to individual online transactions, you are not actually applying for a new credit card.
That means you won’t have to fill out a credit application, nor is there a fee to use the Key.
That said, your Key transactions will be reported to credit bureaus (just like any credit card transactions), but
you cannot use the key to build credit.
You Can Use PayPal Key as a Browser Extension and with Select Digital Wallets
PayPal says that you’ll be able to integrate the Key product within your internet browsing and digital wallet ecosystems.
Aside from having the unique card number to use anywhere Mastercard is accepted online, you’ll also have the option to embed the Key into the following web browsers for easy access at the virtual checkout counter:
- Apple’s Safari
- Google’s Chrome
- Microsoft’s Internet Explorer
PayPal Key also can be used with the Venmo and Google Pay platforms. It is worth noting that Key is
not yet available on Apple Pay or Samsung Pay.
You Can Still Earn Your Regular Credit Card Rewards
If you’re worried about losing credit card cash back or rewards points, don’t fret. PayPal Key will not hinder your rewards earning process.
PayPal says you are eligible to “earn points in the same way you would with any card in your account.”
Currently
Chase Freedom Visa & Freedom Flex 4th Qtr: 5% up to $1,500 at
Walmart & PayPal.
Final Thoughts
When it comes to cybersecurity, it generally pays to take the extra steps to secure your information.
While some credit card providers — such as Capital One — already provide virtual card services, many others have left cardholders with only third-party options.
If your bank or one of your lenders already offers virtual cards, you may not have much use for PayPal Key. If your card provider does not offer the security measure, PayPal Key may be the perfect solution.
PayPal Key is a hot topic, Greg at
Frequent Miler recently posted his take on the benefits to this new program on October 14, 2020.
This post has been added to PayPal Key /
Cashback (CB) Portals Discounted Gift Card Websites & Apps
I used Dosh tonight instead of Wikibuy. Immediately got 4% deposited into Dosh on my $500 Disney gift card purchase at Sam's online, plus the 4% Sam's discount on the card, and now waiting to see if my Capital One Walmart CC gives me 5% reward on the purchase.
