PayPal charges $1.00 for updating credit card info, but then immediately cancels the transaction. In this case, it still showed up on my bank statement.
My credit card I had linked to my PayPal account was recently about to expire. Therefore, I went in and updated my information, which in this case was simply changing the expiration date on the Mastercard.
I noticed on my bank statement that I was charged a $1.00 fee from PayPal, however there were no details. Usually, when authorizing a credit card with PayPal they notify you that there will be a small charge, accompanied by a 4 digit number to confirm. This allows you to prove that the card is in fact yours. I was not notified of a charge, nor where there any codes to enter into PayPal or attached to the transaction.
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Not really a problem, just wanted to get as many P’s in there as humanyly possible. It’s more of a frustration and inconvenience than anything and one that has me rethinking my payment option through the Pepperjam Affiliate Network. It’s the 3% that PayPal keeps off of the top, as a convenience charge, whatever. According to PayPal it’s the cost of doing business.
However, right now, interest rates have fell through the floor so these fees are eating into my PayPal money pile. I don’t need the money immediately and technically I’m not saving anytime by having a deposit via PayPal instead of an active check sent in the mail. As soon as my bi weekly earnings are deposited into my Paypal account I immediately transfer them to my checking, which takes a nother 3 days anyways.
I think I’ll start keeping my 3% and have Pepper Jam start sending me a check in the snail mail. $30 to $50 savings per month is still savings, right?