PayPal Key is the newest virtual credit card number offering from PayPal. While virtual credit card numbers are nothing new (they’ve been around for decades), this new offering from Paypal will quickly become an invaluable part of your gift card reselling toolbelt once you discover the flexibility it provides.
What Is PayPal Key?
PayPal Key is the newest virtual credit card number offering from PayPal. Virtual credit card numbers allow you to conceal your actual credit card number when shopping online. Virtual credit cards are also invaluable for gift card reselling which we discuss further below.
How To Set Up PayPal Key?
Step 2: Read PayPal Key Quick Description and Click "Let's Go"
This page provides a very quck description of PayPal Key. Everything on this page is covered in this guide in greater detail. Click “Let’s Go” to continue.
Step 3: Turn Off "Use Your Balance First"
If you’re like me, you get paid for some of your sold gift cards through PayPal. If that is the case, you will definitely want to turn off the “Use Your Balance First” option. Otherwise, you might pay for future gift cards with your PayPal balance and lose out on valuable credit card rewards.
Step 4: Choose Your Payment Method
Choose your payment method. This is the credit card or bank account that will be charged every time you use your PayPal Key number online. You can select any payment method that is a valid payment method on PayPal.
Step 5: Save Your PayPal Key Details
This are the card details you will use for your online payments. When you use these card details, the payment method selected in Step 4 will be charged.
Gift Card Reselling: Top 3 Ways To Maximize PayPal Key
- Deal Limits: Some gift card deals are limited to one per credit card number. PayPal Key gives you a second credit card number to use for these deals while the underlying payment method is the same.
- Payment Network Conversion: PayPal Key processes as a Mastercard regardless of what the underlying payment method is. Therefore, you can use an AmEx credit card as your underlying payment method as long as the website accepts Mastercard (which has higher acceptance in the US).
- Debit / Credit Card Conversion: What some people may not know, or fully appreciate, is that PayPal Key processes as a debit card, regardless of what the underlying payment method is. There are many gift card reselling opportunities that are only available to debit cards or are cheaper when using a debit card.
Paypal Key Frequently Asked Questions
Is PayPal Key Free?
There are no fees to set up or use PayPal Key. That said, any purchases in foreign currencies or made with non-US merchants may be subject to foreign transactions fees.
Can I change the underlying payment method for my PayPal Key?
Yes, you can change the underlying payment method as many times as you’d like and the change is immediate. Luckily, the PayPal Key Card Details (number, expiration date, security code) will not change when you change your underlying payment method.
Will I Still Earn Category Bonuses?
Yes! You will still earn your category bonuses based upon the merchant coding as you would have previously.