Want to make some money while getting your bills paid? Make sure you pay everything with PayPal!
Here’s the scoop: many of you may know that PayPal offers 1% back on all of your purchases when you use their debit card. I don’t know why they do it, but I really don’t care either. because I’m getting some of my money back which is cool. Well, their debit card is FREE, and once you register to get one, you receive it in a couple of days. Here’s what you do from here to get the money:
- Make sure ALL of your purchases are done with the PayPal MasterCard. If you have another card that has better perks than 1% cash back, that’s cool, but if not, use this one.
- If possible, I would try to pay every bill from the rent payment on an apartment to your mortgage payment, car payment, etc. HOWEVER, make sure your creditors accept credit cards as a form of payment, AND that there is no fee to pay your bills this way. Many utilities charge a fee when you pay by credit card. Da Hustler hates that they can get away with this, because I have a merchant account to accept credit cards and in the terms and conditions, I cannot charge customers a fee solely to recoup the fees I have to pay to accept the cards. Furthermore, since I see it as the cost of doing business, I think these merchants should just eat it instead of adding to their profit margin.
- Once the bills are paid, check your PayPal account for the “Chargeback Bonus.” DO NOT SPEND THIS MONEY! Sent it to a online savings account, such as one with ING and earn interest on your bonuses. Also do not allow the money to sit in your PayPal account for even one day, because you could have been earning money with it. If you don’t have an ING account, send me an e-mail, and I’ll send you a link to get you an extra $25 in your account when you deposit $250!
- Getting $0.01 back on $1 doesn’t seem like much at first, but it adds up. If you spend $2500/month, you’ll get back $25. While it is small, this adds up to an extra $300/year plus interest if you use this method. (If you don’t want that, Da Hustler will take it!)
- To make things easier, you can setup your PayPal account to automatically take the money from your checking account in case your PayPal balance is too low to cover a charge. This way you can still have the money come from your main account while getting the benefit of the 1% cash back.
Once you do it a few times, you’ll start to get the hang of it, and it will be a transparent part of your day. Keep Hustlin’!