PayPal Account Opening

I opened my PayPal account and registered my CommBank AMEX credit card.

Why AMEX?

- AMEX points system is better than MasterCard and Visa cards (at least for the case of CommBank)




STEP 1 - Registration

- upon registering, paypal charged my card $2 which will be refunded later on once paypal successfully confirm my credit card. I was able to confirm the $2 charge when I accessed by online bank transactions.

- paypal also sent me an email like the following:

You linked your credit or debit card to your PayPal account on 21 Jun 2014. To make sure the card is yours, we made a small charge to it that you'll need to confirm (and we'll refund the money to your PayPal account when you're done).

The charge creates a unique 4-digit code on your card statement. If you don't see the charge right away, don't worry — sometimes it takes a few days to show up. If you can't check your card statement online, check your paper statement when it comes in the mail (this can take up to 30 days). You will find the charge from PayPal with a 4-digit code.

How to confirm your card:

Check your card statement and look for a $2.00 AUD charge from "PAYPAL" with a four-digit code next to it. 

Log in to your PayPal account and click "Confirm my credit or debit card" in Account Overview.
Follow the prompts and enter the 4-digit code from your statement.

We'll refund the $2.00 AUD charge to your PayPal account within 24 hours, once you've successfully confirmed your card.

Remember, only PayPal allows you to make a payment using your credit or debit card without sharing your card number with others.

In addition, if your PayPal account is unverified, confirming your card will result in your PayPal account becoming verified and your initial sending and withdrawal limits will be raised.

Sincerely,
PayPal

STEP 2 - Confirm your card

- after 24 hrs or so, I checked my credit card transactions for paypal and the 4 digit code was reflected already

- I logged in to my paypal account and verify ,my card by inputting the 4-digit code.

- after which, I received an email like the following:


Dear xxxx,

Thank you for confirming your credit/debit card or bank account with us. This completes our verification of your financial details.

Verification lets us know that you're the legitimate owner of the credit card or bank account helping keep PayPal's network more secure. As a result, we're able to raise the sending and withdrawal limits initially placed on your PayPal account giving you greater freedom to make purchases.

Don't worry – even though your limits have been raised, you're still protected against unauthorised transactions* sent from your PayPal account. Learn more about Unauthorised Transactions Protection.

* Unauthorised transactions protection covers eligible transactions sent from your account without your authorisation or permission that are reported through our Resolution Centre within 60 days.

Sincerely,
PayPal