If you‘re looking for easy ways to get some free money, PayPal is a great option. They regularly offer $5 cash bonuses to new users as an incentive to try their digital wallet and online payment services.
But how exactly do you claim this $5 reward? Keep reading and I‘ll explain step-by-step!
As a shopping and personal finance blogger, I‘m always looking for deals, freebies, and ways to maximize my money. So when I came across PayPal‘s offer for $5 free, I knew I had to take advantage.
After doing thorough research and going through the process myself, I‘ve got all the details to share with you below so you can score some quick free cash.
An Overview of PayPal‘s Free $5 Deal
Let‘s first talk about the basics of how this offer works.
PayPal is one of the largest online payment platforms in the world. They allow you to securely pay for purchases, send/receive money, and store cash in your PayPal account.
To compete with other mobile payment apps and credit cards, PayPal utilizes promotions to acquire new users – and one of their most common deals is $5 free cash upon signing up.
Here are the key details:
The $5 is given to new PayPal users only, so you can‘t have an existing or previous account.
You‘ll need to create a personal PayPal account and link a valid debit/credit card or bank account.
Within 30 days of opening your new account, you must make a purchase of at least $10 using PayPal.
After completing the required transaction, PayPal will review your eligibility and deposit $5 cashback directly into your account balance within 1-2 billing cycles.
There may be a limit of one $5 reward per household.
So in a nutshell, PayPal will give you free money just for trying their service! Now let‘s get into the step-by-step process of how to claim it.
Step 1: Find a Legit PayPal $5 Offer Link
First things first – you need to find a legitimate and current link or offer code for the $5 deal.
PayPal runs this promo frequently, but the terms can change over time. Some links you see might be old or fake. Others may have specific restrictions.
Here are some tips for finding a valid offer:
Go directly to PayPal‘s website and look for banners or ads promoting the $5 cash bonus.
Check PayPal‘s official social media pages like Facebook and Twitter for posted offers.
If you receive an email or see Facebook ads directly from PayPal mentioning the $5 offer, those are trustworthy.
Type "PayPal $5 offer" into Google and look for recent 2022/2023 pages from reputable finance blogs detailing the promotion.
The key is making sure the link comes directly from PayPal or a credible source like major publications – not just random forums or sketchy websites. That way you know it‘s current and legit.
Once you‘ve found a valid link or code, make note of any terms and conditions so you can ensure you qualify. Now let‘s get signed up!
Step 2: Create a Brand New PayPal Account
To claim the $5 free cash from PayPal, you must open a brand new account – no exceptions. This offer is specifically targeted toward getting new users to try PayPal.
Here are the steps to create your account:
Go to PayPal.com and click "Sign Up" in the top right corner.
On the next page, choose the option to open a "Personal" account when prompted.
Enter your email address and create a password. Make sure you haven‘t used this email before with PayPal.
Fill in your name, physical address, phone number, and date of birth when requested.
Verify your email address by clicking the confirmation link sent to your inbox.
Consider enabling two-factor authentication for added security on your account.
And that‘s it – your new PayPal account is ready to go! This whole process should only take about 5-10 minutes.
Step 3: Link a Payment Source to Fund Your Account
Before you can spend any money through PayPal and qualify for the $5 bonus, you‘ll need to connect a payment method. Here are your options:
Debit or Credit Card
Fast and easy option.
Instantly links to start spending right away.
PayPal may place small temporary pending charges to verify.
Links directly to your checking or savings account.
Typically takes 1-2 days to fully confirm with micro-deposits.
No card required. But limited to balance in your bank account.
PayPal Cash/Cash Plus
Lets you use cash balances or cash debit card if you apply.
Fee of $4.99/month with Cash Plus debit card option.
Handy for those without bank accounts but has fees.
I recommend linking a debit or credit card first since it‘s the quickest method to get up and running. Here‘s how:
Click on your profile icon in the top right and go to "Settings".
Choose "Payment methods" from the menu.
Select "Link a card" and fill in your card number, expiry date, and CVC code.
PayPal may make two small pending charges on the card for verification – don‘t worry, they‘ll disappear in a few days.
And that‘s all it takes to connect a card or bank account and fund your PayPal wallet!
Step 4: Understand Exactly How to Qualify for the $5
Every free money offer from PayPal will have specific terms and conditions. Before you make a purchase, read the fine print carefully to ensure you complete all qualifying steps.
Here are some common requirements to earn the $5:
The offer may only be valid for your very first PayPal transaction ever.
You‘ll likely need to make a purchase of at least $10 within 30 days of opening your account.
The purchase must be made directly using PayPal (not a linked debit/credit card).
Peer-to-peer payments may not count toward the minimum spend.
The $5 will be rewarded to your PayPal balance within 1-2 billing cycles.
Limit one $5 reward per new account/household.
I recommend screenshotting or printing out the offer terms so you can refer back to ensure you‘re completing all required steps.
Now the fun part – scoring your free $5 cash!
Step 5: Make a Qualifying Purchase Through PayPal
To actually get the $5 bonus, you‘ll need to make a purchase using your new PayPal account within the required timeframe. Usually this is 30 days.
The transaction must also meet the minimum dollar amount specified in the offer‘s terms and conditions. This is often $10 or more.
Here are some easy ways to complete a qualifying transaction:
Shop online and choose PayPal at checkout rather than entering a credit card. Works at thousands of stores.
Send money to a friend through PayPal and have them send it back. Avoid peer-to-peer if excluded.
Pay your bills like utilities, phone, or services that accept PayPal payments.
Buy gift cards to places like Amazon that can be purchased through PayPal.
Use PayPal in stores that accept contactless mobile payments using your linked card or phone number.
Be sure to note the total amount so you meet the minimum requirement. And remember to actually use PayPal directly, not just the card linked behind it.
Once your transaction processes successfully, you‘ve completed the required steps to earn your free money!
Step 6: Receive Your $5 PayPal Reward
You‘ve created an account, linked a card, and made a qualifying purchase through PayPal – great job!
You‘ve satisfied all the offer terms and should see your bonus $5 cashback deposit into your PayPal balance within 7-14 days in most cases.
Here‘s a timeline of what to expect next:
1-3 days after purchase: PayPal processes and confirms your eligible transaction.
5-10 days after purchase: $5 pending status may show under "Available balance".
10-15 days after purchase: $5 cashback appears in your PayPal balance as "Reward" with available status.
30 days after purchase: If bonus is still missing, contact PayPal customer support for help.
As long as you completed the offer correctly, PayPal will review and deposit your $5 free within 2 weeks in most cases. Just be patient!
Once it shows as available in your balance, you‘re free to spend, send, or cash out that $5 however you‘d like. It‘s all yours to enjoy!
How to Use Your Free $5 PayPal Cash
Now that PayPal has rewarded you with $5 free cashback in your account balance, here are some great ways to use it:
Buy yourself a coffee! Pay for your morning brew using PayPal in-store or online.
Stream a movie rental. Rent your favorite flick on Vudu, YouTube or AppleTV using your $5 balance.
Treat yourself to an app. Download a fun new app or game from the App Store with $5 less.
Donate to charity. Pick a cause that matters and make a $5 impact.
Buy discounted gift cards. Save even more by purchasing gift cards with your $5 on sites like CardCash.
Split the difference. Use $2.50 toward a larger purchase and save the rest.
Send to friends. Forward some free cash to friends and share the love!
Withdraw to your bank. Cash out to your connected bank account and pocket the $5.
However you decide to spend, send, or save that bonus cash, it feels great knowing you earned it without spending a dime out of pocket!
Why Does PayPal Give Out Free Money?
At this point you may be wondering – why does PayPal offer these $5 cash bonuses for new users? What‘s in it for them?
There are a few strategic reasons why PayPal gives away free money:
Acquiring new users – It gets more people to open accounts and try PayPal‘s services.
Increasing engagement – To qualify for the bonus, you have to make a purchase which drives payment volume.
Building loyalty – By giving you $5 to spend with PayPal, they hope you’ll stick around and become a regular customer.
Promoting new features – When PayPal rolls out new products, free cash offers incentivize users to try them out.
Staying competitive – The bonuses help PayPal attract customers away from rivals like Venmo, Square, and Apple Pay.
Generating excitement – Cash giveaways create buzz and word-of-mouth marketing exposure on social media.
While it costs PayPal money up front, the long-term upside of acquiring loyal lifelong customers makes up for it in the end. Plus it gets people buzzing about PayPal online and to friends.
So rest assured they aren‘t just handing out free money out of kindness – there‘s a smart strategic motivation behind PayPal‘s $5 cash bonus offers.
Maximizing Free Money from PayPal
Beyond the initial $5 cash bonus upon signing up, there are a few other ways to keep the free money from PayPal flowing:
Refer friends – Get $10 for each friend that opens an account and connects a card. Friends get $10 too!
Take surveys – Share your PayPal feedback through occasional user surveys and earn cash.
Use promo codes – PayPal provides random codes worth $5-$100 off for referrals or loyalty.
Check social channels – PayPal may run free money contests and sweepstakes on Instagram, Facebook, or Twitter.
Contact support – Reporting issues like fraud or raising service concerns may sometimes result in courtesy credits.
Switch to PayPal Cash – Applying for their debit card gets you access to Boosts (cashback offers) and other perks.
While each method only scores you a few dollars here and there, collectively they can add up to some nice bonus cash that really maximizes the value you get from PayPal.
Key Things to Know About PayPal‘s $5 Offer
While getting free money from PayPal is pretty straightforward, there are some key limitations and considerations:
The $5 offer is typically only for new users opening their very first PayPal account. You can‘t have existing or previous accounts.
There‘s often a limit of one $5 reward per household and customer for these new user promotions.
Some offers are targeted with specific promo codes or links – they aren‘t always publicly available to everyone.
You only have a short window of 30 days after opening your account to complete the qualifying transaction and earn the bonus.
PayPal carefully checks eligibility to prevent people from abusing or exploiting these new user offers.
Be sure to use legitimate current offer links from PayPal directly – expired or fraudulent $5 offers exist too.
It takes PayPal 10-15 days to review and deposit rewards, so patience is key.
As long as you follow the steps outlined above, you shouldn‘t have any issues claiming a quick, legitimate $5 offer from PayPal. Just don‘t expect to pull it off repeatedly or stack multiples of this same new user promo.
Is Getting $5 From PayPal Worth It?
At the end of the day, is it really worth your time and effort to claim this $5 offer from PayPal?
Spending just 10-15 minutes signing up for a new account, adding your card, and making a purchase is well worth $5 cashback deposited straight into your wallet.
Plus consider these added benefits:
You get to try out PayPal and see if you like using their payment services.
It‘s a risk-free $5 – you don‘t lose anything by claiming it.
You can close your account after if you don‘t plan to use PayPal regularly.
Many people end up keeping a PayPal account long-term because it comes in handy for online shopping, sending/receiving money, and more.
You‘ll join 295+ million others around the world who use and trust PayPal daily.
Unless every dollar counts and your time is extremely limited, there‘s really no reason not to take advantage of PayPal‘s free $5 welcome offer. It‘s a proven, legitimate way to score some quick cash to treat yourself!
Let‘s Get You Your Free PayPal Money!
As you can see, successfully claiming $5 for free from PayPal only takes a few minutes of effort:
Step 1: Find a legitimate current $5 offer link or code directly from PayPal.
Step 2: Create a brand new PayPal account under your email.
Step 3: Link a debit/credit card or bank account funding source.
Step 4: Review terms for minimum spend and time limit – usually $10 purchase within 30 days.
Step 5: Make a qualifying transaction using PayPal within the timeframe.
Step 6: Be patient as PayPal reviews eligibility and deposits $5 cashback within 10-15 days!
I hope this step-by-step guide gives you the confidence and expertise needed to securely claim the $5 welcome offer for yourself.
Just be sure to use a valid offer source, meet all requirements, and give PayPal sufficient time to process your reward.
With an extra $5 cashbonus in your pocket, will you use it to buy yourself a coffee, donate to charity, stash it in savings – or something else?
Let me know once you‘ve claimed your free money from PayPal! I‘d love to hear your experience.