1.) Confirm your address, if you haven't done so. (This will raise the limit, it worked for me.)
2.) The Credit Card/Debit Card costs money to use and PayPal passes those charges onto you, the consumer to make up for it. (Part of the reason for the limit.)
3.) Verifying your account is a necessity these days, for security among other things. (You can still use your Credit Card without having to use the Bank Account for transactions.)
And to confirm, yes, once the spending/sending/whatever limit is reached, you cannot make a payment through PayPal. You can receive payments, etc but that's it.
Also, if you wish to receive PayPal payments made with a Credit Card (like you use in your purchases) from other people like a buyer on eBay, then you'll need to upgrade (which is free) to a Premier Account. Now, here's the pros and cons of that:
Pros:
After sixty days of service as a Premier Account, you'll receive a PayPal Debit Card absolutely free. (So if you receive money, there's no more waiting time as it transfers to your bank account, or waiting for them to send you a check to cash. You can just debit it right out of the account with the card. Also, every purchase you make with the PayPal Debit Card will actually give you 1.5% cashback.)
You'll be able to send and receive all types of payments that PayPal allows. (E-Checks, Credit Cards, Debit Cards, etc.)
No limits.
Cons:
Receiving payments will charge you 2.9% + $.30 on the whole amount. (This will automatically be deducted from the money you receive, so if you wish to avoid it, add it to the shipping and handling fee. And you could consider it a handling fee, you're providing a service, they're paying for it. I fail to see how this is a bad thing.)
You can figure out exactly how much PayPal will deduct from a payment using this calculator:
http://www.ppcalc.com/ (NOTE: They are not affiliated with PayPal, but they are accurate down to the exact penny. So no more guess work, folks!)
Hope this helps.
NOTE: Realize that I am not a perfect Christian, nor do I profess to be. I apologize if anyone's ever offended by me, I'm not perfect. Don't hold my posts and opinions against other Christians.
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