If you're a PayPal user (and even if you're not) chances are you've heard of the PayPal credit card. After all, the combination of a $0 annual fee, competitive interest rate and generous rewards program makes the card an enticing offer. So why don't more people carry one? Because of these three common myths. And that's why I"m going to debunk them.

Myth 1. The Credit Card is Issued By PayPal

Some people fear that PayPal will have too much control over their credit (and too much of their personal information) if they apply for a PayPal credit card. This isn't true. PayPal doesn't run your credit report and they aren't the ones who report your credit card activity to the credit bureaus. GE Money Bank does.

While it's true that this credit card carries the PayPal logo and you can use it with your PayPal account, the card is actually issued by GE Money Bank. Getting the PayPal credit card gives PayPal no more control over your credit than any other credit card available on the market.

Myth 2. I Can Only Use the PayPal Credit Card for PayPal Purchases

Wrong again. That statement applies to "PayPal Credit" which is completely separate from the PayPal credit card. PayPal Credit is a line of credit associated with your PayPal account solely for PayPal purchases. The PayPal credit card, on the other hand, is an actual MasterCard issued by GE Money Bank. You can use it wherever MasterCard is accepted.

Myth 3. I Really Don't Need Another Credit Card Linked to My PayPal Account

Many people assume there's no reason for them to open a PayPal credit card. If you have two or three credit cards already linked to your PayPal account, you might feel the same way. Unfortunately, you're overlooking a few things.

The PayPal credit card is a great way to manage your PayPal purchases and earn rewards at the same time. If you do more than your fair share of eBay shopping, those rewards points can really add up, giving you gift certificates for future eBay purchases. It can also be a great way to manage your PayPal payments, keeping your PayPal credit card purchases separate from all of your other credit card purchases.

No, not everyone is right for the PayPal credit card. However, there are many people who could really benefit from the tools and rewards this credit card offers. If you use PayPal frequently or are an avid eBay shopper, you may be one of them.