It is possible to change the name on your account if it's misspelled or if you've legally changed your name. Depending on the type of name change, you may need to submit documentation to PayPal's customer support for review. It can take 3-5 business days for a review.
If you have a business account, you can change the contact name for your business however, it is not possible to change the name on your account to another person's name.
Here’s how you can change your name:
* Click the Settings icon (gear) next to "Log out."
* Click Update below your name.
* Select your type of name change.
* Follow the instructions on the screen and click either Continue or Update Name.
If the above steps don't work for you, then best to phone customer support for assistance.
As for the card - you would link and confirm the new card, once that is complete, then you can remove the old card. Note, you should get the name changed first - you may want start with customer support for assistance with the name change.
