IMPORTANT UPDATE: The method below does NOT work. The only was to change your backup payment method on the new Paypal site is to NOT use it until your latest payment has fully cleared then remove your card.
In this post I assume each user knows how to add their new payment method to Paypal. This post is about how to remove your existing backup method for payment, which will in turn allow you to change your backup payment method.
If like me you have a credit card registered with your Paypal account which is being used as a backup payment source and you want it removed then keep reading.
Basically I was concerned with a credit card debt and cut up the card so I could not use it anymore. The problem arose when I realised I had registered the particular Mastercard on my Paypal account. As I didn’t want to be tempted to use it via paypal my choice was to remove it from my Paypal account completely. It didn’t happen as planned which I will go into more detail about later. However, for some this method will work fine.