I clicked the "upgrade account" button on PayPal and upgraded my account to Premier by accident, thinking that I would be able to see the fee or restriction by pressing Continue enough, but nothing ever popped up and I couldn't find this information in the links provided. What is a Premier account's catch?? Do I have to pay something ever? If so, how could I downgrade back to a normal account?
Here is the different between Personal Accounts and Premier/Business Accounts
And from Answers.com here's how to downgrade your account (only once allowed):
You can only downgrade your account once.
Don't worry, the PayPal's Premier Account has no periodic charges. It is free, and it is linked to a post-paid or pre-paid credit card.
I am owner of a PayPal's Premier Account, too.
I am not sure is it possibile to downgrade to a normal account.