PayPal has launched a new credit card that gives 2% cash back on purchases. The Cash Rewards go into users’ PayPal balance and can be used however the account holder wishes. There is no annual cash back limit, no minimum redemption amount, no restriction on how to spend cash rewards and no expiration.
PayPal already has a PayPal Extras Mastercard, and according to PayPal FAQs, you may only have one type of PayPal Mastercard account, either the PayPal Cashback Mastercard or the PayPal Extras Mastercard account.
A key difference between the two cards: the new PayPal Cashback Mastercard account offers you the ability to earn Cash Rewards on eligible purchases that you can redeem to your PayPal account. The PayPal Extras Mastercard offers you the ability to earn Reward Points on your eligible purchases.
Financial products shouldn’t be difficult for consumers to understand and use. This belief is a guiding principle at PayPal and has helped us become the digital wallet of choice for more than 210 million people around the world. We are constantly listening to our customers to understand what would make their PayPal experience even better. What we’ve heard is cash rewards are easy for customers to understand and simple to use. So, we set out to create a rewards credit card that’s free from the usual restrictions – offering cash rewards to redeem when you want, how you want, on whatever you want.
Today, we are introducing the PayPal Cashback Mastercard in partnership with Synchrony Financial, the best 2% cash back credit card available with no annual fee and a straightforward, best-in-class approach to earning and redeeming cash rewards.
Designed exclusively for PayPal members, the PayPal Cashback Mastercard offers cardholders 2% cash back on every purchase online and in stores – everywhere Mastercard is accepted. Unlike other rewards credit cards, there is no annual cash back limit, no minimum redemption amount, no restriction on how to spend cash rewards and no expiration. Simply put, the card rewards you with cash for the shopping you’re already doing; that’s money you can put aside for the future, or spend on things that make life more enjoyable.
The PayPal Cashback Mastercard offers all the security and convenience expected from PayPal, plus all the benefits of a Mastercard. All accounts are automatically added to the member’s PayPal wallet, which provides access to a suite of benefits that simplify checkout and provide peace of mind. Upon approval, members can immediately use the card through PayPal before the physical card arrives in most cases.
Our goal is to provide our customers choice and flexibility in how they pay when making purchases – whether online or in store. The PayPal Cashback Mastercard provides our customers with another innovative consumer credit option, making the payment experience seamless for each customer’s unique lifestyle.
SOURCE: PayPal Announcement