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PayPal Cashback Mastercard®: 3% Cash Back on PayPal Purchases

BestCards Team

| Last updated on February 14th, 2024

PayPal Cashback Mastercard

PayPal Cashback Mastercard
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good
Mastercard Processing Network
None Annual Fee

PayPal Cashback Mastercard

  • 20.24%, 29.24% or 32.24% Variable, rates as of 9/1/2023 Regular Purchase APR
  • 32.24% Rates as of 9/1/2023 Cash Advance APR

At a Glance

The PayPal Cashback Mastercard® is an excellent option for everyone who wants a no-hassle rewards credit card in their wallet. Accepted everywhere Mastercard is accepted, this card boasts an impressive 3% cash back on PayPal purchases1 and 2% cash back anywhere else Mastercard is accepted. All with no annual fee2, no redemption threshold, or complicated categories to worry about.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Earn 3% cash back on PayPal purchases
  • Earn unlimited 2% cash back on all purchases where Mastercard is accepted
  • No annual fee
  • 24/7 Identity Theft Protection™*
  • Regular Purchase APR: 20.24%, 29.24% or 32.24% Variable, rates as of 9/1/2023
  • Cash Advance APR: 32.24% Rates as of 9/1/2023
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Tier 1 $30.00. Tier 2 $41.00 See Terms and Rates for more information on Tiers
  • You're eager to earn 3% cash back on PayPal purchases without rotating categories
  • You do not want limits on when or how much of your cash back earned can be applied towards your PayPal balance
  • You seek a credit card offering identity theft support without an annual fee

In-Depth Review: PayPal Cashback Mastercard® 

The PayPal Cashback Mastercard® is an enticing cash back credit card that offers unlimited cash back with no restrictions, no rotating categories, and no annual fee.

Who Can Benefit from the PayPal Cashback Mastercard?

Who exactly can benefit from the PayPal Cashback Mastercard from Synchrony? If you use PayPal and want a streamlined cash back card, then this might be your ideal credit card. The combination of unlimited cash back (and no less than 2% cash back, at that), rewards never expiring, and no annual fee are excellent.

How to Get the Card

Credit Needed

The PayPal Cashback Mastercard® requires fair credit for approval in most instances. This is on par with most other credit cards from Synchrony, a major issuer of co-branded store and retail credit cards.

How to Apply

Applying for the PayPal Cashback Mastercard® is a simple and straightforward process. To begin, you’ll need to provide some basic personal and financial information. This information will be used to determine your eligibility for the card.

Once you’ve submitted your application, PayPal will review your information and decide in a timely manner. If approved, you’ll receive your new PayPal Cashback Mastercard® in the mail within a few business days. From there, you can activate your card, start using it for purchases, and begin earning cash back right away.

How to Earn Rewards

The PayPal Cashback Mastercard’s lucrative reward structure previously matched cards like the Double Cash Card from Citi in that it earned an unlimited 2% cash back on all eligible purchases. Unlike the Double Cash. however, the PayPal Cashback Mastercard also offers 3% cash back on PayPal purchases.

Even more impressive, that 3% cash back on PayPal is unlimited! Cardholders earn their 3% cash back when using their card anywhere PayPal is accepted – both online and via mobile wallet transactions.

Real-World Spending Examples

To illustrate the benefits of the PayPal Cashback Mastercard® in real-life scenarios, let’s consider a few examples. Imagine you spend $500 on groceries each month. With the PayPal Cashback Mastercard®, you could earn $60 in cash back over the course of a year. That’s money you can put towards other expenses or save for the future.

Now, let’s say you’re planning a vacation and book your flights, accommodations, and activities using your PayPal Cashback Mastercard®. If you spend $2,000 on your trip, you could earn $240 in cash back. That’s a significant amount that can make a difference in your overall travel budget.

How to Redeem Rewards 

With the PayPal Cashback Mastercard, cash back accrues daily and can be redeemed whenever you want. Cash back can be redeemed to your PayPal balance or linked bank account, if you don’t have a PayPal balance account.³

While you might be a little disheartened to see so few redemption options, the truth is that the PayPal Cashback Mastercard is impressive in what you can do with that money! With rewards sent to your PayPal balance, you can send that cash back to your bank to help split a dinner tab with friends, pay for merchandise from your favorite team, or pretty much anything else you can imagine with PayPal.

PayPal Benefits

To make things even more convenient, the PayPal Cashback Mastercard® is seamlessly integrated with your PayPal account. This means you can easily manage your transactions, track your cashback earnings, and redeem your rewards all in one place.

Another great benefit of this card is the flexibility it offers. The PayPal Cashback Mastercard® allows you to use your cash back earnings however you choose. Whether you want to apply it towards your PayPal balance, make a purchase on a website that accepts PayPal, or even transfer it to your bank account, the choice is yours.

Other Card Benefits

The PayPal Cashback Mastercard also features other perks, such as EMV chip technology and contactless payments. With Tap & Go® payments, cardholders can pay quickly and safely anywhere contactless payments are accepted.

Mastercard Benefits

Zero Liability Protection Mastercard Global Services ID Theft Protection


Here’s how the PayPal Cashback Mastercard stacks up against other digital wallet juggernauts – including the vaunted Apple Card:

PayPal Cashback Mastercard Apple Card Citi Custom Cash℠ Card
Category rewards Unlimited 3% cash back with PayPal Unlimited 2% cash back if using Apple Pay Unlimited 2% cash back
Rewards everywhere else Unlimited 2% cash back anywhere else Mastercard is accepted Unlimited 3% cash back on Apple purchases, and 1% cash back elsewhere Unlimited 2% cash back
Annual fee $0 $0 $0
Issuer Synchrony Marcus Citi

What We Like About the PayPal Cashback Mastercard

The PayPal Cashback Mastercard is easy to overlook – but you shouldn’t. The card easily trumps many leading unlimited cash back credit cards thanks to that 3% cash back on PayPal purchases. While not the same as Visa or Mastercard, the PayPal network is extensive, meaning you can use this card well if you want to.

Millions of online merchants accept PayPal. This allows you to shop confidently and simultaneously rack up impressive cash back rewards.

Typically, cards from issuers like Synchrony have fairly narrow redemption options for rewards The great thing about the PayPal Cashback Mastercard is that you can earn and spend your cash back how you want – with no annual fee.

Things to Consider

No credit card is perfect. The PayPal Cashback Mastercard, for example, charges a foreign transaction fee of 3% of the transaction cost in U.S. dollars. That isn’t an unusual feature for a credit card, but it adds an element of frustration since it reduces the card’s value when making purchases overseas.

Another consideration must be for the lack of a consistently available welcome offer. Unlike the Chase Freedom Unlimited® or other similar cash back cards, the PayPal Cashback Mastercard does not always come with a welcome offer. Cards like the Freedom Unlimited and the Citi Double Cash may also provide greater value if you plan to book travel, as each card might provide greater value when booking through Chase Travel or Citi ThankYou Travel.

Synchrony Ratings

How does Synchrony Bank fare as a card issuer? Here is a selection of ratings for Synchrony, including consumer reviews and scores:

Should You Apply for the PayPal Cashback Mastercard®?

The PayPal Cashback Mastercard® offers everyday value for no annual fee. While the card has no signup bonuses or intro APR offers, the unlimited 3% cash back with PayPal is an excellent benefit. However, the exceptional value of the PayPal Cashback Mastercard lies in the ability to pay and still earn at least 2% cash back anywhere Mastercard is accepted. Does the vendor accept PayPal? You’re all set. And, with Mastercard, you can enjoy the convenience of acceptance at millions of locations. The extensive reach of this card ensures a rewarding experience whether you’re shopping online or on the go!

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¹ Purchases are subject to credit approval, and the PayPal Cashback Mastercard must be used for payment. See Rewards Program Terms for details and restrictions.

² See Terms and Rates for New Accounts.

³ Important information on redeeming Cash Rewards: You need to have a PayPal Balance account to use your redeemed rewards in your balance. If you do not have that account, you can only transfer your Cash Rewards to your bank account or debit card linked to your account with PayPal.

*The benefits and services as further described in the Mastercard Guide to Benefits are provided solely by Mastercard International Incorporated. PayPal and Synchrony Bank do not endorse, recommend, warrant or take responsibility for these offered benefits.

The PayPal Cashback Mastercard is issued by Synchrony Bank pursuant to a license by Mastercard International Incorporated. World Mastercard, Tap & Go and the circles design are registered trademarks of Mastercard International Incorporated.

Editorial Disclosure – The opinions expressed on's reviews, articles, and all other content on or relating to the website are solely those of the content’s author(s). These opinions do not reflect those of any card issuer or financial institution, and editorial content on our site has not been reviewed or approved by these entities unless noted otherwise. Further, lists credit card offers that are frequently updated with information believed to be accurate to the best of our team's knowledge. However, please review the information provided directly by the credit card issuer or related financial institution for full details.

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