Last updated on August 21st, 2023
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PayPal Cashback Mastercard
PayPal Cashback Mastercard
- 19.99%, 28.99% or 31.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 31.99% variable based on the Prime Rate 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 and impressive 3% cash back on PayPal purchases and 2% cash back on all other purchases with no redemption threshold or complicated categories to worry about.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 3% back on PayPal purchases
- Earn unlimited 2% back on all purchases
- No annual fee
- ID Theft Protection
- No foreign transaction fees
- Regular Purchase APR: 19.99%, 28.99% or 31.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 31.99% variable based on the Prime Rate
- 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: $29
- 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
PayPal Cashback Mastercard® Review
The PayPal Cashback Mastercard® is an enticing cash back credit card that offers exceptional value for no annual fee.
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 Double Cash, however, the PayPal Card now has a new 3% back category to match the unlimited 2% rewards.
The PayPal Mastercard now provides an impressive 3% cash back on PayPal purchases. And, even more impressive, that 3% back on PayPal is unlimited! Cardholders earn their 3% back when using their card anywhere in the world where either PayPal is accepted, both in-store, online, and via mobile wallet transactions.
PayPal is accepted in over 200 countries and 25 different currencies. Plus, merchants in over 212 countries rely on the Mastercard payment network – that’s more nations than Visa or American Express. This means that with the PayPal Cashback Mastercard, you can expect your card to be accepted no matter where you shop.
Cash Back Comparison
Here’s how the PayPal Cashback Mastercard stacks up against another digital wallet juggernaut – the vaunted Apple Card:
PayPal Cashback Mastercard
|Mobile wallet rewards||Unlimited 3% (PayPal)||Unlimited 2% (Apple Pay)|
|Rewards on other purchases||Unlimited 2%||Unlimited 3% on Apple, and 1% elsewhere|
Cash back rewards with the card apply towards statement credits to an existing PayPal account or transfer to another linked bank account. Keep in mind that redeeming rewards to a PayPal account (the default option) requires a PayPal Cash or PayPal Cash Plus account. Without this, the only redemption option is for transferring funds to an external account.
While you might be a little disheartened to see so few redemption options, the truth is that the PayPal Mastercard is impressive in what you can do with that money! With rewards automatically added as cash to your PayPal balance, you can send that cash back to your bank, use it 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.
Other Card Features
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. Finally, you can anticipate the typical Mastercard features, including:
|Zero Liability Protection||Mastercard Global Services||ID Theft Protection|
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 to speak of, the unlimited 3% back with PayPal is an excellent benefit. However, the exceptional value of the PayPal card lies in the ability to pay practically anywhere in the world and still earn at least 2% back. Does the vendor accept Mastercard? You’re all set. Maybe they only take mobile payments via PayPal – no worries! Given the near-global reach of both PayPal and Mastercard, there really isn’t a place where the card won’t be accepted.