Many people have a PayPal account. According to data from PayPal itself, more than 420 million Americans have accounts, making it the most preferred choice of digital payment apps. PayPal offers a number of credit options, including buy now, pay-later options and business loans products for small businesses. But did you know it also offers credit cards?
This article reviews the PayPal Cashback Mastercard. Cash back helps reduce the overall cost of things and may help you keep up with inflation. We’ll look at details like APR, credit requirements, and rewards and perks so you can decide if this is a card that belongs in your wallet.
PayPal Cashback Mastercard®
- Earn 3% cash back on PayPal purchases and 2% on all other purchases. Purchases are subject to credit approval, and the PayPal Cashback Mastercard must be used for payment. See Rewards Program Terms for details and restrictions.
- With the PayPal Cashback Mastercard®, earn unlimited cash back at millions of merchants.
- No restrictions. No rotating categories. No annual fee. See Terms and Rates for New Accounts.
- Shop at millions of brands with PayPal to earn unlimited 3% cash back.
- Earn rewards without the wait. Cash back is earned daily on completed purchases posted to your account. Redeem it to your PayPal balance, and spend it however you want. 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.
- Enjoy peace of mind with Mastercard benefits from Tap & Go® to 24/7 Identity Theft Protection™. See Mastercard Guide to Benefits for details.
- The PayPal Cashback Mastercard is issued by Synchrony Bank pursuant to a license by Mastercard International Incorporated. Mastercard, Tap & Go and the circles design are registered trademarks of Mastercard International Incorporated.
In This Piece:
How Does the PayPal Cashback Mastercard Work?
The PayPal Cashback Mastercard is a normal credit card, and you can use it wherever you check out with PayPal, as well as anywhere Mastercard is accepted. It doesn’t have an annual fee[1] and has a variable APR of 20.24% to 32.24% (as of 9/1/23), depending on your creditworthiness and other factors.
You’ll need somewhat decent credit to get approved for this card, as is the case with most rewards cards. When you use this card, you earn 3% cash back on PayPal purchases and 2% cash back on other purchases. You can earn unlimited cash back[2] without having to worry about which rotating category of goods and services earns the big points each month or quarter.
What Benefits Does the PayPal Cashback Mastercard Offer?
3% Cash Back When Checking Out With PayPal
When you check out with PayPal and use this card as the payment method, you earn 3% cash back on purchases. So, if you buy something for $200, you earn $6 cash back, for example. You’ll earn 2% cash back when you swipe the card at registers or use it to make purchases outside of PayPal.
In stores where checking out via PayPal at the register is possible, you can also earn 3%. Look for QR codes that let you check out with the PayPal app. Always ensure the funding source for your payments is the PayPal Cashback Mastercard to earn the rewards.
ID Theft Protection
Cardholders automatically get Mastercard ID Theft Protection. Through this program, you receive alerts when your credentials, such as passwords and logins, or other personal information may have been compromised on the web. This service includes dark web monitoring and high-risk transaction monitoring.
Earn Rewards Daily
You don’t have to wait until the end of your statement cycle to earn cash back on purchases. Cash back is earned on a daily basis for completed purchases, and you can redeem it immediately to your PayPal balance account.[3]
If you have a PayPal account, you can redeem your cash back to your account. It’s added to your PayPal balance, and you can then use it to pay for goods with your balance or transfer it to your bank account. If you don’t have a PayPal Balance account, you can redeem cash back to your bank account or to a debit card you’ve attached to your PayPal account.
Who Should Get the PayPal Cashback Mastercard?
While you don’t need excellent credit to get approved for this card, you may find yourself with a higher APR if you have lackluster credit. The lower APR range is typically reserved for those who have great or excellent credit.
If you want a simple way to earn cash back without tracking categories or paying annual fees, this may be an ideal card for you. That’s especially true if you’re a loyal PayPal account holder and enjoy checking out with PayPal online and in select stores.
How to Apply for the PayPal Cashback Mastercard?
Check your credit score before you apply for any credit card. This helps you understand whether you have a good chance of being approved or if you should look for a card that better matches your credit situation. Next, read all the terms and conditions so you understand potential fees, interest, and any other charges.
Once you have a good idea of whether the card will work for you, apply for it online. If the PayPal Cashback Mastercard doesn’t sound like the right choice for you or you want to compare options before you apply, browse other credit cards in our marketplace.
[1] See Terms and Rates for New Accounts.
[2]Purchases are subject to credit approval, and the PayPal Cashback Mastercard must be used for payment. See Rewards Program Terms for details and restrictions.
[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 Contactless Indicator mark, consisting of four graduating arcs, is a trademark owned by and used with permission of EMVCo, LLC.
The PayPal Cashback Mastercard is issued by Synchrony Bank pursuant to a license by Mastercard International Incorporated. Mastercard, Tap & Go and the circles design are registered trademarks of Mastercard International Incorporated.
