What Is The Paypal Cashback Mastercard
|Rewards Program Details:
Earn 3% cash back on PayPal purchases and 2% on all other purchases.
The PayPal Cashback Mastercard is a cash back credit card that touts an unlimited 3% cash back on PayPal purchases and 2% cash back everywhere else Mastercard® is accepted.
While it carries the branding of the online payment services provider, the credit card is issued by Synchrony Bank.
You must have a free PayPal account before applying for this card. Cash back is earned daily on completed purchases posted to your PayPal account, and is redeemed to your PayPal balance.
Money expert Clark Howard says the updated rewards from this card are a part of an effort from PayPal to get consumers to see their service in the same light as a Mastercard or Visa when it comes to online payment processing. You can view his full comments on the cards new approach in the video below.
Is The Paypal Cashback Mastercard Right For You
If you already have a PayPal account and dont mind redeeming cash rewards into it or an associated bank account you have cleared the minor hurdles for getting and using the PayPal Cashback Mastercard®. The upside is a simple and valuable cash-back card that few other cards can match: an unlimited 3% cash back on PayPal checkout and 2% back on all other purchases that accept Mastercard. If you’re still on the fence, check this list to find the best credit card for you.
Paypal Cashback Mastercard Review 202: Top Option For Online Shopping
If youre in the market for a cash back credit card, online payment giant PayPal has a contender worth considering in 2023.
The PayPal Cashback Mastercard®has long offered a competitive unlimited 2% cash back rewards on everyday purchases. This number matches the 2% offered by the Citi® Double Cash Card 18 month BT offer, which is one of money expert Clark Howards favorite credit cards.
A card overhaul in June 2022 now offers up to 3% back on purchases made with the card through PayPal. That has our attention!
Team Clark explored the viability of the PayPal Cashback Mastercard in this review by digging into the fine print, exploring the cash back rewards program and completing a head-to-head comparison with the Citi Double Cash card.
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What Are My Approval Chances For Paypal 2% Mastercard
I’m trying to decide if I should go for this card or not. My credit profile is as follows:
– Current FICO scores: 656 EQ, 638 EX, 634 TU
– Inquiries: 1 EQ, 2 EX, 3 TU
– 2 open CCs: Capital One Quicksilver $1500 CL opened late December 2017, BCU opened early January 2018.
– 1 open SSL installment loan since January.
– Overall utilization: Revolving is 1.5% . Installment is 7.8% .
From what I have read, Synchrony almost exclusively pulls TU which is my lowest score. Only reason I’m considering them is because they are somewhat BK-friendly but they’re also YMMV bigtime. And it looks like the Paypal card might be their flagship so I don’t know if it’s even worth taking a risk with the INQ. Does anyone have any experience with their requirements?
Paypal Cashback Mastercard Approval $7800 Sl
So middle of March I had a ‘credit card party’ lol. Just 3 friends talking about CC at my place, and I told them im gonna try and get another card tonight , airplayed the MacBook Pro to the 75″ LG TV so when I get denied or approved its more dramatic , they can either comfort me, or give me a high five, anyway… I got denied for the Citi Premier, Amex Gold, my friend says try Paypal MC cashback out, its easy he got approved. I been using paypal since 2001, and have lots of transactions from buying and selling photography gear that can get quite expensive, so I cold apped it from the website, it said to call when I was done. I called the number and CSR verified some info, and boom I was approved for $7,800 SL ! my friend was shocked because he was approved for much less, but I showed him my recent photography gear transactions that were in over $1,000 each, and told him most likely PayPal was looking at that, my relationship with them.
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How To Apply For Paypal Credit Card
- Visit the Paypal credit card website.
- Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
- Check the information is accurate and submit your application.
If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.
PayPal Cashback Mastercard DisclosureSuperMoney DisclosureEditorial Disclaimer
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Unlimited 2% Cash Back
Youll earn a straight 2% cash back for every purchase. This generous rate has no cap, and there are no purchase restrictions.
A flat 2% cash back rate is very impressive, especially considering that this card carries no annual fee. When looking at its competitors, one of the lone 2% unlimited cash back business cards Capital Ones Spark Cash comes with a $95 annual fee after its first year. If you intend to use a credit card for a wide range of purchases, the PayPal Cashback Mastercard is certainly worth a look.
Rewards Terms And Conditions For Paypal Cashback Mastercard Or Paypal Cashback World Mastercard
Card Account Rewards Program
Please review the details in the full Program terms and conditions below .
As a PayPal Cashback MastercardÂ® or PayPal Cashback World MastercardÂ® Account Accountholder, you will earn cash back rewards on Eligible Purchases made by you , the person to whom the Card Account was issued or the authorized users on your Card Account, as set forth below. The amount of Cash Rewards earned is determined by the Card Account user, whether the payment is made through the PayPal account, and the amount of Eligible Purchases made on a daily basis. Cash Rewards may be reduced by any applicable Cash Rewards adjustments. Synchrony Bank is the issuer of the Card Account, and it is only available to Accountholders who have an open PayPal account to which the Card Account is linked, and both accounts must be maintained in good standing. Your participation in the Program is subject to these Program Terms.
Earn Cash Rewards on Eligible Purchases.
At the end of each day, your Eligible Purchases will be totaled, and the amount of the Cash Rewards earned will be determined as follows:
There is no minimum amount of Eligible Purchases required before earning Cash Rewards and there is no maximum amount of Eligible Purchases that may earn Cash Rewards.
Card Account and PayPal account statuses.
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Unlimited 2 Percent Cash Back
The PayPal Cash Back Mastercard is a bona fide 2 percent cash back card, offering unlimited cash back on all your purchases.
Every 2 percent cash back card comes with some stipulations the Citi Double Cash card, for instance, requires you to pay your bill on time to earn the full 2 percent rewards rate. The PayPal Cash Back card is no exception: In return for earning such a high amount of cash back, you need to be an active PayPal user to redeem your rewards.
Winner: Paypal Cashback Mastercard
We think the PayPal Cashback Mastercard® is the better option between the two cards it offers the most flexibility with its rewards. With cash back, you can redeem your rewards for anything that you can buy with cash.
The PayPal Cashback Mastercard® also keeps things simple. Theres no need to worry about bonus spending categories or which card you should use. Youll get the same great cash back rate, regardless of where you shop. Taking some of the effort out of deciding where you should use your card can make it easier to rack up the rewards.
While its true that the PayPal Extras Mastercard® can offer a slightly higher rewards rate, it only offers that rate on purchases made at gas stations and restaurants. Once you account for the fact that its points are worth less than a penny each when redeeming for cash, its hard to justify getting this card, unless you use PayPal a lot.
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What’s The Starting Credit Limit For The Paypal Credit Card
The starting credit limit for the PayPal Credit Card was $250. Every approved applicants credit limit was determined by multiple factors such as their credit score, income, and payment history. However, it is worth noting that the PayPal Credit Card is no longer available to new applicants.
What you should know about the PayPal Credit Card credit limit:read full answer
- Initial credit limits arent permanent. Once your account has been open for at least 6 months, you can request a credit limit increase from your account online or by calling .
- Requesting a PayPal Credit Card credit limit increase might result in a hard pull on your credit, lowering your score for a short period of time.
- To improve your chances of being approved for a higher credit limit, always pay your bills on time and stay well below your credit limit.
If youre looking for a credit card that offers a high starting credit limit, you should consider getting the Wells Fargo Active Cash® Card. This card has a starting credit limit of $1,000. Wells Fargo Active Cash® Card also has a $0 annual fee and requires at least good credit for approval. Plus, you can earn 2% cash rewards on all qualifying purchases.
Paypal Cashback Mastercard: Drawbacks And Alternatives
Need a PayPal account
You must have a PayPal account to apply. If you want a more traditional credit card from a major bank, consider the Wells Fargo Active Cash® Card.
This card offers an unlimited 2% cash back on all purchases and has an annual fee of $0. It also comes with a sign-up bonus: Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months.
» MORE:Should I pay with PayPal or with my credit card?
‘Only’ 2% or 3% back on spending
Earning 2% or 3% back on all spending is an excellent return among flat-rate cards. However, other cards offer even higher cash-back rates for spending at certain types of merchants. Here are some options.
Rotating categories: Some cards offer 5% back in bonus categories that change quarterly. In the past, categories have included useful areas of spending such as gas stations, restaurants and supermarkets. Good examples are theChase Freedom Flex and theDiscover it® Cash Back. Both offer 5% back in categories that you activate, on up to $1,500 in spending per quarter , and 1% on all other spending.
Permanent categories: Other rewards cards have bonus categories that don’t change. TheChase Freedom Unlimited® is a good example. It earns 5% cash back on travel booked through Chase, 3% back at restaurants and drugstores, and 1.5% back on other purchases.
No intro APR rate
The PayPal Cashback Mastercard® offers no promotional interest-rate offer for purchases or balance transfers.
Foreign transaction fee
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Paypal Cashback Mastercard: Pros And Cons
|Limited, temporary welcome bonus option|
|No minimum for cash back redemption||Must use PayPal to receive rewards|
Bottom Line: If you are looking for a straightforward cash back card, the PayPal Cashback Mastercard could definitely fill that role in your wallet.
The unlimited 2% cash back everywhere Mastcard is accepted, the ease of redemption of cash back rewards and lack of an annual fee are all real positives. But the gamechanger for this card is the unlimited 3% cash back you can offer if you use PayPal to make a purchase.
If you can make a significant amount of your purchases, either in-store or online, through the PayPal purchase process you could find that this card is a top option for your financial life.
Do you have experience with the PayPal Cashback credit card? Let us know how you like it in the Clark.com Community!
Rewards Added As Paypal Credit
After you redeem your rewards, theyll make their way to your PayPal balance. Once there, youll be able to treat them as a regular part of your PayPal balance eligible to be used at merchants that accept PayPal.
Note that PayPal does require you to redeem rewards manually there is no automatic redemption option. Despite that downside, you can choose to redeem rewards at any time due to a lack of a redemption threshold. We like the fact that you dont have to wait until youve earned an arbitrary minimum amount of cash back to redeem it.
This redemption setup could be convenient for those who make frequent purchases at online merchants that accept PayPal. However, it may pose problems if you dont shop online frequently or at a location that accepts PayPal. If this is the case, youll need to take the extra step of transferring your PayPal balance into your bank account or signing up for PayPals debit card to take advantage of your rewards.
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Is The Paypal Cashback Mastercard For You
This card is a fit for anyone who wants to earn cash back on every purchase without paying an annual fee or tracking bonus categories. The combination of 3% cash back on PayPal purchases and 2% on all other purchases and easy redemption make it suitable as a simple-to-use rewards card if you only want to own one credit card. If you prefer to hold multiple cards, it could be a logical addition to your wallet for purchases that dont normally fall into bonus categories. But the high APR means this card is best for someone who doesnt typically carry a balance.
To view rates and fees for Blue Cash Everyday® Card from American Express please visit this page.
Your Billing Rights Summary
Your Billing Rights: Keep This Document For Future Use
This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What To Do If You Find A Mistake On Your Statement
If you think there is an error on your statement, write to us at:
Synchrony Bank P.O. Box 965003, Orlando, FL 32896-5003
In your letter, give us the following information:
- Account information: Your name and account number.
- Dollar amount: The dollar amount of the suspected error.
- Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.
You must contact us:
- Within 60 days after the error appeared on your statement.
- At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong.
You must notify us of any potential errors in writing. You may call us, but if you do, we are not required to investigate any potential errors and you may have to pay the amount in question.
What Will Happen After We Receive Your Letter
When we receive your letter, we must do two things:
While we investigate whether or not there has been an error:
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Paypal Business Cashback Mastercard Credit Card* Vs American Express Blue Business Cash Card
The Blue Business Cash card from American Express is another no-annual-fee cash-back card for small businesses . The card offers 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. If your business spends more than $50,000 per year, the PayPal business card is the winner in terms of annual cash back earned. However, some business owners may like the Blue Business Cash Cards list of benefitsfor example, this card comes with purchase protection covering your new purchases against damage or theft for 90 days.*
You can earn the following welcome bonus: $250 statement credit after making $3,000 in purchases within the first 3 months of account opening.
*When an American Express® Card Member charges a Covered Purchase with their Eligible Card, Purchase Protection can help protect their Covered Purchases for up to 90 days from the Covered Purchase date if it is stolen or accidentally damaged. The coverage is limited up to $1,000 per occurrence, up to $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.