Revamped PayPal Cashback Card Will Earn 3% on Purchases Via PayPal

You'll get that elevated rate when you pay with PayPal at checkout. All other purchases will still earn 2% cash back.
Sara Rathner
By Sara Rathner 
Edited by Erin Hurd

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The PayPal Cashback Mastercard®, issued by Synchrony, has been a member of a growing group of credit cards earning 2% cash back on all purchases. Beginning April 5, 2022, cardholders will earn 3% cash back when they use PayPal at checkout, while still earning 2% back on purchases made wherever Mastercard is accepted. There is no cap on the cash-back rewards you can earn, and you can use PayPal for in-store, online or mobile purchases.

PayPal is accepted at a wide variety of merchants, including eBay, Zappos, Netflix and Etsy, along with airlines including American, United and JetBlue.

The annual fee will remain $0, and you can redeem cash-back rewards in any amount without having to accumulate a minimum reward balance. Your earned rewards will be available for redemption around three days after an eligible purchase. In addition to refreshing the rewards of the PayPal Cashback Mastercard®, the PayPal app and website have updated their design to make managing rewards, purchases and payments a more seamless experience.

If you already have the PayPal Cashback Mastercard®, you’ll automatically be upgraded to the card’s new rewards terms.

New applicants can sign up for a waitlist to receive more information about the card’s availability. It will be open to a select group at first but will become more available within a few weeks. Once you’re able to apply, you can do so through the PayPal app or on For a limited time, new cardholders can earn a sign-up bonus of $100 cash back when you spend $500 in the first 90 days. Note that you must have a PayPal account to be eligible for the card.

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