PayPal Cashback Mastercard Entices With High 2% Rewards, No Fee

Ellen CannonAug 30, 2017
PayPal Cashback Mastercard
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If you’re a PayPal member, a new cash-back rewards card may tickle your wallet. PayPal members can now apply for a 2% flat-rate cash-back card that has few restrictions and a $0 annual fee.

PayPal Cashback Mastercard
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The PayPal Cashback Mastercard®, issued by Synchrony Bank, offers 2% cash back on all purchases with no limit on the amount of cash you can earn and no expiration date on the rewards. Cardholders can redeem their cash directly to their PayPal account at any time; there’s no minimum redemption amount.

Another PayPal rewards card — the PayPal Extras Mastercard® — has been around for a while. But despite its tiered rewards, this card's drawbacks are high redemption minimums and low point valuation. For example, you need 6,000 points to redeem for $50, which is the minimum for cash-back redemption. That means a point is worth 0.83 cents. The industry standard is 1 point for 1 cent.

The PayPal Cashback Mastercard®, however, has fewer barriers to earning cash back, with no category limitations and no limit on your earnings. It has the standard protections of a Mastercard: extended warranty, purchase protection for 60 days and identity theft resolution assistance. Also, when cardholders charge PayPal purchases to the card, they automatically get PayPal Purchase Protection.

In addition to 2% cash back, there occasionally may be bonus rewards available at a higher cash-back rate, according to the card's terms.

How does it compare vs. the competition?

How does this card stack up with the best cash-back cards? It’s mighty good.

The high flat rate on all your shopping and easy redemption make the PayPal Cashback Mastercard® very attractive. Because this card is available only for PayPal members, other people may consider opening a PayPal account to apply for it.