PayPal on Tuesday reported new changes to its PayPal Cash Back Mastercard. The card relaunches today and includes 3% cash back on purchases made with PayPal at checkout, and 2% cash back on all other purchases.
Starting April 6, current PayPal Cashback card holders will be able to earn the new rewards. Some PayPal customers can apply for the new card starting today, with more to follow in the coming weeks. The PayPal Cash Back Mastercard has no annual fee and there is no limit to the number of rewards the card can earn.
Cardholders can add the card to their PayPal wallet for safe and easy payments. For a limited time, new cardholders can receive a one-time $100 cash back bonus on the first $500 spent with the card.
In addition to the new card, PayPal is giving users an improved interface on the PayPal app and its website. According to the press release, it has been redesigned to give cardholders a simpler, more intuitive way to manage rewards and purchases, and make it easier for them to check out.
PayPal’s 2% cash back matches the best flat-rate credit cards with no annual fee, like the Citi Double Cash Credit Card and the Wells Fargo Active Cash Card. But adding a 3% cashback category could easily push it to the top.
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Various popular retailers including Best Buy, Target, eBay, Apple, and Walmart can use PayPal at checkout. According to a PayPal spokesperson, customers using PayPal at checkout will not incur any additional transaction fees, making it a lucrative option.
Please pay attention to the PayPal QR code when shopping in the store. Scan the code and pay with the PayPal Cashback Mastercard of your choice using the PayPal app to get 3% cash back on transactions.
Rewards will be automatically credited to the cardholder’s PayPal account. From there, they can be used to fund purchases or transferred to linked bank accounts.
The card comes with basic Mastercard protection, including Mastercard Identity Theft Protection and Mastercard Global Services to cover lost or stolen cards. Mastercard also monitors your TransUnion credit report for unusual changes that may indicate fraud. But other than that, it doesn’t offer much, so the main appeal is its high rate of return.
“The new PayPal Cashback credit card is designed to allow PayPal customers to earn rewards and cash back on everyday purchases no matter what category they spend that month,” Susan Schmidt, vice president of consumer credit at PayPal, said in a release.
The PayPal Cashback Card is issued by Synchrony and can be used anywhere Mastercard is accepted.