PayPal wants to increase its usage in stores so it has launched its first cash back credit card. The new plastic will give users more incentive to pay with PayPal when shopping at retail outlets. Customers who pay using the PayPal Cashback Mastercard will earn 2 percent cash back on their purchases. It will work in the U.S. anywhere customers can pay using a Mastercard.
PayPal has launched this new card in partnership with Synchrony Financial. It claims that this is the best 2 percent cash back card available with no annual fee and a straightforward approach to earning and redeeming cash awards.
The card has been designed exclusively for PayPal members. They will get 2 percent cash back on every purchase online and in stores, everywhere they can pay with Mastercard. There is no annual cash back limit, no minimum redemption amount, and no restriction on how customers can spend their cash rewards. There isn’t even an expiration.
The card combines all of the security and convenience that users expect from PayPal with the acceptability and benefits of a Mastercard. All accounts are added automatically to the user’s PayPal wallet. When their card is approved, users an immediately use their card through PayPal before their physical card arrives.