New PayPal Cashback Mastercard
PayPal and Synchrony announced today a makeover for the PayPal 2% Cashback card. While that earning option will not change, you will be able to earn even more for all your PayPal purchases.
The new PayPal Cashback credit card, issued by Synchrony, earns unlimited 3% cash back when paying with PayPal at checkout and unlimited 2% cash back on all other purchases anywhere Mastercard is accepted.
The new card has no annual fee, no category restrictions and a $100 signup bonus for new customers. Let’s take a look at the details.
- For a limited time, new card customers will earn a one-time $100 cash back bonus on their first $500 spent.
- No Annual Fee
- Join Waitlist
Existing eligible PayPal 2% Cashback credit card holders will automatically be upgraded into the new 3% cash back card structure and can start earning higher cash back rewards whenever they use their card to check out with PayPal. The new PayPal Cashback credit card will soon be available to select customers who can apply through the PayPal app or website and will continue to roll out in the coming weeks.
- 3% cash back every time you shop with PayPal.
- 2% cash back when you shop everywhere else.
- The PayPal Cashback credit card offers customers a new user interface within the PayPal app and on the web, delivering a simplified and more integrated way to access rewards, manage purchases, and make payments.
- Customers can access rewards every day without having to wait for a monthly statement cycle. Based on account type, customers can have the freedom to choose how to use the rewards – whether they wish to make statement payments, make purchases from millions of retailers, or transfer funds to a linked bank account or debit card.
The card already earned 2% cashback on all purchases. But the new option for 3% cashback on all PayPal purchases could be huge for those who shop online often, or can make big payments through PayPal.
The signup bonus is only $100, so getting the card only makes sense if you plan to use the 3% category often. If you already have the PayPal card, you will not be eligible for the signup bonus, but you will be upgraded once the new card is released.