New PayPal Card, 3% Cashback with PayPal Checkout and 2% Everywhere Else

PayPal today announced the new PayPal Cashback credit card, issued by Synchrony, which gives customers even more cash back when they shop with PayPal. With the new card, customers earn unlimited 3% cash back when paying with PayPal at checkout – online, mobile, or in-store with PayPal QR Code where eligible – and unlimited 2% cash back on all other purchases anywhere Mastercard is accepted.

The new card has no annual fee, no category restrictions and you can add it to a PayPal wallet for easy, fast, and secure checkout. There’s also a $100 signup bonus to get you started. 

Offer

• For a limited time, new card customers will earn a one-time $100 cash back bonus on their first $500 spent.
• No Annual Fee

Card Details

• 3% cash back every time you shop with PayPal.
• 2% cash back when you shop everywhere else.
• Smarter Way to Pay with PayPal: By using the PayPal Cashback credit card, customers can now pay with PayPal and get more rewards while shopping online, mobile, or in-store where available.
• Better App & Desktop Experience: 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.
• Easily Redeem Rewards & Make Money Go Further: In addition to earning more cash back when checking out with PayPal, 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.

Applying for the Card

Existing eligible PayPal 2% Cashback credit card holders will automatically get the new 3% cash back card structure. They 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 and www.paypal.com and will continue to roll out in the coming weeks. You can join the waitlist here.

Guru’s Wrap-up

Earning 2% cash back on all purchases is useful for non-bonused spending. And there are several credit cards that already offer that. But the 3% cash back on PayPal payments could be huge to maximize savings on online payments. The new PayPal Mastercard has no annual fee and no limits on how much cash back you can earn.