Rating: 5 Stars
Bottom Line:
High Cash Back for Paypal Account Holders
TABLE OF CONTENTS
Card Details
| Regular APR: | 21.99%, 25.99% or 28.99% (Variable) |
| Intro APR (Purchases): | None |
| Intro APR (Balance transfers): | None |
| Rewards Rate: | Get 2% cash back every day, every purchase, every time you use your card |
| Credit Needed: | (670 – 850) Excellent/Good |
| Annual Fee: | None |
| Card Brand: | Mastercard |
*See online credit card application for details on the terms and conditions.
Offer Highlights
- Get 2% cash back every day, every purchase, every time you use your card. No exceptions. No rotating categories to keep track of
- Redeem Cash Rewards right to your PayPal balance** — start enjoying your rewards today! No redemption threshold
Is PayPal Cashback Mastercard worth it?
PayPal Cashback Mastercard is a solid card for Paypal account holders who appreciate cash back as a form of redemption. You get 2% cash back every day, every purchase, every time you use your card. 2% unlimited cash back is as high as the best credit cards go, like the Citi Double Cash.
Note there have been customer reports of below average customer service on the PayPal side. The card is also issued by Synchrony Bank, which ranked 10/11 in a 2018 study by JD Power on customer satisfaction among credit card issuers.
Pros
- No redemption threshold: no minimum amount to redeem
- Cash back gets posted to your PayPal balance, then you can deposit it in your bank account if you want
Cons
- No foreign transaction fee
- Issued by Synchrony Bank, which does not have the most up-to-date customer portal experience
- Must have a PayPal account
Why 5 Stars?
Regular APR
The ongoing APR varies depending on your credit score, but the lowest it will be is above 20%. At worst, it could be 28.99%, which is very high.
4 Stars
Intro APR
There is no Intro APR for purchases or balance transfers.
4 Stars
Fees
There is no annual fee, no foreign transaction fee, no penalty APR, and no balance transfer fee. The cash advance fee is average at 3%.
5 Stars
Perks
2% unlimited cash back is as good as it gets. The competition have slightly different redemption schemes: With Citi Double Cash, you get 1% cash back when you make the purchase and 1% when you pay the bill. And with Fidelity Rewards Visa Signature Card, you only get 2% if you deposit into a Fidelity account.
With PayPal Cashback Mastercard, you deposit into your Paypal account, but once you take that step you can transfer the balance to your bank account.
5 Stars
Overall
The benefits aren’t great, but 2% unlimited cash back is excellent.
5 Stars
Fees
| Foreign Transaction Fee | 0% |
| Balance Transfer Fee | 3% of the balance transfer amount or $5, whichever is greater |
| Cash Advance Fee | 5% of the transaction amount or $10, whichever is greater |
| Penalty APR | Up to 29.99% APR |
Benefits
| $0 Fraud Liability |
| Extended Warranty Program |
| Purchase Protection |
Editorial Note: This content is not provided by the issuer. Any opinion, analyses, reviews, or recommendations expressed on this page are those of the author?s alone, and may not have been reviewed, approved or otherwise endorsed by the issuer.
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