In an April 5 press release, Paypal announced the launch of a new Mastercard, known as the PayPal Cashback Mastercard and issued by Synchrony.
Customers who use the new card will earn unlimited 3% cashback on each purchase made with PayPal online, via mobile, at checkout, or in-store using PayPal’s QR Code. Plus, they’ll earn unlimited 2% cashback on all other purchases wherever Mastercard is accepted.
After making $500 in purchases on the card, PayPal Cashback Mastercard cardholders will receive a $100 cashback bonus. Note that this is currently only a limited-time offer.
Moreover, customers will be able to earn points as soon as they sign up for the PayPal Cashback Mastercard. Better yet, users won’t have to wait for their monthly statements like they do with other credit cards. Likewise, they may also manage their cards via the PayPal app or online.
In addition to that, if you have an eligible PayPal 2% Cashback credit card, you will automatically upgrade to the new 3% cashback card. In other words, you’ll earn greater rewards whenever you use your card for purchases with PayPal.
The PayPal Cashback Mastercard is an excellent way to earn rewards if you use PayPal on a regular basis. There is no annual fee, and the cashback rate is pretty decent.
PayPal is one of the most popular payment methods in Europe when it comes to online shopping. In 2021, the company had 462 million active users and 45 transactions per account.