PayPal Introduces New Cashback Credit Card to Make Checkout with PayPal Even More Rewarding (2024)
PayPal Introduces New Cashback Credit Card to Make Checkout with PayPal Even More Rewarding
PayPal and Synchrony announce New Cashback Credit Card That Offers 3% Cash Back on all PayPal Purchases
SAN JOSE, Calif., April 5, 2022 /PRNewswire/ -- PayPal (NASDAQ: PYPL), today announced the introduction of 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.
More than 60% of American consumers are now shopping both online and in-store, as well as across multiple spend categories1. As their shopping behaviors evolve from the pandemic, consumers are on the lookout for flexible ways to make smarter purchases and maximize rewards wherever they shop. The new card has no annual fee2, no category restrictions and can be added to a customer's PayPal wallet for easy, fast, and secure checkout.
"Our customers shopped across 34 different categories last year showcasing the diversity of their needs and interests, and we wanted to build a credit product that was flexible and better matched rewards with their spending behaviors," said Susan Schmidt, VP Consumer Credit, PayPal. "The new PayPal Cashback credit card was designed so PayPal customers can earn rewards and get cash back for everyday purchases no matter what categories they spend in that month."
Discover What's New
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.
Cash Back for New Customers: For a limited time, new card customers will earn a one-time $100 cash back bonus on their first $500 spent3.
"Together with PayPal, we continue to build on the seamless integration that has been a hallmark of our partnership, allowing us to enhance rewards to our customers and improve the user experience," said Bart Schaller, CEO of the Digital Platform at Synchrony. "Plus, it's easy to use and manage – the new PayPal Cashback credit card is sure to be a customer favorite."
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 and www.paypal.com and will continue to roll out in the coming weeks. Visit www.paypal.com/cashback for more information.
About PayPal PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 425 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
About Synchrony Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers. Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony
You can use PayPal Checkout to get paid online or in an app. It can be set up in minutes and offers the convenience and security of PayPal. Your customers don't have to re-enter information stored on their accounts to complete payments in just a few steps.
Cashback Mastercard, you earn unlimited 3% cash back1 when you checkout with PayPal and 2% on all other purchases everywhere else Mastercard is accepted—unlimited cash back, no rotating categories, and no annual fee. Plus, apply with no impact to your credit score if you're declined.
PayPal Credit allows you to take advantage of the interest-free period again and again as long as your transactions are above the $99 threshold. If you are more interested in earning cash back rewards or want more flexibility in using your credit card, the PayPal Cashback Mastercard is the better option.
The PayPal Cashback Mastercard will be great for earning extra cash back without an annual fee if you regularly use PayPal. You earn boosted cash back rewards for purchases using PayPal, solid flat-rate cash back rewards for all other purchases and the card integrates seamlessly into a digital wallet.
Yes, purchases you make using a points-eligible credit card with PayPal are eligible to earn credit card points, in accordance with the terms of your card issuer's points program.
The PayPal Cashback Mastercard® requires fair credit or better for approval. Based on our analysis of credit card approval rates, we recommend applying if your score is 640 or higher.
PayPal also encrypts your bank or credit card information, which helps keep that information safe. The platform also makes it easy to send money to friends and family for free provided you use an available balance to do so.
These are provided as guidelines only and approval is not guaranteed. Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months. Credit Score ranges are based on FICO® credit scoring.
Is PayPal Credit a digital credit card? PayPal Credit is a reusable credit line that is like a digital credit card. It is linked to your digital wallet with PayPal, so you can use it every time you shop with PayPal. At checkout, simply select PayPal Credit as your payment method, and complete your purchase.
When you shop online, at checkout choose Buy Now with PayPal, then login to PayPal. Select Pay with Rewards and choose the amount of rewards to use toward this purchase.
Synchrony Bank uses the Vantage 4.0 scoring model and they design their credit cards for people with Fair (601 – 660), Good (661 – 780), and Excellent (781 – 850) credit. So the minimum credit score required for PayPal Credit is 601.
The PayPal Cashback Mastercard® is a straightforward cash-back credit card that delivers solid value without any frills. As you spend on the card, you'll earn 3% cash back on PayPal purchases and 2% on all other purchases. The cash back you earn goes directly into your PayPal account.
PayPal Credit is a reusable credit line available on purchases at millions of stores that accept PayPal. Plus, it comes with the same security and flexibility you trust from PayPal. If approved, we start you off with a minimum credit line of at least $250. See FAQs for more info.
PayPal Credit is a reusable credit line that is like a digital credit card. It is linked to your digital wallet with PayPal, so you can use it every time you shop with PayPal. At checkout, simply select PayPal Credit as your payment method, and complete your purchase.
PayPal Credit, PayPal's virtual, low-limit, revolving line of credit program, has a starting limit of $250, but it can be theoretically increased over time to $20,000 via limit increase requests.
Can I access cash with my new eBay Extras Mastercard or PayPal Cashback Mastercard? Yes.You can request a Personal Identification Number (PIN) that you can use to get cash at thousands of ATMs nationwide. To request your PIN, simply call the phone number listed on the back of your card.
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