Original posted 6/8/17. Update 4/7/22: I’ve refreshed this review with the updates from this follow-up post and, more importantly, from with the recent addition of 3% cashback anywhere Paypal is accepted and other changes. A reader reports getting an email that existing cardholders are already live with the new 3% benefit. The card is not yet available for new signups.
Card Basics
Direct Application Link | FAQ | Terms
The Paypal Cashback Mastercard earns 3% cashback on any purchase paid with Paypal online or in-store and 2% cashback on all other purchases. It has no annual fee and comes with $100 signup bonus for new card applicants.
Card Rewards
- Earn 2% cash back on all purchases with no limits.
- Earn 3% on all Paypal purchases, whether online purchases, sending money to a friend, or in-store purchases via QR code.
- Rewards post immediately without having to wait for statement close.
- There is no minimum redemption threshold; even $.01 will become available for transfer upon statement close.
- Rewards post immediately without having to wait for statement close.
- Rewards can be transferred to your bank account or debit card, or they can be redeemed to your Paypal balance.
Signup Bonus
- New cardholders can get $100 cash back after spending $500 within 3 months.
Card Details
- No annual fee
- 3% foreign transaction fee
- Standard Mastercard benefits
- The card comes with an instantly issued card number until the actual card comes, likely with a small line of credit
Application Information
You apply for and manage your Paypal Mastercard entirely through your Paypal login and thus you need a Paypal account to apply. The card itself is issued by Synchrony and customer service is run by them as well.
Synchrony almost always pulls the Transunion credit report. From data points on Creditboards it seems that most people who have credit scores above 630 are approved. There are some who were approved with less and a couple who were denied with more. Generally, Synchrony cards are from the easier ones to get approved for.
The credit line offered on Paypal Mastercards varies greatly from as little as a few hundred dollars to as much as $10,000 or more. From memory, they do give you automatic credit limit increases early on after you’re in good standing for a few months.
A reader notes that they are not allowing product-changes from the old 3/2/1 Paypal Extras Mastercard to the new Paypal Cashback Mastercard.
Our Verdict
The baseline 2% cashback, along with the 3% rate when used with Paypal, makes this the best straight 2% cashback card out there and an easy choice for someone who wants a simple rewards structure. The $100 signup bonus is an additional perk.
