PayPal Announces Upgrade to Its Cashback Mastercard
PayPal Mastercard

PayPal Announces Upgrade to Its Cashback Mastercard

For years, the PayPal Cashback Mastercard has been a popular option for those seeking a simple rewards credit card, thanks to the product’s 2% cashback base. Nevertheless, PayPal and Synchrony have just announced a new update to the card that will make it even more valuable for cardholders. 

While the card will continue to earn 2% cashback on all purchases, it’s also added a new category. Now, customers can earn 3% cashback when they use PayPal at checkout. This includes transactions made online and on mobile as well as in-store purchases made using PayPal QR code

Currently, a waitlist for the updated card is available and PayPal will alert waitlist customers when the product launches. However, those who already have the card will not need to apply as they will automatically be upgraded. When the card does debut, it will also offer a special welcome bonus where new card customers can earn a $100 cashback bonus after they spend at least $500 on the card.

In a press release announcing the updated card, PayPal’s VP of Consumer Credit Susan Schmidt said, “The new PayPal Cashback credit card was designed so PayPal customers can earn rewards and get cashback for everyday purchases no matter what categories they spend in that month.”

Additionally, Synchrony’s CEO of the Digital Platform Bart Schaller said of the product and the bank’s partnership with PayPal, “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. Plus, it’s easy to use and manage – the new PayPal Cashback credit card is sure to be a customer favorite.”

For those who don’t use PayPal and, thus, don’t care about the newly-added 3% category, there are plenty of other flat 2% cashback cards now available from other issues as well. While the Citi Double Cash card is perhaps the most popular of the bunch, other options such as the Wells Fargo Active Cash card and TD Bank Double Up have come to market in recent years. Additionally, the FinTech Status Money announced a 2% back card late last year, although there is still a waitlist for the upcoming product.

PayPal’s marketing materials for the new Cashback Mastercard have touted it as an “upgrade” — which seems entirely fair given the circumstances. While the card was already a strong option for those with just one credit card or who have 10+, the addition of the 3% category only improves on what already worked. Therefore, those who don’t already have the PayPal Cash Back Mastercard in their wallet may want to consider adding it once this updated edition is available.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...