PayPal Announces Upgrade to Its Cashback Mastercard PayPal Announces Upgrade to Its Cashback Mastercard
PayPal Mastercard

Credit Cards

PayPal Announces Upgrade to Its Cashback Mastercard

by Fioney Staff

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.

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
Small Business News

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

by Kyle Burbank
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...
Summer app
FinTech News

Student Loan Benefit FinTech Summer Raises $6 Million

by Fioney Staff
For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards
Credit Cards

Imprint Launches Credit Cards from H-E-B and Central Market 

by Fioney Staff
The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card
Credit Cards

Health and Wellness Rewards Card Ness Partners with Whole30

by Fioney Staff
In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card
Credit Cards

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

by Fioney Staff
With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....