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.