PayPal Cashback Mastercard Review: 3% With PayPal & 2% Everywhere Else Mastercard Is Accepted

Quick Highlights

• Variable APR of 19.24% to 31.24%. Rates as of 2/13/2023
• Earn unlimited cash back at millions of merchants without restrictions or rotating categories
• Earn 3% cash back every time you shop with PayPal
• Access your cash back imminently since it's earned daily on completed purchases

Current Offer Details

Currently, there is no sign-up bonus or bonus 0% intro APR for new users of the PayPal Cashback Mastercard.

Value Of Rewards

Since you can only earn cash back with this credit card, it's easy to understand how much you're getting: 3% for any PayPal purchase and 2% for anything else.

How You Earn Rewards

With the PayPal Cashback Mastercard, you can earn unlimited cash back on every purchase you make without the hassle of tracking categories or limiting the amount you can earn. Every purchase you make will earn a consistent 3.00% cash back rate on every PayPal purchase and 2.00% everywhere else.

How To Redeem Rewards

The rewards earned with the PayPal Cashback Mastercard can be redeemed in several ways.

You can redeem your rewards to your PayPal balance account or directly to your bank if you don’t have a PayPal balance account.

To receive a balance credit, you can log in to your PayPal account and transfer your cash back rewards to your PayPal balance. This PayPal balance can give you additional funds for online purchases or be transferred to your linked bank account.

You can redeem your rewards for a bank deposit if you prefer. You must provide your bank account information, and your cash back rewards will be deposited directly into your account.

Finally, you can redeem your rewards for a statement credit. This statement credit will reduce the balance on your PayPal account, giving you credit toward future purchases.

Redemption Potential

The redemption potential of the rewards earned with the PayPal Cashback Mastercard is straightforward. By earning 2% cash back on all eligible purchases and 3% on PayPal purchases, cardholders can accumulate significant rewards over time or redeem them the day after their purchase posts.

There is no cap on the amount of cash back you can earn, making it possible to accumulate substantial rewards.

Rates And Fees

Cash advance: Either $10.00 or 5.00% of the amount of each cash advance, whichever is greater

Cash advance APR: 31.24%

Late fees: Up to $40.00

Returned payment: $29.00

Foreign transaction fees: 3.00%

Annual fee: $0.00/yr

Variable APR of 19.24% to 31.24%. Rates as of 2/13/2023.

PayPal Cashback Mastercard Vs. Venmo Credit Card

The Venmo Credit Card is a credit card offered by Synchrony Bank in partnership with Venmo. This card automatically earns cardholders 3% on their top spend category, 2% on the next, and 1% on all other purchases.

The Venmo Credit Card also allows cardholders to split purchases with friends, which can be helpful for those who often split the cost of purchases with others.

If you spend a lot of money in different categories (i.e., gas, groceries, etc.) and are a frequent online shopper with websites supporting the PayPal Cashback Mastercard. However, the Venmo Credit Card is better for those who use Venmo frequently and want the ability to split purchases with friends and often spend in one specific category.

PayPal Cashback Mastercard Vs. Bread Cashback™ American Express® Credit Card

The Bread Cashback™ American Express® Credit Card is a credit card that offers cardholders unlimited 2% cash back on all eligible purchases. The card has no annual fees, no foreign transaction fees, and access to Amex Offers.

The PayPal Cashback Mastercard is better for people who only travel a little and can maximize their purchases by using PayPal.

However, if you travel a lot and don't use PayPal that often for purchases, we recommend the Bread Cashback™ American Express® Credit Card.

Best Card To Pair With The PayPal Cashback Mastercard

Pairing the Chase Freedom Unlimited® credit card with the PayPal Cashback Mastercard can be an excellent option for users who want to maximize their cash back rewards without paying annual fees.

The Chase Freedom Unlimited® credit card earns users an unlimited 3% on restaurants, 3% at drug stores, 5% on travel (purchased through Chase Ultimate Rewards), and 1.5% on every other purchase. On the other hand, the PayPal Cashback Mastercard earns users a flat 2% cash back on all purchases and 3% on all PayPal purchases.

Users should use the Chase Freedom Unlimited® credit card for all restaurant, drugstore, and travel purchases.

The PayPal Cashback Mastercard should be used for PayPal purchases and any other purchases.

This credit card setup would still have no annual fees, but it's important to understand both charge a foreign transaction fee, so neither should be used when shopping abroad.

The PayPal Cashback Mastercard is a cash back rewards credit card offered by Synchrony Bank and linked to your PayPal account. It is best suited for those who want up to 3% unlimited cash back on all eligible purchases without the hassle of tracking categories or limiting the amount they can earn.

This card is particularly attractive for those who make frequent purchases and want a simple way to earn cash back rewards without paying an annual fee. 

However, there may be better choices than the PayPal Cashback Mastercard for those who want a wider range of reward options, as the cash back rewards can only be redeemed to your PayPal balance account or bank deposit. Additionally, the card's interest rate may be higher than other credit cards, so it may not be ideal for those carrying a balance or planning to make large purchases.

PayPal Cashback Mastercard Review: 3% With PayPal & 2% Everywhere Else Mastercard Is Accepted

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