SAN JOSE, Calif.—PayPal customers in the U.S. can now earn cash back on every purchase online and in stores with Wednesday’s launch of the new PayPal Cashback Mastercard issued by Synchrony Bank.
The PayPal Cashback Mastercard, which the company said has been designed exclusively for PayPal members, offers cardholders 2% cash back on all purchases made on the card.
Unlike other rewards credit cards, there is no annual cash back limit, no minimum redemption amount, no restriction on how to spend cash rewards and no expiration, Mastercard said.
All accounts are automatically added to the member’s PayPal wallet.
Key benefits of the new PayPal Cashback Mastercard, according to the payments processor:
- 2% cash back on every purchase – everywhere Mastercard is accepted
- No annual fee
- No limit or expiration on cash rewards earned
- No rotating rewards categories and no restrictions on purchase types
- Cash rewards redeemed directly to PayPal balance – no redemption minimums or limits on how to use rewards
- Zero fraud liability
- Automatically added to PayPal wallet upon approval, allowing immediate use before physical card arrives in most cases
- When used to pay for merchandise through PayPal, eligible transactions receive PayPal Purchase Protection at no additional cost
- Mastercard benefits including extended warranty coverage, purchase protection, and identity theft resolution assistance
“The introduction of the PayPal Cashback Mastercard with Synchrony Bank continues PayPal’s commitment to provide customers with rewarding product experiences and a range of innovative credit options,” said Mark Britto, senior vice president, global credit, PayPal. “By providing a simple way for people to earn cash rewards for the shopping they’re already doing, the PayPal Cashback Mastercard will give consumers yet another reason to shop with PayPal.”
PayPal has partnered with Synchrony Bank since 2004 to offer credit card options that enable cardholders to shop online and in stores, Mastercard noted.
“We are excited to continue deepening our relationship with PayPal, a digital payments leader who shares the same vision of providing simple and convenient payment solutions for customers,” said Curtis Howse, senior vice president and general manager, diversified client group, Synchrony Financial. “We look forward to advancing our partnership to provide even greater value for cardholders.”