SAN JOSE, Calif.— PayPal has made a big move in the credit market, introducing a new physical card.
The plastic is issued by Synchrony, PayPal said.
“With this launch PayPal Credit is also extending a limited-time offer to let customers use their physical card to pay for travel purchases over six months with special financing and no minimum spend,” PayPal said. “Customers will have a more manageable way to pay for qualifying travel purchases like flights, hotels, cruises, and ride shares, which can be spread over time to best suit their budget and needs.”
In addition to the limited-time travel offer, customers can take advantage of six-month special financing on PayPal purchases over $149.1, the company said.
“PayPal Credit is one of our most popular products and customers have long been requesting the ability to use it on-the-go as they look for more choice and flexibility wherever they shop,” said Scott Young, SVP, global head of consumer financial services at PayPal. “From our buy now, pay later options to our credit cards, we continue to bring customers a range of solutions to help them manage cash flow and pay in the ways that suits their budgets for the things they love and need.”
The physical card will be rolled out in the coming weeks to U.S. customers. Eligible existing PayPal Credit customers will be notified about their card upgrade over the coming weeks, PayPal said.
The new card follows PayPal’s “The Great PayPal Checkout,” the company’s largest sweepstakes ever--$10 million. The campaign brought back popular actor and comedian Will Ferrell to announce the offer that gives away $10 million to 1,000 people daily across the country over 100 days.