PayPal CashBack MasterCard enables users to earn 2% cash back on every purchase everywhere Mastercard is accepted. Users earn Cash Rewards every time they use their PayPal Cashback Mastercard on every purchase such as monthly groceries, vacation, Sofa. It’s amazing to enjoy unlimited discount on your daily purchases, let’s do the calculation!. For an item that cost $999, you get $19.98 cashback, $70 discount on an item of $3500, isn’t it a good way to save some bucks. Paypal Mastercard does not charge an annual or monthly fee.
How to redeem your reward
You can Redeem Cash Rewards whenever you want, directly to your PayPal balance plus account with no redemption threshold. Your Cash Rewards never expire, you can redeem as much, or as little, cashback as you want at any time but you can only access the rewards options once you have made a purchase, earned cash back, and received a billing statement. Follow the steps below to redeem your reward:
Log in to your account with PayPal and click your “PayPal Mastercard” to be transferred to the Synchrony Bank servicing site
From the “Rewards & Offers” tab, select Reward
Enter the amount of cashback you’d like to redeem to your account with PayPal2 and just click “Redeem”
The benefit of PayPal Cashback Mastercard
PayPal’s cash back card provides a simple rewards structure with 2% cashback rewards on every purchase with no annual due, the industry standard for flat-rate cards is 1.5% cashback while other cards offer higher cashback rates
You can share your Mastercard by adding authorized users to your account and earn rewards on all of their purchases, as well.
There’s no annual fee.
It takes about seven days before it arrived in the mailbox once you’re approved for this card, although you get instant access to a temporary credit line. It will be added to your account so you don’t have to wait for the physical card. You can start using the credit line immediately.
You can redeem cash back directly to your PayPal balance or bank account in any amount. Some other cards require you to rack up $25 or more before you can redeem your reward.
You can use it in-store and online, almost anywhere Mastercard is accepted.
High APR; the ongoing APR is 22.24% – 29.24% Variable. For PayPal MasterCard the APR is higher than other cash back cards, it is usually base on creditworthiness and some other factors.
This card is exclusive to PayPal members, you cannot apply If you don’t have an account with PayPal. You will be prompted to log in if you apply for the card.
Although the rewards rate is superior to most flat-rate cards, there’s no welcome bonus, like you can get with many other rewards credit cards.
It’s slightly limited than other cash-back cards that enable you to apply cashback as a statement credit or get a paper check in the mail. In Paypal cashback MasterCard’s case, you can either redeem it as a deposit into your PayPal cash / PayPal cash plus account or redeem it to your bank account/debit card.
Here are some other condition applied to PayPal cashback MasterCard
As said earlier that you must have an account with Paypal, it must also be in good standing if you want to earn your reward. therefore If your account with PayPal is closed for any reason, your Card Account will be closed and your Accrued Cash Rewards earned which are yet to be redeemed, will be forfeited.
You can share your MasterCard as allowed by Paypal, and you are responsible for all transactions made on your credit card account by any of your authorized users. Authorized User will not be able to add the card to their existing PayPal account.