PayPal Cashback Mastercard, New 2% Cash Back Card with No Annual Fee
PayPal is introducing a a new credit card, named PayPal Cashback Mastercard, that offers customers 2 percent cash back on all purchases, with no annual fee. The rewards will appear in users’ online wallets and can be spent immediately on additional PayPal purchases or transferred to a bank. The card is issued by Synchrony Bank.
The card has been available to some users previously, but it is now publicly available to all through a dedicated application page. There’s currently no sign-up bonus offered on the card and I don’t expect to see one in the future either.
The card is similar to Citi Double Cash or the U.S. Bank Fidelity card that offer straight 2% cash back on all purchases. But the PayPal Cashback Mastercard does differentiate a bit, in a positive way, since it has no redemption threshold.
This is not a groundbreaking new product but it could be popular with consumers who still prefer straight cash back cards in general. It’s good to see yet another 2% cash back card, but there’s other cards out there that can get you an even better cash back rate, from USAA and Alliant.
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