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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.
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.