The PayPal Cashback Mastercard® is a popular cashback credit card that offers a straightforward way to earn rewards on everyday purchases.
With no annual fee and a simple cashback structure, this card is ideal for those who want to earn money back without complex rewards programs or rotating categories.
The card allows you to earn 2% cashback on all eligible purchases, making it easy to maximize your rewards no matter what you buy.
About the Issuer: Synchrony Bank
The PayPal Cashback Mastercard® is issued by Synchrony Bank, a leading provider of retail credit cards and banking products.
Synchrony Bank has partnerships with numerous retailers and offers a wide range of credit card products that cater to different consumer needs.
Their focus is on providing reliable financial products with customer-friendly features.
Who Is This Card For?
The PayPal Cashback Mastercard® is a great option for:
- Consumers who frequently use PayPal: If you often use PayPal for online purchases or money transfers, this card offers an easy way to earn cashback and integrate your rewards with your PayPal account.
- Shoppers looking for a simple cashback structure: The 2% cashback on all purchases means you don’t need to track rotating categories or limits. This straightforward approach makes it easy to earn rewards without thinking about it.
- People who want no annual fee: The PayPal Cashback Mastercard® comes with no annual fee, making it an affordable choice for everyday use.
- Online shoppers: Since PayPal is widely used for e-commerce transactions, the card is ideal for those who frequently shop online, providing a simple way to earn cashback on digital purchases.
Who Should Avoid This Card?
- Those seeking high-value sign-up bonuses: The card does not offer a large sign-up bonus, so if you’re looking for quick rewards or large bonuses, this may not be the best choice for you.
- Consumers who want to maximize cashback on specific categories: Unlike some cards that offer higher rewards for specific purchases like gas, dining, or travel, the PayPal Cashback Mastercard® offers a flat 2% cashback on all purchases.
Top Benefits of the PayPal Cashback Mastercard®
2% Cashback on Every Purchase
The PayPal Cashback Mastercard® offers a flat 2% cashback on every purchase, making it simple to earn rewards without having to track bonus categories or limits.
Whether you’re shopping for groceries, paying for a meal, or purchasing electronics, you’ll earn 2% cashback every time you swipe or tap the card.
No Annual Fee
One of the most attractive features of the PayPal Cashback Mastercard® is that it comes with no annual fee.
This means you can enjoy cashback rewards without worrying about paying an annual fee, making it a cost-effective option for everyday use.
Easy Cashback Redemption with PayPal
The PayPal Cashback Mastercard® is tightly integrated with PayPal, allowing you to easily redeem your rewards.
You can apply your cashback as a statement credit to reduce your balance, or transfer it to your PayPal account to use on future purchases.
Whether you’re making a PayPal purchase or transferring funds to friends and family, your cashback is ready to use.
Fees & Interest Rates
- Annual Fee: $0
- APR (Interest Rate): 15.99% – 24.99% variable
- Cash Advance Fee: Either $10 or 5% of the cash advance, whichever is greater
- Late Payment Fee: Up to $39
- Returned Payment Fee: Up to $39
- Foreign Transaction Fee: $0
- Minimum Payment: The greater of $25 or 1% of the balance (plus fees and interest)
Is the PayPal Cashback Mastercard Worth It?
The PayPal Cashback Mastercard® is a strong contender for individuals who are looking for a simple cashback card with no annual fee.
Its 2% cashback on all purchases is competitive, especially considering that it is a flat-rate card, meaning you don’t have to worry about tracking categories or limits.
Here’s a breakdown of its pros and cons:
Pros:
- 2% cashback on all purchases with no restrictions or rotating categories.
- No annual fee, making it a cost-effective choice for frequent spenders.
- Easy cashback redemption via PayPal, with flexible options for applying rewards.
- Visa® acceptance globally, making it convenient for international and online shopping.
- No foreign transaction fees, perfect for international travel.
- Fraud protection with zero liability for unauthorized transactions.
Cons:
- No large sign-up bonus: Unlike some other cashback cards, the PayPal Cashback Mastercard® does not offer a big initial bonus for new cardholders.
- Variable APR: The card comes with a high variable APR, so it may not be ideal for those who plan to carry a balance.
- No bonus categories: While the 2% cashback is great for general spending, it doesn’t offer higher rewards for specific categories like dining or travel, which some consumers may prefer.
Fees and charges
Late Payment: Up to $40;
Returned payment: Up to $41;
â—Ź APR: 19.24% - 33.99%;
â—Ź Cash Advance: Either $10 or 5% of the amount of each cash advance.
â—Ź Foreign Transaction: 3% of each transaction.
Expert review
The PayPal Cashback Mastercard is an excellent choice for those seeking unlimited cashback
With 2% back on all purchases, it stands out for its simplicity—no restrictive categories or reward limits.
Plus, it has no annual fee, making it even more appealing for frequent PayPal users.
However, it lacks a welcome bonus and premium perks like travel protections.
Its variable APR can also be high for some.
Ideal for those who want to maximize cashback without complications.
You will remain on this site
+Positive points
- Unlimited 2% Cashback: Earn 2% cashback on all purchases with no restrictions.
- No Annual Fee: Enjoy rewards without paying a yearly fee.
- Direct PayPal Integration: Cashback is automatically credited to your PayPal account.
- No Reward Categories: No need to track spending categories for cashback.
- Accepted Worldwide: Use anywhere Mastercard is accepted.
- Negative points
- No Welcome Bonus: Lacks an initial reward incentive for new users.
- High APR: Interest rates can be high if you carry a balance.
- Limited Additional Benefits: No travel perks or purchase protections.