Paypal Cashback Mastercard Review: 2% Everywhere Card + 3% On Paypal (Personal & Business)

Update 6/27/23: There is now a business version of the card with the same 2%/3% categories. (ht EW) The business version fromWebbank does not report to the personal credit bureaus.

Update 9/6/22: Bonus is now $150 with $500 spend, found within Paypal login and app. Original posted 6/8/17. Update 4/7/22: I’ve refreshed this review with the updates from this follow-up post and, more importantly, from with the recent addition of 3% cashback anywhere Paypal is accepted and other changes. A reader reports getting an email that existing cardholders are already live with the new 3% benefit. The card is not yet available for new signups. Update 5/17/22: Card is now live for new signups, along with $100 signup bonus which is valid through 6/30/22.

Card Basics

Live application link | Direct Application Link | FAQ | Terms

The Paypal Cashback Mastercard earns 3% cashback on any purchase paid with Paypal online or in-store and 2% cashback on all other purchases. It has no annual fee and comes with $100 signup bonus for new card applicants.

 

Card  Rewards

  • Earn 2% cash back on all purchases with no limits.
  • Earn 3% on all Paypal purchases, whether online purchases, sending money to a friend, or in-store purchases via QR code.
  • Rewards post immediately without having to wait for statement close.
  • There is no minimum redemption threshold; even $.01 will become available for transfer upon statement close.
  • Rewards post immediately without having to wait for statement close.
  • Rewards can be transferred to your bank account or debit card, or they can be redeemed to your Paypal balance.

Signup Bonus

  • New cardholders can get $100 cash back after spending $500 within 3 months.

Card Details

Application Information

You apply for and manage your Paypal Mastercard entirely through your Paypal login and thus you need a Paypal account to apply. The card itself is issued by Synchrony and customer service is run by them as well.

Synchrony almost always pulls the Transunion credit report. From data points on Creditboards it seems that most people who have credit scores above 630 are approved. There are some who were approved with less and a couple who were denied with more. Generally, Synchrony cards are from the easier ones to get approved for.

The credit line offered on Paypal Mastercards varies greatly from as little as a few hundred dollars to as much as $10,000 or more. From memory, they do give you automatic credit limit increases early on after you’re in good standing for a few months.

A reader notes that they are not allowing product-changes from the old 3/2/1 Paypal Extras Mastercard to the new Paypal Cashback Mastercard.

Our Verdict

The baseline 2% cashback, along with the 3% rate when used with Paypal, makes this the best straight 2% cashback card out there and an easy choice for someone who wants a simple rewards structure. The $100 signup bonus is an additional perk.

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220 Comments
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John doe
John doe (@guest_1763053)
December 21, 2023 21:34

waiting for a decent sub to jump in. Kinda want this now after realizng the 3% can be for taxes.

Paul
Paul (@guest_1768036)
December 31, 2023 14:47

Same here. I think it’s a great card, but a sub would definitely push me over the edge to apply and have it take up a 5/24 slot.

Bo
Bo (@guest_1768178)
December 31, 2023 22:46

Been mighty tempted by this one bc I can push $900/mo with ppbp. I have a PayPal reward offering $50 just for approval, no spend necessary.

Ultimately waiting to see a proper SUB bc that same $900 is easy organic spend on better cards, but it is mighty attractive and I’ve almost pushed the buttons a few times.

Alex
Alex (@guest_1760004)
December 17, 2023 10:27

I wish they finally converted now useless PayPal Extras card into PayPal Cashback card.

Zenster
Zenster (@guest_1759381)
December 16, 2023 00:55

No more $150 signup bonus?

RM
RM (@guest_1759987)
December 17, 2023 09:45

Zenster I received a targeted e-mail today offering a $150 sign-up bonus on $500 spend. Subject line: “Confirmed – [Name here]! You’ve been selected to apply for the PayPal Cashback Mastercard®”

Zenster
Zenster (@guest_1759999)
December 17, 2023 10:15
  RM

I got nothing. How did you get it?

RM
RM (@guest_1760003)
December 17, 2023 10:27

No idea. P2 and P3 did not get one. Zenster

Zenster
Zenster (@guest_1760007)
December 17, 2023 10:37
  RM

P2? P3?

RM
RM (@guest_1760010)
December 17, 2023 10:40

Player 2, player 3 = spouse, adult child.

Zenster
Zenster (@guest_1760017)
December 17, 2023 10:56
  RM

Do you have paypal account and marketing notifications turned on? Ir paypal debit card or some other paypal product to possibly get the email?

RM
RM (@guest_1780232)
January 18, 2024 01:31

Zenster Sorry for the late reply. No, I don’t have any PayPal products.

Lyte
Lyte (@guest_1767258)
December 29, 2023 18:49
  RM

I got this email, but I don’t see the offer terms anywhere explaining if the $150 bonus is paid in X statement cycles of $500 spend, whether or not it has to be on PayPal and whether the 30 days is from account application, approval, opening or card activation? When I follow the link it looks like a generic application page and doesn’t show more offer details.

Jonathan S
Jonathan S (@guest_1738046)
November 16, 2023 12:01

FYI You might want to update: the Concerto PayPal Business credit card application has been down since mid- to late-October. Clicking the “Apply Now” button takes you to a site maintenance page; there doesn’t appear to be an alternative way to apply for the business credit card.

Dillon Paul
Dillon Paul (@guest_1691944)
September 12, 2023 18:12

Was using mine to pay the IRS. Synchrony just closed it on me after I earned greater than $6000 cash back and are telling me my cash back was forfeited. Appealing now to the rewards team. Going to be super pissed if they take all my cash back from account with no good reason for it. I could have gotten almost as much with my B of A obviously. Had previous issue where PayPal would put charges from this card on to other credit cards. Definitely more of hassle and bait and switch. Will be especially pissed if they take all the cash back I earned from it without warning.

ay
ay (@guest_1692223)
September 13, 2023 00:50

Had the same problem with my Venmo CC (issued by Synchrony). Earned a lot of CB but card was closed after about a year. CL was 12k. Seems like they don’t want you making too much money from them.

mangorunner
mangorunner (@guest_1692257)
September 13, 2023 02:50

“Had previous issue where PayPal would put charges from this card on to other credit cards.”

I had that problem, too. Couldn’t believe it when it happened. I learned to remove all payment methods from PayPal other than the card I wanted to use.

Hope you get your rewards, Dillon Paul

Zenster
Zenster (@guest_1759380)
December 16, 2023 00:54

This worries me. I have the flex card for paypal. I don’t want a different card charged. Thinking about applying for paypal credit card. If signup bonus ever comes back.

Dillon Paul
Dillon Paul (@guest_1801259)
February 21, 2024 21:35

Thanks! If anyone runs in to the same issue, I was unable to do anything over the phone and that my account was flagged for money laundering. I was advised by Kayla to send a letter to the following to ask for my $6200.10 back:
Consumer Affairs Corporate Escalations and CEO complaints

PayPal Mastercard Credit Services
PO Box 71752
Philadelphia, Pennsylvania 19176

Alex
Alex (@guest_1655050)
July 16, 2023 16:28

Any chance to convert PayPal Extras CC into this PayPal Cashback CC? I tried calling a few times over the last year or so and they always tell me “new application only”. Last time the CSR told me when they’re ready to convert, I will get an invitation from PayPal. I do get email to apply for the Cashback card almost weekly but haven’t seen anything about conversion.

Lisa
Lisa (@guest_1647747)
July 5, 2023 16:48

I have one I use just for Paypal purchases.

sybloc
sybloc (@guest_1643490)
June 28, 2023 18:41

The business version is issued by Concerto.

Al Kay
Al Kay (@guest_1643081)
June 28, 2023 00:45

Don’t see the $100 bonus language anywhere on the Application Landing Page.

Better to just wait until the promo comes back before applying for this card?

gg
gg (@guest_1642973)
June 27, 2023 19:19

3% on sending money to a friend? Can anyone confirm?

Lisa
Lisa (@guest_1647757)
July 5, 2023 16:59
  gg

Yes but there is $1.75 fee for doing so.

shiyi
shiyi (@guest_1809538)
March 7, 2024 08:32