Posted by Chuck on October 5, 2017
Credit Cards

Published on October 5th, 2017 | by Chuck

66

Paypal 2% Cashback Mastercard Review [No FTF From October 31st, 2017)

Update: They have sent out an e-mail to cardholders informing them that transactions made on or after October 31st, 2017 will no longer have any foreign transaction fee. This is significant because the card earns 2% on all purchases, has no annual fee and is a Mastercard (better exchange rates than Visa & American Express in most cases). Hat tip to readers Rose, Ivan & Mark.

Today, Paypal officially released their 2% cashback credit card, issued by Synchrony Bank, which until now has been available to select customers. Please read our full, updated review of the product: Review of Paypal Cashback Mastercard 2% Everywhere Card.

Here’s the card today on Bloomberg, and here’s the Direct Application Link for the card.

Basically, the card is similar to Citi’s Double Cash card and U.S. Bank’s Fidelity card which offer a flat 2% cashback on all purchases and has no annual fee. A nice perk of the Paypal card over the others is that it does not require a $25/$50 minimum to redeem rewards.

A few notes that became clear today with public launch:

  • No signup bonus.
  • Reports indicate the card is apparently not replacing the 3/2/1 eBay credit card which will continue to be managed by Paypal as before. Link to eBay credit card on eBay and from Paypal. This means that your 3/2/1 card will not be product changed to become a 2% card. The fact that the 3/2/1 card is getting a face lift and new rules also indicates that it’s here to stay. A commenter says they won’t allow product changes from the old card to the new card either.
  • Unknown if they are allowing product changes from the 3/2/1 card to this new card. If you have a data point, please let us know!
  • At launch, they were calling the card the Paypal Extras Mastercard. They’ve changed this and are now calling it the Paypal Cashback Mastercard. I’d guess once they decided to keep the Extras card, they wanted to have two separate names.
  • The biggest news to me is that there is no indication to what this initial PDF shows that there will be two versions of the card and you won’t know during card application whether you’ll be approved for the 2% card or an inferior card without rewards. As per the public link and the signup process I see in my account, there’s no mention of the Platinum card at all. I don’t know if that card even exists. This is good news since most of us would rather be declined than get the no-rewards card.  I don’t know if they’ve disbanded that plan completely or what. I’ve updated our review of the card to reflect this change. It’s also interesting that there are a couple of differences between the public product and that PDF. For example the PDF shows up to $37 late fee and the actual product shows up to $38. The APRs shown are different as well. I’d guess that they shifted from created two products and decided to create one with staggered APRs. I think that was a smart thing to do and keep it simple with one product.
  • Sources indicate that this card will also issue an instant-use card number upon approval. The older eBay/Paypal card gives a $250 credit line upon approval for use online until the card comes in the mail, and the new Cashback Mastercard is doing the same. Also see List of Credit Cards that Issue an Instant Card Number Upon Approval.

If they do some aggressive marketing, the card may well become highly popular in the world at large. A lot of us have cards that get a value of more than 2% everywhere, including the Alliant and USAA 2.5% cards and other points cards which we value more than 2%. Still, Citi basically has the popular flat 2% world to themselves until now, and Paypal might be able to gain a nice following with this card.



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jnrfalcon
jnrfalcon

Approved about 2 month ago for 700 but 250 initial. And it’s a 2% inside out so probably no lower version at all.

paz
paz

I got approved for a 250 CL, but it’s actually 7k per TU and after I actually received the card.

Thomas
Thomas

Approved with a $3k SL. TU 08 718.

Max
Max

I remember the PP Extras MC (the old one) advertised 3x, 2x, 1x but actually the points were worth less than 1c. I remember it took 6000 points to get $50 I believe.

Do we have confirmation that you actually get 2% worth in cashback rather than deceptive points which are worth less than 2%? Paypal is a very deceptive awful company….

Mary
Mary

Thanks for the heads up! I got approved for $3K SL with 690 TU FICO 08.

Elmer
Elmer

Sounds like you got some work to do on that score. Good luck.

NinjaX
NinjaX

haha. this guy…

Dan
Dan

Fuck PayPal.

Yeshu
Yeshu

And how’s your comment helpful in any way to this thread?

Sa
Sa

Maybe he did not mean it, but the comment happens to be relevant because this card is a way to do just that.

NinjaX
NinjaX

its good to know other people hate PayPal too so you dont feel lonely. also, there are a shitload of n00bs all over here so its a good warning for them too cuz they think PPMC is a hidden secret that nobody knows about. they also want to know how to deposit AGC into a Credit Union since the POS terminal rejected the transaction. go figure. SMH.

Bob

What’s your PP complaint? I actually work for them

Travel Tyler
Travel Tyler

I have a complaint, though it’s mostly been solved at this point. Earlier this year I essentially couldn’t use paypal to make purchases through ebay… The 2 step authentication process wouldn’t work and it wouldn’t sign in after entering the code that I received via text (or maybe email). So I essentially didn’t make any purchases on ebay for months due to this issue. I think it’s been resolved but I now make less purchases through paypal on ebay.

NinjaX
NinjaX

you work for them in what capacity? if youre in a position to make shit happen then please tell the leadership team their overseas customer service center can suck it. if you need a model for how its done, just look at Amazon. amazing.

however, i must be alone on this because paypal keeps growing and making more deals with Apple and Google and etc. adding more users on the platform. everyone outside of this community must love them. sounds like nobody else is complaining. otherwise, i want to see a complete overhaul. implement a discover CC US call team.

JASON
JASON

Back in this June, I added money from my bank account to paypal, first amount $62.02, pending, so I added 3 more other amounts in one hour. Total funds $147.02 getting frozen for 6 months. Was told I cannot use paypal anymore, mind if I give you my reference #?

Mser
Mser

You kidding? No shittier company than PayPal when something goes wrong. Customer Service is a complete joke.

Justin
Justin

Someone in Australia is using my personal correspondence email as their Paypal email address. (I have another address I use for my own Paypal.) I contacted customer service and fraud and they won’t do anything about it. They act like it’s a non-issue. But, if someone tries to send me money without asking what email address to use, then it will go to some fraudster in Australia who doesn’t even share my name.

D
D

and How is your dumb comment helpful in any way?

ihg newbie
ihg newbie

probably happened the other way around, no?

Phill
Phill

Paypal and their devious ways…..HARD Pass.

Rick H
Rick H

P.S. Forgot to mention the Blispay card. 2% statement credit, 6 months no interest on $200+ purchases, plus it’s a Visa rather than a MasterCard.

Rad
Rad

I keep trying to sign up for that one, but they insist that they can’t identify my identity every time..and I’m on attempt #3 lol.

P
P

Are you able to use money in your paypal account to pay off the balance on this credit card?

Joe
Joe

Yes, that will be the fastest way for them to receive payments to your card is if you have a PayPal balance

Denounce
Denounce

PayPal sucks. Avoid at all cost.

Peter
Peter

PayPal will close all your accounts at any time.

John
John

Temporary Credit Limit: $250.00
Credit Limit: $2500.00
Variable Annual Percentage Rate*(APR) for purchases: 24.99%
No Annual Fee
671 FICO and 4 year Bankrupcy. Thanks doctorofcredit

Joe

How long is the temporary credit limit for?

And that seems to make more sense. I was wondering why everyone was jumping on a card that only had a $250 limit – you’d have to pay it off several times a month just to make it useful.

TomC
TomC

I was on the phone with PayPal a few days ago with a customer support issue to change my first name to match my Coinbase account. Once issue was solved the CSR went into a hard pitch for this card. I’m more interested in travel rewards than cash back so I shut him down before he wasted too much time. It was obvious he was instructed to press hard to get applicants for this cars.

Adam D
Adam D

Dont bother trying to use a chase credit card with coinbase, the site is flagged. BofA and Citi work for me along with checking accounts.

Jay Bee
Jay Bee

lol @ this line in the terms:

“If your PayPal Account is closed for any reason, or if your Card Account is no longer linked to your PayPal Account, your Card Account will be closed and any Cash Rewards earned, but not redeemed, will be forfeited.”

I’d take 2% all day long before ever combining this + PPDC for 3%

Can’t wait for the new google autocomplete queries to populate on this one.

Jay Bee
Jay Bee

2% as in Citi DC, Blispay, Fidelity, etc

Adrian
Adrian

Can you product change to this cared from the 3-2-1 card?

Thomas
Thomas

Interesting data point. Apparently you can’t get a Paypal credit card and Paypal Credit with the same account, or so it used to be. I used the Direct Application link and was able to get this card even though I have Paypal Credit.

Josh m
Josh m

I have a PayPal credit account and I got a message that they couldn’t process my request when I tried to apply for this card.

Larry Ordway
Larry Ordway

Same for me. Dumb!!

Josh M
Josh M

DP on myfico forums saying the error comes from having a paypal business account, I just put in a requiest to downgrade my account to premier, will report back if I am able to apply after my paypal account is downgraded.

http://ficoforums.myfico.com/t5/Credit-Cards/Paypal-2-Mastercard-now-publicly-available/m-p/5036852/highlight/true#M1472559

Larry Ordway
Larry Ordway

You are correct. After reading your comment, I applied with another PayPal account that is a Premier and it went through to the Application.

Ivan
Ivan

Contrary to this DP, I have had an active Paypal Credit account for a long time, applied to this Paypal MC a few weeks ago and got instantly approved. Both accounts show on my PP profile now.

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