Posted by Chuck on June 8, 2017
Credit Card Review

Published on June 8th, 2017 | by Chuck

86

Review of Paypal Extras Mastercard 2% Everywhere Card [Coming Soon To Everybody]

6/8/17 Update: Looks like this card will be publicly available to everybody starting sometime next week.

Paypal is sending some people an email offering them to apply for a new version of the Paypal Mastercard which will offer 2% cash back on all purchases. This version is not publicly available for signup at the moment.

We don’t know for sure this how will play out, but likely the 2% card will replace the old 3/2/1 version of the Paypal Mastercard and the eBay Mastercard.

Card Basics

Direct Link (PDF)

There are two versions of the new Paypal Mastercard, both issued by Synchrony Bank:

  • Paypal Extras Mastercard which earns 2% rewards on all purchases; no annual fee
  • Paypal Platinum Mastercard which does not earn rewards; no annual fee

When you apply for the card, you have no way of knowing for sure that you’ll be approved for the 2% version. Just hope for the best.

Screen Shot 2017-01-27 at 1.30.28 PM

Card  Rewards

The Paypal Platinum version does not earn rewards.

The Paypal Extras version earns 2% cash back on all purchases with no categories and no limits.

As soon as your statement closes, the cash back is available to be transferred to your Paypal account. Once transferred, it’s like any Paypal balance which can be transferred over to your bank or transferred back to pay the Paypal credit card bill (a roundabout statement credit).

There is no minimum redemption threshold. Even $.01 will become available for transfer upon statement close.

Signup Bonus

No signup bonus is currently being offered for this card.

[The other 3/2/1 version of the Paypal Extras card does not have a signup bonus when applying through Paypal, but does have a $30 bonus when applying through eBay. The cards are otherwise identical.]

Pricing Details

Fees

  • No annual fee
  • 3% foreign transaction fee
  • 3% cash advance fee, minimum of $5
  • Up to $37 late payment fee

APR

  • Paypal Extras: 16.24% on purchases and 27.24% on cash advances
  • Paypal Platinum: 27.24% on both purchases and cash advances

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. That said, it’s possible that those with lower scores or lower incomes will be approved for the Platinum version instead of the Extras version.

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.

Our Verdict

Definitely interesting to see another 2% card in the game. The other two options for straight 2% cash back are the Citi Double CashElan Fidelity card, Capital One Spark business card, and Blispay. You also now have the Alliant card offering 3% first year then 2.5% onwards and let’s not forget the blue business plus. More options can be found here.

This card is slightly better since there’s no minimum redemption as the other cards have ($50 for Fidelity and $25 for Double Cash). There’s a slight disadvantage that if your Paypal account ever gets frozen it might be  tough to redeem rewards, though I think (but I’m not positive) that this isn’t an issue any longer. Some people are scared away from anything to do with Paypal, but truthfully the card runs entirely by Synchrony, and it would function like any other Synchrony card.

It’s worth noting that this card doesn’t seem to come with any benefits like car rental insurance, price protection, and many more which might be available on the Double Cash or the Fidelity card.

Let us know your thoughts on the new card in the comments.



86 Responses to Review of Paypal Extras Mastercard 2% Everywhere Card [Coming Soon To Everybody]

  1. Peter says:

    Blispay is straight 2% back as well, plus 0% financing on purchases $199 or more.

  2. Vince says:

    I think Double Cash is still better because of how easy it is to get a price protection claim done through their citipricerewind.com site. The no minimum on rewards redemption is nice though.

  3. CtownBin says:

    If the backup funding thing will work… oh my…

  4. Kevin says:

    Meh. 2 percent cards are great in theory but I find that between obtaining new cards, keeping cards active, using my category cards, etc a baseline 2 percent card gets little use. No minimum redemption is nice but it just doesn’t represent much gain for me

    • Chuck says:

      Actully, others noted the reverse: since we’re always using other cards and not 2% cards often, it’s nice to be able to cash out the small amounts used on the 2% card.

      • Yeah I agree with this, I’d love to have a 2% card with no minimum redemption. It’s not a huge issue when I’m running MS spend through a 2% card, but that’s not always an option year round and I hate having to meet thresholds.

  5. Jack says:

    Capital One Spark gives 2% with no minimum redemption, no AF first year, $500 signup bonus, and can be churned.

    • Jeremy says:

      Capital One isn’t a favorite because they pull all 3 credit bureaus. I haven’t heard of this changing lately.

      • Jack says:

        Sure, but you can freeze the bureau that’s most pulled in your area, then it’s only two. Considering in some areas Chase and Citi pull two bureaus as well, it can be a good option.

      • Mser says:

        Red herring argument. Vast majority of people have inquiries bunched on one credit report (usually Experian). Having another on TU and Equifax is meaningless for most people.

        Cap1 Spark is a great card. They waive AF if you put decent spend on the card. Sadly, they recently cracked down on MSing and most everyone is being closed.

      • MSer says:

        Most people typically get most pulls from one bureau and rarely have problems with pulls from the other two. So having 3 pulls is effectively meaningless. Spark cards are good and are vastly underpromoted in the blogosphere.

    • Chuck says:

      I’ll add Spark in, thanks

  6. Jeremy says:

    No one is taking about Chase Freedom Unlimited which is worth more if you have a CSR.

  7. Benq says:

    “Just hope for the best” Lol. No thanks. Can’t stand that this is a thing at BoA for some cards also. Just don’t give me the card that I applied for if I don’t meet whatever criteria you have.

  8. John says:

    Synchrony recently denied me for a banana republic credit card because of too many inquiries. Had two recent transunion inquiries. Fico score is over 800.

  9. Mser says:

    Beware. Paypal as a business is beyond shitty. And this offer where they can tempt you with 2% and then can arbitrarily give a no cb, no rewards card just proves how shitty their business practices are. I wouldnt touch this offer with a 10′ pole

    • D Wells says:

      agreed, can’t stand paypal…it’s an ultra paranoid company… it comes at your expense often times…watch out when working with PP.
      DDW

    • Chuck says:

      I don’t think your cash back will depend on Paypal. But it will, admittedly, be hard to redeem if Paypal freezes your account (might be workarounds).

  10. Abey says:

    Citi Double Cash has an advantage that there is a Bank you walk into and pay your credit card.
    I know a lot of people that dont use Cards like Amex and Barclaycard because there is no bank to walk into with cash.
    Just the other day in my weekly clip
    (on a whats app group in a different language)
    I explained why Citi Double Cash is the best credit card to certain people.
    Basically its the only card from a big bank that gives 2% cash back and has no annual fee and you will be surprised how many people dont wanna bother with points and miles and annual fees, All they want is one or two credit cards with cash back and no extra worries.

    • Abey says:

      A few weeks ago i met a friend and he thanked me so much for recomending him months ago the Citi Double Cash. He says he can’t believe he reached $100 cash back just by using his card to pay his regualr bills. He was super excited. And he even asked me quiteley if im sure its 100% legal, 😉
      (Before he used an old Amex with no rewards and an annual fee).

    • Dave P says:

      Citi only has branches in 14 states, so this aspect doesn’t apply to the majority of us.

    • JASON says:

      Double cash is my favorite CC

  11. Mimi says:

    I have the 3/2/1 PPEMC right now and I’m not too thrilled if it will be PCd to this 2% card because it’s tied to Paypal. Paypal compliance is notorious for being unreasonable and it’s like walking on eggshells just to use this card tied to PPBDC. Synchrony customer service sucks, all those times I’ve inquired about the bonus offers they’re sending, NONE of the reps knew what I was talking about {rolleyes}. For these reasons, I’d keep the 3/2/1 card I have now, once I’ve collected $400 CB in two months, it goes to the sock drawer.

  12. Vic says:

    I think the most important question I think is whether there’s a maximum cash back per card year.

    For the current 3/2/1, the maximum points one can earn per card year is only 50,000, which is maxed out so easily..

  13. Eric says:

    I called synchrony and they said they have never heard of a 2% for all purchases card. Warned me that it was a scam.
    Hmmmm, has anyone actually gotten this card? I checked around and could not find it.
    Synchrony also asked if the ad addressed the individual, as somehow not using the persons name indicated a scam as well.

    • Chuck says:

      It’s targeted. Not surprising reps don’t know about it yet as it just came out as a beta offer.

    • Mimi says:

      I’m not surprised at all because back in December they sent out the emails for 5x points if you activate for travel, shopping and another category I can’t remember now. But there was no mention of qualified merchants so I called Synchrony to ask if a specific merchant I’m going to shop at will qualify. The rep put me on hold for fifteen minutes(!) and thereafter, said I can shop whereever I want and will get UP TO 2200 pts. I calculated how much I will put spend on my PPEMC and will see in March if 2200 pts posts. Rep said it’ll take 2 billing cycles with the first one in Jan when purchase was made.

      Last week I got another offer of up to 6X bonus, max of 2200 pts which has to be activated by Feb 11, I just activated it and will know later how they compute this. I am not inclined to call them and waste my time since most, if not all reps, do NOT know their current offers.

      This is the first year I’m doing their bonus offers, I’ll know later if bonus pts are part of the 50000 pts cap since I just rake in $400 every year earned in 2 to 3 months then kept goes to sock drawer until January the following year. I consider it as “recurring sign up bonus” without any HP. lol

  14. Mimi says:

    My statement is about to close and was hovering around the Giftcards. I found out that $25 WalMart gc is “on sale” for 2500 pts which makes it a better value than redeeming $50 cash for $6000 pts. The sale expires 3/31/17 so I will redeem my 20K pts for $200 worth of WMgcs rather than get $150 with 2K pts remaining. Amazon GC is also on sale $25 GC for 2500 pts and other store GCs for Albertson, Jewel-Osco, Acme are also on sale.

  15. Zack says:

    Dang is this card ever coming out??

  16. Frank says:

    Terrible deal considering you loss all credit card benefits… Better off using Citi double cash.

  17. Audrey says:

    Worth noting that with the 3/2/1 card it’s 3 points, etc, not 3%. Typically 6000 points = $50, as noted above. That being said, “backup mode” seems to earn 3 points/$, plus potentially the PPDC 1% if an eligible transaction.
    Also as noted above, there are lucrative (if cryptic) promos fairly often.

  18. Ymb says:

    What about the alliant 2% card

  19. Jake says:

    I would skip this. Synchrony bank issues some really ghetto cards.

    • Jeremy says:

      @Jake Agreed. However, only requiring a 630 credit score and pulling TU for a no AF 2% card is legit.

  20. Jason says:

    They offered this to some PayPal users a couple months ago. Have had 2 percent cash back version for about 2-3 billing cycles. Couple weeks back they emailed new notice saying if anytime your PayPal account is closed you will lose all cash back that is currently accrued and not cashed out. The card will be closed out also. Needless to say pulling cash back every month When it’s credited.

  21. NinjaX says:

    HAHA… Synchrony AND PayPal team up? yea right. pass. sorry but i dont like getting raped.

    also, why we forget about Amex Biz Blue Plus? sure 50k limit but cmon 2x MR is far superior depending on your needs. i wanna see anyone try MSing on this and see what happens. haha.

  22. Wong says:

    The Alliant Platinum Rewards earns 2 points per $1 redeemable at $0.01 per point. When I applied, it had a 10,000 point bonus upon spending $500 in 3 months. I think it’s now 5,000 points, but it still seems to be better than the PayPal card. They rejected my 3% CC application since I didn’t report north of $100k in annual income, but they mentioned I could be reconsidered in 6 months.

  23. Josh m says:

    Do you know if the old card be converted?

  24. Mimi says:

    I am crossing my fingers that those who have the 3/2/1 card will be given the choice either to convert to 2% unlimited CB or keep it as it is. I would like to keep it as it is since I have several 2% and 3% cards already, I prefer variety…lol

    Right now, I’ve redeemed over $400 worth combining CB and GCs on sale with remaining “orphaned pts” waiting to be redeemed in Jan 2018.

  25. NotRonJeremy says:

    This card should breathe new life into the H.E.L.L.O. method.

  26. Tom says:

    I was invited to apply this card when I log in to my paypal.
    Here is the link with more detail:
    https://www.paypal.com/us/webapps/mpp/paypal-extras-mastercard-faq#Section1Q1

    It seems like that the design card is even different than the original one. If you combine with debit card, it will become forever 3% cash back which is unbelievable good and the easiest one to apply. Even it didn’t come with signup bonus, it is still the best one for the starter.

  27. wwllmm says:

    Sorry, you’re just surmising that the current 3/2/1 is on the way out, or you have some other info causing you to lean this way? I wonder what they would do for current folks w/ points balances under a forced conversion scenario?

  28. Amy says:

    That’s the Cashback version, btw.

    • Zack says:

      I wonder what other big ways the cashback version differs from the extras version other than the obvious 2% CB vs 1-3% rewards

  29. themanwhocan says:

    Amy, that link displays your full name at the very top of the window, above the gray Paypal bar. So, its probably targeted to you.

    • Amy says:

      Hmm, interesting. That’s what the message looks like in the email, but when I click it I’m taken to a log in page (thus my comment about seeing a different email address than the one which received it). I take it that happens because it’s targeted? (I don’t know how these kinds of things work.) And thanks for pointing out the name issue, I hadn’t even noticed! 😛

  30. what says:

    Just got approved instantly… for a CL of 250, whiskey tango foxtrot.

    • Chuck says:

      LOL. But Synchrony is good about doing automatic CLI over time.

      • paz says:

        Still have not received this card, while I’ve already completed the “spend” on three other CCs applied for on the same date.

        According to CreditKarma, my CL on this card is 7k though. I hope it’s true.

    • Abe says:

      Same here I got approved instantly yesterday.

      My initial CL was 250 as well but I read in one of the FAQ’s (see below) that this is a temporary CL (maybe to purchase something right away) and that is important to activate the card once you receive it so that your credit line is “fully” available to you. I’m not sure if this means that once you activate your card an automatic credit limit increase will follow or maybe not.

      https://www.paypal.com/us/selfhelp/article/when-can-i-start-using-my-paypal-extras-mastercard,-ebay-extras-mastercard,-or-paypal-cashback-mastercard-how-long-will-it-take-to-receive-it-faq3359

      • Zack says:

        Seems these might still be targeted but a larger audience? My SO sees it in her PP account, but I don’t. But I am the one hoping to apply for this 🙁 Either of you know if it works as backup funding?

        • Abe says:

          I have 2 PP accounts, One is a business and one was a personal account which I converted into a business after I got approved for the 2% paypal cashback card on that account, I converted it so that I could order the debit card and link both if possible.

          I’m hoping that it works as a backup funding source for the debit card. if it does that would make a heck of a combo yielding 3% cashback everywhere. If it doesn’t no biggie since it’s still a decent deal. I’ll provide more feedback after I receive the cards.

          I was never targeted for the 2% cashback card on the business PP account, at least not yet.

  31. Jeremy says:

    @DOC I’m not sure 2% is happening for everybody. I just received an email from Synchrony informing of continuation of the same earning structure (3/2/1), but the 50,000 point yearly cap is being lifted. It also says points expire in 24 months instead of 12.

    • Abe says:

      Is it true that PP Debit Backup funding purchases for the Paypal Extras MC also earns 3X points as well?

  32. Phrost says:

    Cool but not great when compared to Citi who offers the same thing except with pricewind protection. I’ll stick with the Citi for all my non-category spending.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top ↑