Published on June 8th, 2017 | by Chuck86
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.
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.
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.
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.]
- No annual fee
- 3% foreign transaction fee
- 3% cash advance fee, minimum of $5
- Up to $37 late payment fee
- Paypal Extras: 16.24% on purchases and 27.24% on cash advances
- Paypal Platinum: 27.24% on both purchases and cash advances
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.
Definitely interesting to see another 2% card in the game. The other two options for straight 2% cash back are the Citi Double Cash, Elan 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.