Update 5/17/22: Card is now live for signup at this link. Comes with the $100 signup bonus after $500 spend, valid through June 30, 2022. Read our full review in this post. (ht USCCG)
Original Post 4/5/22:Â
Paypal is updating their 2% Mastercard to now have the additional benefit of earning 3% when paying with Paypal, whether you pay online, on mobile, or in-store with PayPal QR Code where eligible. The card will earn 2% everywhere else.
Paypal Link | Press Release | Join the waitlist
They are also adding an update where the cashback is available daily, without the need to wait for statement close. These upgrades will be automatically valid for existing cardholders as well when it goes live.
They are also adding a signup bonus for new customers to get $100 after $500 spend.
Our Verdict
These are amazing new benefits, this feels like an attempt to compete with Apple card. It’s pretty incredible that Paypal will now have what’s probably the single best card for most people who aren’t ready to play the category/transfer game. The downer is that the card now has foreign transaction fees, but still an excellent card for U.S.
Waiting for some signup bonus again
Whoopee ! I Just Received $100 Cash Back Reward Redeemable Through My “PAYPAL CASH BACK”
Anyone get their sign up bonus? I exceeded the $500 spend in 2nd week of June, but no $100 bonus yet. Thanks.
Warning: Paypal did a hard-pull on my TU (which was temporarily lifted), but reported ‘cannot access your credit report’, and asked me to lift the freeze. I did not know what happened, so I lifted the freeze and tried again. Then it did a hard-pull on my Equifax (also temporarily lifted), and reported the same error and asked me to lift freeze on Equifax!
So two hard-pulls, zero card.
Classy! It is fine not to approve the card, but you need to do a better job with your error message!!!
YA !
just applied and instantly approved !
20,000$ limit.
Anyone knows if you get 3% using this card with PayPal Bill pay?
Yes, you do; I used the card with PayPal Bill pay to pay my cable bill last month and received 3% cashback on the transaction. 🙂
Wonderful, then that’s very good reason to get this card as it unlocks 3% on tons of stuff that you normally can’t get cashback for!
Does PayPal Bill Pay support all sort of check payment? Would it too good to be true if this can be used to pay all utilities and potentially rent and mortgage?
Not rent or mortgage. But some utilities are available yes
No, you can only pay the companies that are specifically listed. The list is quite extensive though and includes most of the major utilities and service providers. You can easily search and add your account number to see if it is supported. Each payee can have it’s own restrictions too though. Some don’t permit credit payments (only bank or PayPal balance), while others allow credit payments with no fee via PayPal even though paying them directly using credit without PayPal would have incurred a fee. So it can be hit or miss, you just have to test the individual payees for yourself on a case by case basis.
Thanks so much for the detail. This looks pretty interesting, and I will probably apply for this card to give it a shot
Their animation is too cute that I actually want to take PayPal seriously…..
Someone who has this card please try to see if this works for tax payments
It works. Made an estimated tax payment with this card through PayPal on payUSAtax and got the 3% back as soon as the transaction posted.
Counterpoint – made a payment via ACI and only received 2x. The card is not new, I’ve had it for a while but my understanding all existing cardholders should get 3x automatically.
Also as I looked at redemptions, if you want cash, it’s $50 for 6000 points so even at 3x it comes to 2.5%.
Wonder if you’re stuck on the old card somehow. I got mine new in May. And for me there are not multiple options for redemption, it’s just cash that gets transferred to my PayPal account with a couple clicks.
You’re correct! In fact, I’m on a different product. I have PayPal Extras MC and not PayPal Cashback MC. Will call them to convert. My bad.
Just applied and approved. 6/12, 13/24.
What credit limit?
10% of my annual income
There are issues with PayPal allowing one to use the PayPal Cash Mastercard. Attempting to pay with PayPal does not present the PayPal Cash MasterCard as an option.
I’ve had conflicting statements from PayPal on this – one person claimed that this was caused by a system update, whilst some other PayPal prole claimed that merchants are able to refuse to accept the PayPal Cash MasterCard via PayPal (?!?). This is particularly interesting given that there is no means of restricting types of scheme card accepted via PayPal.