Updated
Reader Bill received an email offer to apply for a Paypal Mastercard which earns 2% cash back on all purchases. There’s even a PDF link in the email describing the details. After escalating, he was able to confirm over the phone that his card indeed earns a flat 2%, not the standard 3/2/1 earning structure of Paypal/eBay credit cards.
Card details:
- 2% cash back into your Paypal account
- No minimum redemption, as low as $.01
- Unlimited cash back
As soon as the 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).
The fact that Paypal is shifting to a 2% card doesn’t surprise me. In fact, I once wrote about a survey I took from Paypal/eBay credit card which indicated they might head in that direction, as well as this Reddit thread which I suspect was about the Paypal/eBay card too.
For now, the public link still shows the 3/2/1 rewards program. Even is you use the email link that someone else got, it will redirect to the 3/2/1 card if you weren’t targeted.
As Bill points out, this card will be – in a way – the best 2% card since it doesn’t have any minimum redemption amount like Citi Double Cash ($25) or like Fidelity ($50). In any case, it’s another 2% card coming soon.
We’ve now gotten more information on the card so we wrote a full review.
