Paypal Cashback Mastercard Review: 2% Everywhere Card + 3% On Paypal (Personal & Business)

Update 6/27/23: There is now a business version of the card with the same 2%/3% categories. (ht EW) The business version fromWebbank does not report to the personal credit bureaus.

Update 9/6/22: Bonus is now $150 with $500 spend, found within Paypal login and app. Original posted 6/8/17. Update 4/7/22: I’ve refreshed this review with the updates from this follow-up post and, more importantly, from with the recent addition of 3% cashback anywhere Paypal is accepted and other changes. A reader reports getting an email that existing cardholders are already live with the new 3% benefit. The card is not yet available for new signups. Update 5/17/22: Card is now live for new signups, along with $100 signup bonus which is valid through 6/30/22.

Card Basics

Live application link | Direct Application Link | FAQ | Terms

The Paypal Cashback Mastercard earns 3% cashback on any purchase paid with Paypal online or in-store and 2% cashback on all other purchases. It has no annual fee and comes with $100 signup bonus for new card applicants.


Card  Rewards

  • Earn 2% cash back on all purchases with no limits.
  • Earn 3% on all Paypal purchases, whether online purchases, sending money to a friend, or in-store purchases via QR code.
  • Rewards post immediately without having to wait for statement close.
  • There is no minimum redemption threshold; even $.01 will become available for transfer upon statement close.
  • Rewards post immediately without having to wait for statement close.
  • Rewards can be transferred to your bank account or debit card, or they can be redeemed to your Paypal balance.

Signup Bonus

  • New cardholders can get $100 cash back after spending $500 within 3 months.

Card Details

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.

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.

A reader notes that they are not allowing product-changes from the old 3/2/1 Paypal Extras Mastercard to the new Paypal Cashback Mastercard.

Our Verdict

The baseline 2% cashback, along with the 3% rate when used with Paypal, makes this the best straight 2% cashback card out there and an easy choice for someone who wants a simple rewards structure. The $100 signup bonus is an additional perk.

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Jonathan S
Jonathan S (@guest_1738046)
November 16, 2023 12:01

FYI You might want to update: the Concerto PayPal Business credit card application has been down since mid- to late-October. Clicking the “Apply Now” button takes you to a site maintenance page; there doesn’t appear to be an alternative way to apply for the business credit card.

Dillon Paul
Dillon Paul (@guest_1691944)
September 12, 2023 18:12

Was using mine to pay the IRS. Synchrony just closed it on me after I earned greater than $6000 cash back and are telling me my cash back was forfeited. Appealing now to the rewards team. Going to be super pissed if they take all my cash back from account with no good reason for it. I could have gotten almost as much with my B of A obviously. Had previous issue where PayPal would put charges from this card on to other credit cards. Definitely more of hassle and bait and switch. Will be especially pissed if they take all the cash back I earned from it without warning.

ay (@guest_1692223)
September 13, 2023 00:50

Had the same problem with my Venmo CC (issued by Synchrony). Earned a lot of CB but card was closed after about a year. CL was 12k. Seems like they don’t want you making too much money from them.

mangorunner (@guest_1692257)
September 13, 2023 02:50

“Had previous issue where PayPal would put charges from this card on to other credit cards.”

I had that problem, too. Couldn’t believe it when it happened. I learned to remove all payment methods from PayPal other than the card I wanted to use.

Hope you get your rewards, Dillon Paul

Alex (@guest_1655050)
July 16, 2023 16:28

Any chance to convert PayPal Extras CC into this PayPal Cashback CC? I tried calling a few times over the last year or so and they always tell me “new application only”. Last time the CSR told me when they’re ready to convert, I will get an invitation from PayPal. I do get email to apply for the Cashback card almost weekly but haven’t seen anything about conversion.

Lisa (@guest_1647747)
July 5, 2023 16:48

I have one I use just for Paypal purchases.

sybloc (@guest_1643490)
June 28, 2023 18:41

The business version is issued by Concerto.

Al Kay
Al Kay (@guest_1643081)
June 28, 2023 00:45

Don’t see the $100 bonus language anywhere on the Application Landing Page.

Better to just wait until the promo comes back before applying for this card?

gg (@guest_1642973)
June 27, 2023 19:19

3% on sending money to a friend? Can anyone confirm?

Lisa (@guest_1647757)
July 5, 2023 16:59

Yes but there is $1.75 fee for doing so.

David (@guest_1642875)
June 27, 2023 16:53

Be Careful with Paypal Credit Cards. Personally, I’d stay away. I had a fraud alert put on the personal card and Paypal immediately pulled the money from a random alternative funding account…not primary. There was no chance to dismiss the alert and put the charge on the card…the bank account did not have enough funds…so caused me a bit of a headache. To Paypal’s credit, they sent a letter to my bank indicating it was their fault and my fees were waived…but still had to transfer in funds to cover from another account.

JakeFromStatefarm (@guest_1642798)
June 27, 2023 14:54

Applied for card with existing 11 year old PayPal business account and was approved for 10K CL.

ier (@guest_1642761)
June 27, 2023 13:06

3% foreign transaction fee steep…
Or PayPal DCC by default on this card.