Paypal Cash Back MasterCard Review

PayPal Cashback Mastercard® is a cash back credit card that earns 3% back on eligible PayPal purchases and 2% back on all other eligible purchases. You can use it wherever Mastercard is accepted, whether the merchant takes PayPal payments or not. You can redeem rewards right to your PayPal balance, with no minimum redemption threshold.

Paypal Cashback Mastercard comes with a great lineup of Mastercard perks too, and it doesn’t charge an annual fee.

If you have a PayPal account, there isn’t much reason not to carry this card in your wallet. And if you don’t have a PayPal account, what are you waiting for anyway? Here’s what you need to know to make an informed decision.

What Sets PayPal Cashback Mastercard Apart?

PayPal Cashback Mastercard has a few notable benefits that set it apart from fellow no-annual-fee cash-back credit cards:

  • Up to 3% Back on Eligible Purchases. You can earn up to 3% back on eligible purchases with this card. Specifically, when you check out with PayPal and select your card as the payment method, you’ll earn at this very impressive rate. Many competing cards top out at 2% cash back.
  • 2% Back Wherever Mastercard Is Accepted. You can earn 2% cash back on eligible purchases wherever Mastercard is accepted, with no caps or restrictions. That’s millions of merchants worldwide.
  • Cash Back Accrues Daily and Can Be Redeemed Whenever You Want. You don’t have to wait until the end of your statement cycle to redeem your rewards. With PayPal Cashback Mastercard, cash-back rewards accrue daily and can be redeemed to your PayPal balance or linked bank account whenever you want.

Key Features of PayPal Cashback Mastercard

PayPal Cashback Mastercard is a straightforward cash-back credit card. These are its core features:

Earning Cash Back Rewards

PayPal Cashback Mastercard earns up to 3% back on eligible purchases. Its rewards program has two tiers:

  • Earn unlimited 3% cash back on purchases when you check out with PayPal and select your PayPal Cashback Mastercard as the payment method. You can do this online and in stores with PayPal QR codes — just scan the code and select the card as your funding source to earn 3% back on these in-person purchases. Popular merchants that offer PayPal checkout include Target, Walmart, Apple, The Home Depot, Best Buy, and Wayfair.
  • Earn unlimited 2% cash back on all other eligible purchases wherever Mastercard is accepted, with no exceptions.

There’s no limit to your cash-back earnings. Cash back doesn’t expire once earned as long as your account remains open and in good standing.

Redeeming Cash Back Rewards

You can redeem your accumulated cash back in any amount at any time.

The best way to do this is to redeem directly to your PayPal balance where you can use it to pay for purchases, send money to friends, or transfer to a linked bank account. You can also redeem to a linked bank account or debit card, but that might take longer.

Additional Benefits

PayPal Cashback Mastercard comes with these additional benefits:

  • Extended warranty coverage, which may provide complimentary extended coverage on purchased items with manufacturers’ warranties
  • Purchase protection, which may provide a refund if a covered item is damaged or stolen soon after purchase
  • Identity theft resolution assistance, which could mitigate the damage if you suspect you’re the victim of identity theft

Important Fees

There’s no annual fee. See PayPal Cashback Mastercard’s rates and terms for other important fee information.

Credit Required

This card is not appropriate for credit-impaired applicants. On the bright side, you’ll receive a credit decision within seconds when you apply.

Advantages of the PayPal Cashback Mastercard

Here’s why you might want to apply for PayPal Cashback Mastercard:

  • No Annual Fee. PayPal Cashback Mastercard has no annual fee, so there’s no out-of-pocket cost to keep it in your wallet, even if you don’t use it regularly.
  • Unlimited 3% Cash Back on Eligible PayPal Purchases. Check out with PayPal and select this card as your payment method to earn unlimited 3% back, with no caps or restrictions. Look for in-store PayPal QR codes for opportunities to earn 3% back on in-person purchases.
  • Unlimited 2% Cash Back on Purchases Wherever Mastercard Is Accepted. This card earns an unlimited 2% cash back wherever Mastercard is accepted, every day. There’s no limit to your cash-back earnings.
  • No Rotating Categories to Worry About. PayPal Cashback Mastercard’s rewards categories don’t change from month to month or quarter to quarter. You always know how much you’ll earn on eligible purchases.
  • No Redemption Minimum. There’s no minimum to redeem for cash back with PayPal Cashback Mastercard. You’re free to cash out small amounts of cash back or save up for a monster redemption.
  • Cash Back Doesn’t Expire. Once earned, cash back doesn’t expire as long as your account remains open and in good standing. That’s ideal for occasional users who might otherwise forfeit earned rewards.
  • Solid Mastercard Benefits. This card comes with a nice lineup of Mastercard benefits, including extended warranty coverage and purchase protection.

Disadvantages of the PayPal Cashback Mastercard

Consider these disadvantages before pulling the trigger on your PayPal Cashback Mastercard application:

  • No Sign-Up Bonus. PayPal Cashback Mastercard does not have a sign-up bonus (also known as welcome offers, early spend bonuses, and new cardmember bonuses). That’s a bummer for new applicants looking to maximize their cash back earnings right out of the gate. Some popular flat-rate and tiered cash-back competitors do offer early spend bonuses.
  • No Introductory APR Offer. This card has no 0% APR introductory offer. If you’re looking to finance a major purchase or pay down an existing high-interest credit card balance over several months, look to a competing card that does offer such an interest-free period.

How the PayPal Cashback Mastercard Stacks Up

The PayPal Cashback Mastercard isn’t the only cash-back credit card in the world, of course. It’s not even the only cash-back credit card in the extended PayPal family. Before you apply, see how it stacks up against the Venmo Credit Card from PayPal’s popular cash transfer subsidiary.

  PayPal Cashback Mastercard Venmo Credit Card
3% Cash Back On all eligible PayPal purchases On purchases in your top spend category every month
2% Cash Back On all other purchases wherever Mastercard is accepted On purchases in your 2nd biggest spend category every month
1% Cash Back None, all eligible purchases earn at least 2% back On all other eligible purchases
Annual Fee $0 $0

Final Word

PayPal Cashback Mastercard® is not a particularly complicated credit card. It earns up to 3% cash back on eligible purchases (specifically, PayPal purchases) and unlimited 2% back on eligible purchases wherever Mastercard is accepted.

If that sounds like a good deal, this card should be at or near the top of your consideration list. If you’re looking for a spending aid with more bells and whistles — such as luxe travel perks or bonus categories that earn more than 3% — you might want to pass. But this is an excellent card otherwise.

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