Visa MasterCard Discovery

PayPal Offers New Cashback Mastercard With 2% Back On All Purchases

[Thursday, October 5th, 2017]

Most cash back credit cards offer a baseline reward of 1% cash back on every purchase, with a bigger bonus in certain spending categories, such as restaurants, travel, or fuel. But a new card offered by PayPal and Mastercard is giving customers 2% cash back on every purchase they make, anytime, with no limit on how much cash they can get back.

The PayPal Cashback Mastercard makes it easy for cardholders to redeem their rewards; the cash is simply added to the customer’s PayPal balance, where they can use it to make purchases or have it transferred to their checking account. There is no minimum redemption amount and no restriction on how cardholders can spend the rewards. Rewards have no expiration date, but there is no need to worry about redeeming them, as they are automatically added to the cardholder’s PayPal account immediately.

Besides these benefits, there is also no annual fee for the card, complete fraud protection with zero liability in case of fraudulent charges, extended warranty coverage, purchase protection, and identity theft resolution assistance. Mark Britto, a senior vice president at PayPal, said he hopes the card “will give consumers yet another reason to shop with PayPal.”

Weighing the benefits of different rewards credit cards

Some cards give a greater amount of cash back, up to 5% or even more – but there are limits on how much cash back can be earned, and the bonus cash back might be offered in rotating merchant categories that change with the seasons. The PayPal Mastercard doesn’t have these limitations, making it an appealing choice for those who don’t want to worry about using their card at the right place or time to earn the maximum amount of cash back.

Cash back credit cards offer flexibility for those who want to earn rewards that are not tied to frequent flyer miles, hotel points, or gift cards. And while it’s a good idea to have more than one credit card, in order to maximize your rewards-earning potential, having a fallback cash back card that you can use in all situations is a good plan, too.

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