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Stats: 109 members, 1,521 topics. Date: July 16, 2018, 3:21 pm
PayPal launches its first cash back credit card to boost PayPal usage in stores
PayPal is today launching a new credit card, the PayPal Cashback MasterCard – its first card to offer shoppers direct cash back on purchases, instead of points that vary by category. The card, introduced in partnership with Synchrony Financial, will offer 2 percent back on purchases, with no annual fee, no minimum redemption amount, no restrictions on how to spend cash rewards, and no expiration, the company says.
It will also include security protections from PayPal, as well as standard MasterCard benefits like extended warranty coverage, purchase protection, and identity theft resolution assistance. PayPal purchases, meanwhile, will receive PayPal Purchase Protection at no additional cost.
The card is only available to PayPal members, and it’s automatically added to users’ PayPal’s wallets, once approved. That means consumers can begin to use the card even before it arrives in the mail.
This is not the only credit card PayPal today offers, but it may become its most compelling in short order, especially given consumers’ preference for cash back cards.
The other cards include a PayPal Extras MasterCard for consumers that uses a more traditional 3-2-1 rewards points system, where you can earn more points for things like gas stations and restaurant purchases, as well as money spent on PayPal and eBay.
The move to introduce a cashback card is part of PayPal’s quickly evolving strategy to increase its traction at point-of-sale, where mobile payments alternatives like Apple Pay, Android Pay, and Samsung Pay are gaining ground.
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