PayPal Cashback credit card will earn up to 3% cashback

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Juggling credit cards to ensure you receive the absolute best return for your spending can be hard work. Some cards give you bonus rewards for groceries; others boost your dining expenses, gas station expenses, travel, and many other categories.

If you’re struggling to know which cards are best for specific expenses — or can’t even bother to try — opening the PayPal Cashback Mastercard® is one of the best ways to boost your wallet. With the enhancements to this card announced on April 5, 2022, you’ll earn between 2% and 3% back on all your purchases.

Here’s what you need to know about the changes to PayPal Cashback Mastercard®.

PayPal Cashback Credit Card Gets Solid Improvements

Recommended credit score

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Recommended credit score

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Benefits
  • Up to 3% cashback on your purchases
  • Daily cashback deposits
  • No annual fee
The inconvenients
  • Foreign transaction fees
  • You must have a PayPal account to apply
More information
  • Earn unlimited 3% cash back when you use your card and pay with PayPal, online, on mobile or in store with the PayPal QR code, where available
  • Earn unlimited 2% cash back on all other purchases where Mastercard is accepted
  • Earn your cash back daily on purchases made
  • Enjoy purchase protection

When the $0 annual fee PayPal Cashback Mastercard® was first introduced, it offered 2% cash back on purchases. That’s extremely competitive for a credit card with no annual fee, on par with our favorite cashback cards (such as the Citi® Double Cash Card).

The PayPal Cashback Mastercard® now eclipses these cards with its new return rates:

  • 3% cash back when paying with PayPal at checkout
  • 2% cash back on all other purchases

This represents the potential to earn an additional 50% cash back using this card. PayPal has become exceptionally easy to use, whether you’re shopping online or in a physical store. Over 1.6 million websites and tens of millions of merchants support PayPal.

Read more: Is PayPal secure? How the service protects your transactions, credit card data, etc.

In other words, you should be able to manage 3% back on almost all of your expenses. Your money will be credited to your PayPal balance and you can spend it from there. Rewards will be deposited daily, so you don’t have to wait until the end of your billing cycle to spend your money (as is the case with many other rewards cards).

If you already have the PayPal Cashback Mastercard®, your card will be updated with these earning rates. If you are new to the map, you can join the waiting list – and earn a one-time $100 cashback bonus on their first $500 spent.

Another advantage of this card is that it is issued by Synchrony instead of a major bank like Chase, American Express or Citi. If you already have several cards issued by these banks, this card may be easier for you to open.

At the end of the line

The PayPal Cashback Mastercard® is at the top of the food chain of cashback credit cards with no annual fee, with the ability to earn 3% on most everyday purchases.

If you don’t use multiple credit cards for different spending categories, or if you don’t want to earn airline miles, resort points, or other travel rewards (which can be far more valuable than a cash back silver), this card is probably one of your best options.

Even if you’re one of those credit card jugglers, the PayPal Cashback Mastercard® is a great card for purchases that don’t fall into a bonus category.

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