Payments giant PayPal in collaboration with Synchrony Bank and Mastercard has rolled out a new credit card that allows cardholders to earn 2% cash back on every purchase online and in stores.
Dubbed PayPal Cashback Mastercard, the new offering has been issued by Synchrony Bank and can be used wherever Mastercard is accepted.
Designed exclusively for PayPal members, the new credit card does not impose any annual cash back limit, no minimum redemption amount, no restriction on how to spend cash rewards and no expiry date on rewards.
Additional benefits available to the cardholders include: no rotating rewards categories and no restrictions on purchase types, cash rewards can be redeemed directly to PayPal balance – no redemption minimums or limits on how to use rewards.
The card provides zero fraud liability and is automatically added to PayPal wallet upon approval, allowing immediate use before physical card arrives in most cases.
PayPal senior vice president for global credit Mark Britto said: “The introduction of the PayPal Cashback Mastercard with Synchrony Bank continues PayPal’s commitment to provide customers with rewarding product experiences and a range of innovative credit options.
“By providing a simple way for people to earn cash rewards for the shopping they’re already doing, the PayPal Cashback Mastercard will give consumers yet another reason to shop with PayPal.”