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With the PayPal Cashback Mastercard®, you can get 3% back on eligible PayPal purchases and 1.5% back on all other eligible purchases. You can use it anywhere that accepts Mastercard, even if the store doesn’t accept PayPal. You can get cashback right into your PayPal account, and there is no minimum amount you need to redeem. PayPal Cashback Mastercard® Review

The PayPal Cashback Mastercard has a lot of great Mastercard benefits, and it doesn’t charge an annual fee.

You should probably keep this card in your wallet if you have a PayPal account. If you don’t have a PayPal account, can I ask why? This is what you need to know to make a smart choice.

What Sets the PayPal Cashback Mastercard Apart? PayPal Cashback Mastercard® Review

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

• You can earn 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.
• 1.5% back on all purchases made with Mastercard. You can earn 1.5% cash back on eligible purchases everywhere else. 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 cashback. With PayPal Cashback Mastercard, cashback accrues daily and can be redeemed to your PayPal balance or linked bank account whenever you want.

Key Features of PayPal Cashback Mastercard on PayPal Cashback Mastercard® Review

The PayPal Cashback Mastercard is a straightforward cashback credit card. These are its core features:

Earning Cash Back

The PayPal Cashback Mastercard earns up to 3% back on eligible purchases. Its cashback programme 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: just scan the code and select the card as your funding source to earn 3% back on these purchases. Popular merchants that offer PayPal checkout include Target, Walmart, Apple, The Home Depot, Best Buy, and Wayfair.
• Earn unlimited 1.5% cash back on all other eligible purchases wherever Mastercard is accepted.

There’s no limit to your cashback earnings. Cashback doesn’t expire once earned as long as your account remains open and in excellent standing.

Redeeming Cash Back

You can redeem your accumulated cashback in any amount at any time in your PayPal balance account.

Additional Benefits of PayPal Cashback Mastercard® Review

This card comes with these additional Mastercard benefits⁴:

• You can make contactless payments quickly and easily by using the Tap & Go® feature.
• Mastercard ID theft protection, which alerts you to possible identify theft by monitoring the web and searching for compromised credentials

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, and there’s no impact on your credit score if you’re declined.

Advantages of the PayPal Cashback Mastercard on PayPal Cashback Mastercard® Review

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

• No Annual Fee. The PayPal Cashback Mastercard has no annual fee, so you can keep it in your wallet without paying.
• 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.
• Unlimited 1.5% Cash Back on Purchases Everywhere Else: Mastercard Is Accepted. This card earns an unlimited 1.5% cash back everywhere else Mastercard is accepted, every day. There’s no limit to your cashback earnings.
• No Rotating Categories to Worry About. The cashback categories for the PayPal Cashback Mastercard 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 cashback with the PayPal Cashback Mastercard.
• Cashback Doesn’t Expire. Once earned, cashback doesn’t expire as long as your account remains open and in excellent standing. That’s ideal for occasional users who might otherwise forfeit earned cashback.
• Solid Mastercard Benefits. This card comes with a wonderful lineup of Mastercard benefits, including 24/7 Identity Theft Protection™ and Tap & Go®.

Disadvantages of the PayPal Cashback Mastercard on PayPal Cashback Mastercard® Review

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

• No Consistently Available Sign-Up Bonus. PayPal Cashback Mastercard does not have a consistently available sign-up bonus. This absence is disappointing for new applicants who aim to optimise their cashback earnings from the start. Some popular flat-rate and tiered cashback competitors do offer early spend bonuses.
• No Consistently Available Introductory APR Offer. This card doesn’t consistently offer a 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.
• 3% Foreign Transaction Fee. This card charges a 3% foreign transaction fee. For that reason, it isn’t an ideal card to use when travelling abroad, especially for those who frequently make purchases in foreign currencies and want to avoid additional costs.

How the PayPal Cashback Mastercard Stacks Up on PayPal Cashback Mastercard® Review

The PayPal Cashback Mastercard isn’t the only cashback credit card in the world, of course. It’s another cashback 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.

Final Word on PayPal Cashback Mastercard® Review

The PayPal Cashback Mastercard® is not a particularly complicated credit card. It earns unlimited 3% cash back on PayPal purchases and unlimited 1.5% cash back everywhere else Mastercard is accepted.

If that sounds like a fantastic deal, this card should be at or near the top of your consideration list. If you’re seeking a spending aid with additional features like luxury travel perks or bonus categories that earn more than 3%, you might want to consider a different card. But this is an excellent card otherwise.