PayPal Cash Back Mastercard Overview
The PayPal Cashback Mastercard® is a great option for direct cash back earnings, especially if you shop frequently online. If you’re looking for a rewards card that offers simple cash back and don’t mind using the PayPal platform, this card might make sense. Card Rating*: ⭐⭐⭐
*Card ratings are based on the opinions of TPG editors and are not influenced by card issuers.
The PayPal Cash Back Mastercard is a great cash back card because it offers a simple 1.5% back, plus 3% back when you check out with PayPal. You can also combine your earnings with PayPal offers to get even more rewards when you shop with merchants. If you prioritize cash back over travel rewards, this is the card for you.
One drawback, however, is that if you’re not a regular PayPal user, you have to take extra steps to transfer funds to an external account. But in many cases, it may be worth it. This card has no annual fee and a recommended credit score of 580.
Let’s take a closer look at the PayPal Cash Back Mastercard to see if it’s right for you.
PayPal Cash Back Mastercard information is independently collected by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Related: Why you might need a cash back card
PayPal Cash Back Mastercard Pros and Cons
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PayPal Cash Back Mastercard Welcome Offer
Unfortunately, the PayPal Cash Back Mastercard does not offer a welcome bonus.
This card is a bit disappointing compared to some other no-annual-fee cards, but it’s still worth a look if you want to earn simple cash back.
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PayPal Cash Back Mastercard Benefits
It’s no surprise that this streamlined, no-annual-fee card doesn’t come with many notable benefits. However, when you shop with PayPal, you’ll enjoy purchase protection, as well as some basic universal Mastercard core benefits:
- MasterCard ID Anti-Theft Protection
- Mastercard Global Services, including lost and stolen card reporting and emergency card replacement
Plus, in most cases, you’ll have immediate access to the card upon approval. This means you may not have to wait for the card to arrive in the mail to start using it.
Again, if you’re looking for lavish travel perks or lucrative statement points, this isn’t the card for you. But if you’re just looking for immediate cash back rewards, this card’s earning potential and easy redemption process outweigh its minimal list of benefits.
Related: Our 6 Favorite Little-Known Credit Card Perks
Earn cash back with the PayPal Cashback Mastercard
With the PayPal Cash Back Mastercard, you’ll earn 3% cash back when you check out with PayPal and 1.5% cash back on all other purchases.
The big draw here is the option to earn 3% cash back at any retailer that accepts PayPal. This is especially attractive for those who frequently shop online, as PayPal is widely accepted by online retailers. Additionally, you can use PayPal’s QR code to pay in person at eligible stores.
You can also use the PayPal Rewards program to earn even more rewards on purchases made through PayPal.
But even if you don’t have access to PayPal, you can get unlimited 1.5% cash back on all other purchases (as long as the merchant accepts Mastercard).
Although this card doesn’t offer lucrative category bonuses, it’s a good choice if you want a decent earn rate on all your purchases without having to juggle several cards in your wallet.
Related: The Best Credit Cards for Online Shopping
Redeem cash back on the PayPal Cashback Mastercard
The PayPal Cash Back Mastercard lets you receive cash back anytime, with no minimum redemption limit.
First, rewards can be transferred to your PayPal account approximately three days after making a qualifying purchase.
To transfer money, you’ll need to go to the Rewards section of your PayPal account online or through the PayPal app. You can then select the amount of cash back rewards to be sent to your PayPal account.
If you want your rewards as real cash back in your bank account, you must take the extra step of transferring them to an external bank account to use the cash back. It’s easy to do, but compared to the simplicity of other programs that aren’t tied to PayPal, it’s still a minor annoyance.
Related: 5 Reasons to Keep a Cash Back Credit Card in Your Wallet
Which cards compete with the PayPal Cash Back Mastercard?
There are other no-annual-fee, cash-back options to consider, including cards that earn more money in non-rewards categories:
For other card options, check out our full list of the best cash back cards .
Related: 5 Reasons Why I Love the Chase Freedom Unlimited as a Credit Card Newbie
Is the PayPal Cash Back Mastercard worth it?
For cash back fans, the PayPal Cash Back Mastercard is a great (albeit no-frills) credit card, especially if you’re a frequent PayPayl user. If you’re in the market for a cash back card with no annual fee, this is a great option. However, if you want a welcome bonus or more perks, you’ll want to consider other cards.
bottom line
The PayPal Cash Back Mastercard offers valuable, simple rewards and can serve as a good introductory cash back card for people who don’t want to deal with varying interest rates and a host of complex benefits. However, those who want to earn travel rewards or get more valuable perks on their credit card will want to look elsewhere.
Related: How to Maximize Cash Back with a Credit Card
