PayPal launches its first cash back credit card

Today PayPal in partnership with Synchrony Financial is launching a new credit card, the pronounced PayPal Cashback MasterCard is the payment gateway’s first card to offer shoppers direct cash back on purchases, instead of points that vary by category. 

PayPal says the card will offer a two percent back on purchases, no minimum redemption amount, with no yearly charges, no restrictions on how and location to spend cash rewards, and no expiration.

It will also embody security protections from PayPal, in addition to the normal MasterCard advantages like extended warranty coverage, purchase protection, and fraud resolution assistance. PayPal purchases, meanwhile, can receive PayPal Purchase Protection at no further cost.

This is not the only mastercard PayPal nowadays offers, however it's going to become its most compelling in brief order, particularly given consumers’ preference for money back cards.

The other cards include a PayPal Extras MasterCard for shoppers that uses a additional ancient 3-2-1 rewards points system, where you'll be able to earn additional points for things like gas stations and edifice purchases, additionally as cash spent on PayPal and eBay.

Ebay, that spun far from PayPal back in 2015, incorporates a similar card that’s still managed by PayPal, alongside its alternative payment and credit offerings for eBay customers. Those also embrace PayPal Credit, a web credit line which might be used at businesses acceptive PayPal.

The move to introduce a cashback card is a component of PayPal’s quickly evolving strategy to extend its traction at location, wherever mobile payments alternatives like Apple Pay, robot Pay, and Samsung Pay square measure gaining ground.

To that end, PayPal has been partnering across the business – even with payments rivals like Apple, additionally as bank issuers like Chase and Citibank, technical school corporations like Facebook, Google and Samsung, and people with their own digital wallets and checkout systems, like Baidu, Visa, and MasterCard.

PayPal, that these days has over 210 million users, hopes this new money back card can facilitate with its larger agenda to extend PayPal usage on-line and in stores.
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