PayPal digital wallet which is used by over 200 million people worldwide is launching a new credit card called PayPal Cashback Mastercard which offers users cash back of 2 percent every time they shop using the credit card.
The PayPal Cashback Mastercard is being offered in partnership with Synchrony Financial and is available without any annual fee.
Called ‘best-in-class approach to earning and redeeming cash rewards’ by the company, the credit card can be used to shop and avail the cash back at any website or store that accepts Mastercard.
“We’ve heard cash rewards are easy for customers to understand and simple to use. So, we set out to create a rewards credit card that’s free from the usual restrictions – offering cash rewards to redeem when you want, how you want, on whatever you want,” the company stated.
There is no limit to the amount of cash back that you can earn from this offer, no minimum redemption amount, no expiration of this cash back amount and also no restriction on how and where the user spends that money.
“The PayPal Cashback Mastercard offers all the security and convenience expected from PayPal, plus all the benefits of a Mastercard. Our goal is to provide our customers choice and flexibility in how they pay when making purchases – whether online or in store,” PayPal added.
Once a PayPal user receives approval for the PayPal Cashback Mastercard, they can start using the card via PayPal until the physical card is delivered to them.
So, basically, PayPal is offering its users an option to get rewarded for shopping — the more you shop, the better the rewards.