Paypal launches first cash back credit card to target physical stores

Tyrone Stewart

PayPal Cashback MastercardPayPal has introduced a credit card as it aims to become a financial service for everyday use and not just one that facilitates online payments.

The PayPal Cashback Mastercard, created in partnership with Synchrony Financial, offers two per cent cash back with no annual fee. It is designed exclusively for PayPal members, and offer two per cent cash back on every purchase online and in stores, wherever Mastercard is accepted. Furthermore, the card doesn’t have an annual cash back limit, minimum redemption amount, restrictions of how to spend cash reward, or expiration.

All accounts are automatically added to the member’s PayPal wallet, and members can use the card through PayPal before the physical card arrives in most cases.

“Our goal is to provide our customers choice and flexibility in how they pay when making purchases – whether online or in store,” said Darrell Esch, VP & commercial officer of global credit at PayPal. “The PayPal Cashback Mastercard provides our customers with another innovative consumer credit option, making the payment experience seamless for each customer’s unique lifestyle.”