PayPal Cashback Mastercard Overview
The PayPal Cashback Mastercard® is a great way to earn cash back, especially if you shop online regularly. If you’re looking for a rewards card that gives you easy cashback — and you don’t have to worry about using PayPal’s platform — this card can make a lot of sense. Card Rating*: ⭐⭐⭐
*Card rating is based on the opinion of TPG editors and is not influenced by the card issuer.
The PayPal Cashback Mastercard is a great cashback card because it offers a no-complex 1.5% cash back on everything and 3% cash back when you pay with PayPal. You can also combine your profits with PayPal offers to get extra rewards on your purchases with the merchant. If you prioritize cash back over travel rewards, this card fits the bill.
Another disadvantage, however, is that if you are not a regular PayPal user, you will have to go through another step to transfer your funds to an external account. However, in many cases this may be worth the effort. The card has no annual fee and a recommended credit of 580.
Let’s take a closer look at the PayPal Cashback Mastercard to see if it’s right for you.
PayPal Cashback Mastercard information is independently collected by The Points Guy. The card information on this page has not been updated or provided by the card issuer.
Related: Why you might want a cash back card
PayPal Cashback Mastercard pros and cons
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PayPal Cashback Mastercard welcome offer
Unfortunately, the PayPal Cashback Mastercard does not offer a welcome bonus.
This is a little disappointing compared to other annual fee cards, but the card is still worth looking into if you want cash back.
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Benefits of PayPal Cashback Mastercard
It should come as no surprise that this simplified no annual fee card doesn’t come with many notable features. However, you’ll enjoy purchase protection when you shop with PayPal, as well as a few bare bones, standard Mastercard main benefits:
- MasterCard ID Theft Protection
- Mastercard Global Service, which includes lost and stolen card reporting and emergency card replacement
Additionally, you will get instant access to this card after approval in most cases. This means you won’t have to wait for the card to arrive in the mail to start using it.
Also, this isn’t the card for you if you’re looking for fancy travel benefits or lucrative statement credits. But if you’re just looking for straight-up cash-back rewards, this card’s cash-back opportunities and easy redemption process outweigh its list of minor perks.
Related: 6 of our under-the-radar credit card perks
Cashback with PayPal Cashback Mastercard
With the PayPal Cashback Mastercard, you’ll earn 3% cash back on PayPal purchases and 1.5% cash back on all other purchases.
The big draw here is the option to earn 3% cash with any merchant that accepts PayPal. This is especially attractive to those who shop a lot online, as PayPal is widely accepted by online retailers. Plus, you can use PayPal’s QR code to pay at eligible stores in person.
You can also use the PayPal Rewards program to earn extra rewards for shopping through PayPal.
But even when you can’t use PayPal, you’ll earn an unlimited 1.5% cash back on all other purchases (as long as the merchant accepts Mastercard).
While this card doesn’t offer cashback category bonuses, it’s a great option if you’re looking for a decent level of income on all your purchases without having to include a handful of cards in your wallet.
Related: Best credit cards for online shopping
Cashback on PayPal Cashback Mastercard
The PayPal Cashback Mastercard lets you get cash back anytime, with no minimum redemptions.
First, rewards are available for transfer to your PayPal account within approximately three days after the eligible purchase.
To make a transfer, you will need to go to the “rewards” section of your PayPal account either online or through the PayPal app. Then you can select the amount of cashback rewards you’d like to send to your PayPal account.
If you want your rewards to be real money in your bank account, you’ll have to go through an extra step to redeem your rewards by transferring them to an external bank account. This is very easy to do, but it’s still a little annoying compared to the simplicity of other programs that aren’t tied to PayPal.
Related: 5 reasons to keep a cash-back credit card in your wallet
What cards compete with the PayPal Cashback Mastercard?
There are other no-annual-fee, cash-back options to consider, including cards that benefit the most from non-bonus categories:
For more card options, check out our full list of the best cash back cards.
Related: 5 reasons I love Chase Freedom Unlimited as a credit card starter
Is the PayPal Cashback Mastercard right for you?
The PayPal Cashback Mastercard is a decent (though not foolproof) credit card for cashback enthusiasts, especially if you’re a regular PayPal user. If you’re in the market for a cash back card with no annual fee, this is a great option. However, if you’re looking for a welcome bonus or more benefits, you’ll want to consider other cards.
Bottom line
The PayPal Cashback Mastercard offers valuable, direct rewards and functions as a great first cashback card for those who don’t want to deal with varying levels of income and a host of complex benefits. Still, those looking to earn travel rewards or earn valuable benefits on a credit card will want to look elsewhere.
Related: How to get more cash back on your credit card
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