SAN JOSE, Calif. — PayPal has teamed up with Synchrony Bank, one of the largest providers of private label credit cards in the United States, to launch a new payment option for its customers. The PayPal Cashback Mastercard, designed exclusively for PayPal members, offers cardholders 2% cash back every day, on every purchase, everywhere Mastercard is accepted.
“The introduction of the PayPal Cashback Mastercard with Synchrony Bank continues PayPal’s commitment to provide customers with rewarding product experiences and a range of innovative credit options,” said Mark Britto, SVP, global credit, PayPal. “By providing a simple way for people to earn cash rewards for the shopping they’re already doing, the PayPal Cashback Mastercard will give consumers yet another reason to shop with PayPal.”
The card offers all the traditional benefits of a Mastercard, including extended warranty coverage, purchase protection and identity theft resolution assistance, plus all of the following:
- No annual fee
- No limit or expiration on cash rewards earned
- No rotating rewards categories and no restrictions on purchase types
- Cash rewards redeemed directly to PayPal balance; no redemption minimums or limits on how to use rewards
- Zero fraud liability
- Automatically added to PayPal wallet upon approval, allowing immediate use before physical card arrives in most cases
- When used to pay for merchandise through PayPal, eligible transactions receive PayPal Purchase Protection at no additional cost
PayPal has partnered with Synchrony Bank since 2004 to offer credit card options that enable cardholders to shop online and in stores. For more information, click here.