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If you do not have a PayPal Cash or PayPal Cash Plus account, however, your only option is to transfer your rewards from Paypal to a bank account or debit card linked to your account. If you have a PayPal Cash or PayPal Cash Plus account, you can use your rewards to make purchases and payments or transfer money, just like any PayPal balance. You can redeem at any time there’s no minimum amount needed to transfer rewards to your account. Once you’re ready to redeem your cash back, log into your PayPal account to make the transfer. If you do have other rewards cards, you can really maximize by strategizing when you’ll use those cards for bonus rewards, and your PayPal Cashback Mastercard for spending that doesn’t fall within bonus categories. All you have to do is use your PayPal Cashback Mastercard for all your purchases and bills, and you’ll rack up more rewards over time. Since the PayPal Cashback Mastercard offers flat cash back without any rotating categories or limits, maximizing your rewards haul should be easy.
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How to Use the PayPal Cashback Mastercard Or if you enjoy added perks and benefits, consider pairing this card with a more premium travel rewards option. You might benefit more from a rotating or tiered cash back card with higher rewards on your most frequent purchases, for example. Based on average American spending totals, we estimate this card’s value at $265.16 per year.īefore you apply, consider the value you’ll get from this card compared to others, based on your individual spending habits. Still, when it comes to simplicity, a flat 2% cash back card with no annual fee is very good. And if you’re looking for meaningful cardholder benefits or perks beyond cash back rewards, you won’t find many with this card. Unlike many cash back cards available today, the PayPal Cashback Mastercard also offers no initial welcome bonus or introductory 0% APR on purchases. It can also make a valuable addition to your wallet for savings on expenses that fall outside rewards categories you already earn, like travel or groceries.īut the extra step of transferring rewards to PayPal before you can spend them or transfer to your bank account might be a drawback for some, compared to a 2% cash back card like the Citi ® Double Cash Card (1% cash back when you buy, and 1% as you pay for those purchases) allows for direct redemption for statement credits or deposit to your bank account. The PayPal Cashback Mastercard is a great choice for simple cash back rewards - especially if you already have and use a PayPal account regularly. Should you get the PayPal Cashback Mastercard? If you lose or misplace your card, you can also rely on Mastercard Global Service, which includes benefits like 24-hour assistance with lost and stolen credit cards, emergency card replacement, and emergency cash advances. Cardholder perks primarily include standard identity theft protection, account monitoring, and contactless payment options.
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But outside of cash back rewards, the PayPal Cashback Mastercard is light on benefits.
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In addition to the standard 2% cash back on every purchase, you may also be eligible to earn bonus rewards on certain categories as they’re available.