PayPal recently announced a new credit card: the PayPal Cashback MasterCard. It’s an initial card to offer customers direct cash back on items rather than points that fluctuate by products. The card, presented in connection with Synchrony Financial, will offer 2% back on purchases with no yearly charge, no minimum redemption sum, no confinements on the most proficient method to spend money rewards, and no expiration.
The new card will incorporate security protection from PayPal and standard MasterCard benefits like extended warranty, buy assurance, and wholesale fraud determination. PayPal will also offer PayPal Purchase Protection at no extra cost.
The card is only accessible to PayPal customers. Once confirmed, it will be added to wallets. This implies that shoppers can begin to utilize the card even before it comes in the mail. This isn’t the only credit card PayPal offers, but it may turn into its most convincing, particularly since many customers prefer money back cards. The different cards include a PayPal Extras MasterCard for buyers that use a more conventional 3-2-1 rewards point framework, where users can earn more points from gas stations and restaurants, and also cash spent on PayPal and eBay.
Ebay, which spun off from PayPal in 2015, has a comparative card that is still overseen by PayPal, close by its other payment and credit offerings for eBay clients. Those likewise incorporate PayPal Credit, an online credit line which can be utilized at organizations utilizing PayPal. The move to present a cashback card is a piece of PayPal’s rapidly advancing method to expand its base at the point of sale, where mobile payment choices like Apple Pay, Android Pay, and Samsung Pay are making strides.
“Cardholders can manage their accounts, redeem Cash Rewards and make payments by logging into their PayPal account, giving customers another reason to access and use their PayPal accounts,” a company spokesperson explains.
PayPal already knows that cardholders use its service more often than others, which in turn, increases the number of transactions per account. “Early results show that PayPal customers with a PayPal credit card log in to the PayPal mobile app and PayPal.com three times more often than before getting the card, creating more opportunities for engagement,” the spokesperson noted.