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PayPal boosts POS presence with cash-back credit card

August 31, 2017

PayPal has announced the PayPal Cashback Mastercard, a new cash-back credit card exclusively for PayPal account holders that offers 2% cash back on online and in-store purchases where Mastercard is accepted, a PayPal press release stated.

The card, issued by Synchrony Bank, has no annual fee, and also no annual cash back limit, no minimum redemption amount, no restrictions on how to spend cash rewards, no fraud liability and no expiration. Cash-back rewards are redeemed directly to a card holder’s PayPal balance.

The new card balance is automatically added to the PayPal wallet upon approval, meaning that in most cases, PayPal members can start using the card even before the physical card itself arrives in the mail.

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