PayPal has come up with a novel new weapon to help it take over the high street – an old-fashioned plastic credit card. The digital payments pioneer has teamed up with Synchrony Financial on the Mastercard card, which will offer two per cent cashback on every online and instore purchase, with no annual fee or cash back limit, no limit or expiration on cash rewards earned, no minimum redemption amount, no restriction on how to spend rewards.
PayPal customers in the U.S. can now earn cash back on every purchase online and in stores with today’s launch of the new PayPal Cashback Mastercard issued by Synchrony Bank. The PayPal Cashback Mastercard, designed exclusively for PayPal members, offers cardholders 2% cash back every day, on every purchase – everywhere Mastercard is accepted.
Unlike other rewards credit cards, there is no annual cash back limit, no minimum redemption amount, no restriction on how to spend cash rewards and no expiration. The PayPal Cashback Mastercard offers all the security and convenience expected from PayPal, plus all the traditional benefits of a Mastercard. All accounts are automatically added to the member’s PayPal wallet to simplify checkout and provide peace of mind.
Other key benefits of the new PayPal Cashback Mastercard:
. 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;
. Mastercard benefits including extended warranty coverage, purchase protection, and identity theft resolution assistance.
“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, senior vice president, 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.”
PayPal has partnered with Synchrony Bank since 2004 to offer credit card options that enable cardholders to shop online and in stores.
“We are excited to continue deepening our relationship with PayPal, a digital payments leader who shares the same vision of providing simple and convenient payment solutions for customers,” said Curtis Howse, senior vice president and general manager, Diversified Client Group, Synchrony Financial. “We look forward to advancing our partnership to provide even greater value for cardholders.”
The PayPal Cashback Mastercard is issued by Synchrony Bank pursuant to a license by Mastercard International Incorporated.
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