Credit Cards

PayPal Just Updated Their Cash Back Card – Get 3% Back And A New Welcome Offer

Editorial IndependenciaWe want to help you make more informed decisions. Certain clearly marked links on this page may take you to a partner website and may earn us a referral fee. For more information, see How we make money.

PayPal Credit Card is getting an enhanced cash back value.

This week, the digital payments company announced changes to its PayPal Cashback Mastercard®, including a new 3% bonus category and a welcome cash offer. Compared to other cash back credit cards, the new card offers one of the highest flat cash back rates.

Now, you’ll get unlimited 3% cash back when you use your card to pay with PayPal, and you can qualify for a $100 cash bonus after you spend $500. That’s on top of the unlimited 2% cash back everywhere the card already offers with no annual fee.

The enhanced card will be available starting next week for new cardholders, according to a PayPal representative. Existing cardholders will automatically receive the extended 3% rewards.

Here’s everything you need to know about the updated PayPal Mastercard Cashback Card and what to consider before you apply.

What you need to know about the PayPal Enhanced Mastercard Cashback Card

The revamped PayPal card offers great rewards on every purchase, a welcome bonus, and multiple ways to redeem. To take full advantage of the new 3% tier, you’ll need to use PayPal as your primary payment method where it’s available online and in stores.

If you already have a PayPal card, you’ll automatically receive enhanced cash back benefits. For new cardholders, the enhanced card will be available next week, according to PayPal, though you can now sign up for the waitlist through the PayPal app or your PayPal account online. You will then be notified by email when the card is released.

Here’s what you need to know about this cash back card:

Cash Back Rewards

PayPal Cashback Mastercard offers 2% cash back on everything you buy. The new version will still offer a flat, unlimited 2% cashback, but you’ll also get an additional 3% cashback on PayPal purchases. That includes online, mobile, and in-store payments with the PayPal QR code where you’re eligible.

PayPal is a payment method option at a long (and growing) list of retailers, including eBay, Target, Walmart, Apple, Home Depot, and more.

Cash rewards are earned daily on the card, after eligible transactions are completed and posted to your account. You can redeem them toward your PayPal balance or transfer your rewards to a PayPal-linked bank account or debit card.

Welcome Offer

Enhanced PayPal Card offers $100 cash bonus after spending $500 within 90 days of account opening; that’s in line with some of the best current cash back card deals. Previously, the card did not offer cash bonuses. Plus, you’ll continue to earn rewards as you earn your welcome bonus.

  • Introductory offer:


  • ordinary APR:

    19.99%, 23.99% or 26.99% (Variable

  • Recommended credit:

    670-850 (Good to Excellent)

  • More informationexternal link icon On our partner’s secure site
  • Introductory offer:


  • Annual quota:


  • ordinary APR:

    14.24% – 24.24% (varies)

  • Recommended credit:

    670-850 (Good to Excellent)

  • More informationexternal link icon On our partner’s secure site

Who is PayPal Cashback Mastercard best for?

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any association or advertising relationship.

If you already use PayPal regularly when shopping online, the PayPal Cashback Mastercard may be a good fit for your wallet.

Some traditional retailers also offer PayPal’s latest payment method, an in-store QR code. Simply scan the QR code to use your PayPal account and linked card to pay in-store with merchants like CVS and Walmart. Now, you’ll also earn 3% on these purchases.

Plus, you’ll still earn 2% rewards on all other purchases, which is already on par with some of the best flat cash back cards available today, like the Wells Fargo Active Cash Card and the Wells Fargo Cash Card. Citi® double cash.

However, make sure this is the right cash back option for you before you apply. Flat Cash Back offers simple rewards on every purchase, but you can get more value from higher rewards in categories where you spend more with a tiered bonus category card. Another thing to consider is what additional benefits you could benefit from, such as travel protections or annual credits. Compared to other cash back cards, PayPal Cashback Mastercard doesn’t have many extra benefits.

That said, PayPal Cashback Mastercard is a great option with no annual fee to use as your primary card for everyday purchases, especially if you do a lot of your shopping online or with retailers where PayPal is accepted. As a flat cash back card, it can even help you supplement the rewards you already earn with other cards, to ensure you maximize every purchase.

Related Articles