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If you’re a fan of cash back cards, here’s something you might be interested in!
Via Doctor of Credit, you’ll soon be able to apply for a new credit card from PayPal that earns 2% cash back everywhere.
However, there are drawbacks. I’ll explain!
I’ll give you the details of the PayPal Extras MasterCard!
Paypal Extras Mastercard Review
Next week, Synchrony Bank will release a new PayPal 2% cash back card with NO category bonuses and NO cap on the amount of cash back you can earn.
To open this card, you must have a PayPal account. So if you aren’t a fan of PayPal, this is not the card for you.
There are actually 2 versions of this card:
- PayPal Extras MasterCard – 2% cash back on all purchases
- PayPal Platinum MasterCard – NO rewards earning
If Synchrony decides you aren’t qualified for the PayPal Extras MasterCard, they may approve you for the PayPal Platinum MasterCard, which is practically useless. And you will NOT know which card you’re approved for until it’s too late!
Both cards have NO sign-up bonus, NO annual fee, and a 3% foreign transaction fee.
The cash back you earn with this card will deposit into your PayPal account after your statement closes. You can then transfer the money to your bank account.
Is This a Good Deal?
As Doctor of Credit points out, a nice perk of this card is that there is NO minimum redemption amount. For example, with the Citi Double Cash Card, you’ll need at least $25 in rewards before you can claim your cash.
Apart from that, there is very little to like about the PayPal Extras MasterCard. There are already plenty of cards that have similar earnings and better perks.
For example, the Citi Double Cash earns 1% cash back when you make a purchase, and 1% cash back when you pay your bill. And the US Bank Fidelity Rewards Visa earns 2% cash back, and comes with a $100 sign-up bonus. The PayPal Extras MasterCard does NOT have a sign-up bonus.
Note: Your sign-up bonus and rewards points from spending must be deposited into an eligible Fidelity account to earn 2% cash back.
If you’ve maxed out your options with other banks, like Chase, Citi, and American Express, this card might work for you. Otherwise, I don’t think this is a good deal.
Synchrony is introducing the PayPal Extras MasterCard next week. It earns 2% cash back on all purchases. But if you apply and are NOT approved for this card, you may end up with the PayPal Platinum MasterCard, which earns nothing.
This is not a good card for most folks, because there are other cards with similar earning rates and no annual fee. Plus, there’s NO sign-up bonus.
But if you’ve maxed out the number of cards you can get from other banks, you might consider this card if you’re looking for another cash back option.