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PayPal introduces new credit card offering 3% cash back

If you enjoy online shopping, PayPal makes it easier for you to pay with the latest refresh to its Cashback Mastercard credit card, which now offers 3 percent cash back.

You will get the 3 percent cash back when you check out with PayPal on online stores that integrate the payment platform. However, you will get a 2 percent cash back on all other purchases you make with the card.

The higher cash back applies when you pay online, through a mobile device, or in stores. PayPal has said customers who already have a PayPal Mastercard will be automatically bumped to the higher cash back rate where applicable.

The new Mastercard, which is offered in conjunction with Synchrony, will soon be available through the PayPal mobile app and the official website in a matter of weeks.

Apart from the enhanced cash back, PayPal has refreshed the user interface you use to manage the card in the app and on the website. The new design makes it easier to view your rewards, track your purchases, and make payments. PayPal has also allowed customers to view their rewards every day instead of monthly in a report or statement. Also, you can now select how you want to use your reward. The options include making a purchase, shopping from a store, or simply transferring it to your bank account or debit card.

Meanwhile, PayPal is enticing new customers with a hefty $100 cash bonus on their first $500 worth of purchases on their new cards. Annual fees don’t apply.

PayPal has faced increasing competition from companies offering buy now and pay later (BNPL) services. For instance, Afterpay collaborated late last year with Rakuten to provide shoppers with cash back rewards when they agree to purchase items in installments from participating sellers. The company also unveiled its Cash Back program.

Online retail giant Amazon also offers its own cash back of 3 percent applicable on its main store and Whole Foods subsidiary.

Speaking on her company’s new Mastercard, Susan Schmidt, VP of PayPal’s Consumer Credit, said, “Our customers shopped across 34 different categories last year, showcasing the diversity of their needs and interests, and we wanted to build a credit product that was flexible and better matched rewards with their spending behaviors. The new PayPal Cashback credit card was designed so PayPal customers can earn rewards and get cash back for everyday purchases no matter what categories they spend in that month.”

Meanwhile, PayPal had a mixed last quarter in 2021, and the company blamed inflation, supply chain issues, and other things for the slowed user growth. This year, it has to come up with a clear strategy on how to respond to increasing competition in the e-commerce space.

“Together with PayPal, we continue to build on the seamless integration that has been a hallmark of our partnership, allowing us to enhance rewards to our customers and improve the user experience,” said Bart Schaller, CEO of the Digital Platform at Synchrony. “Plus, it’s easy to use and manage – the new PayPal Cashback credit card is sure to be a customer favorite.”

Written by HackerVibes

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