PayPal Credit Card

Decreasing the Outgoing > Credit Cards > PayPal Credit Card

Background

Credit cards have the potential to add thousands of dollars to your money pond through cashback. While many credit cards provide, say, 3-4% cashback for specific categories, most spending doesn’t fall under that high-cashback category. I mean, it’s great when you can get 3% back for gas, but how about the other 90% of your purchases? Most credit cards only provide 1% cashback for everyday spending.

Therefore, it’s important to have a credit card that provides the most cashback for all purchases. Credit cards max out at providing 2% back for all purchases. And if you get one of these cards then you’ll probably find that you’ll make more money with it then you would with a card that provides even 5% on one specific category, but only 1% back on everything else. (For the best of both worlds, I have a 2% card for general spending and a 5% card for specific categories.)

About

The PayPal Cashback World Mastercard credit card (or, PayPal credit card, for short) is delivered through PayPal, which means you’ll need a PayPal account to use the card. The card gives a minimum of 2% cashback for all purchases, and it gives 3% for all PayPal purchases. This is big, since several other money-saving services (Mint Mobile, CardCash, etc.) use PayPal – so you can stack your layers of savings. 

While 2%-3% cashback is great, PayPal even gave Christmas specials the last few years. These specials included double cashback (so 4% for regular purchases and 6% for PayPal purchases) and 5% cashback for all purchases! These offers had caps of $20-$50 in bonus cashback.

Your cashback is available immediately upon the transaction clearing, beating other credit cards that make you wait until the end of the statement. Cashing out is accomplished with PayPal’s characteristic simplicity by clicking a couple buttons, and the cashback is sent to your PayPal account instantly. From there you can transfer it to your bank.

Given the partnership between Mastercard, one of the most widely accepted credit cards on the planet1, and PayPal, the most popular online payment company in the world2, you can assume that security is robust for this card. In keeping with expectations, security features include monitoring of the dark web, hacker dump sites, high-risk transactions, and TransUnion credit files.

Naturally, there is no annual fee to use the PayPal credit card.

Another unique feature is the optional Payment Security. The service functions like insurance in the event of a life change such as job loss, hospitalization, disability, etc. Costing only 1.66% of your statement balance, this security program will cover up to $10,000 in statement balances if you have a qualifying event.

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