PayPal is today launching a new credit card, the PayPal Cashback MasterCard – its first card to offer shoppers direct cash back on purchases, instead of points that vary by category. The card, introduced in partnership with Synchrony Financial, will offer 2 percent back on purchases, with no annual fee, no minimum redemption amount, no restrictions on how to spend cash rewards, and no expiration, the company says.
It will also include security protections from PayPal, as well as standard MasterCard benefits like extended warranty coverage, purchase protection, and identity theft resolution assistance. PayPal purchases, meanwhile, will receive PayPal Purchase Protection at no additional cost.
The card is only available to PayPal members, and it’s automatically added to users’ PayPal’s wallets, once approved. That means consumers can begin to use the card even before it arrives in the mail…
Source: PayPal launches its first cash back credit card to boost PayPal usage in stores | TechCrunch
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