PayPal Introduces New Cashback Credit Card to Make Paying with PayPal Even More Rewarding

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Over 60% of U.S. consumers now shop online and in-store, as well as across multiple spend categories1. As their shopping behaviors evolve since the pandemic, consumers are looking for flexible ways to shop smarter and maximize rewards wherever they shop. The new card has no annual fee2no category restrictions and can be added to a customer’s PayPal wallet for easy, fast and secure payment.

“Our customers shopped in 34 different categories last year, showcasing the diversity of their needs and interests, and we wanted to create a credit product that was flexible and better suited to rewards with their spending behaviors,” said Susan Schmidt, Vice President of Consumer Credit, PayPal. “The new PayPal Cashback credit card was designed so PayPal customers can earn rewards and cash back for their everyday purchases, regardless of what categories they spend during the month.”

Discover what’s new

  • A smarter way to pay with PayPal: Using the PayPal Cashback credit card, customers can now pay with PayPal and earn more rewards when shopping online, on mobile or in-store where available.
  • Better app and desktop experience: The PayPal Cashback credit card offers customers a new user interface in the PayPal app and on the web, providing a simplified and more integrated way to access rewards, manage purchases and make payments.
  • Easily redeem rewards and earn money to go further: In addition to earning more money when paying with PayPal, customers can access daily rewards without having to wait for a monthly statement cycle. Depending on the account type, customers are free to choose how to use the rewards, whether they want to make statement payments, make purchases from millions of retailers, or transfer funds to a linked bank account or debit card.
  • Cash back for new customers: For a limited time, new card customers will earn a $100 cash back bonus on their first $500 spent3.

“With PayPal, we continue to build on the seamless integration that characterizes our partnership, enabling us to enhance our customer rewards and enhance the user experience,” said Bart Schaller, CEO of Synchrony’s digital platform. “Plus, it’s easy to use and manage – the new PayPal Cashback credit card is sure to be a customer favourite.”

Existing eligible PayPal 2% Cashback credit cardholders will be automatically upgraded to the new 3% cashback card structure and can start earning higher cashback rewards each time they use their card to pay with PayPal. The new PayPal Cashback credit card will soon be available to select customers who can apply through the PayPal app and paypal.com and will continue to roll out in the weeks to come. To visit www.paypal.com/cashback for more information.

About PayPal

PayPal has remained at the forefront of the digital payment revolution for over 20 years. By leveraging technology to make financial services and commerce more convenient, affordable and secure, the PayPal platform enables more than 425 million consumers and merchants in more than 200 markets to join and thrive in the Mondial economy. For more information, visit paypal.com.

About synchronization

Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs, as well as innovative consumer banking products, in key sectors such as digital, retail, home, automotive, travel, health and pets of company. Synchrony enables our partners to increase sales and retain consumers. We are one of the largest private label credit card issuers in United States; we also offer co-branded products, installment loans and consumer finance products for small and medium-sized businesses, as well as healthcare providers. Synchrony changes what is possible through our digital capabilities, deep industry expertise, actionable data insights, seamless customer experience, and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony

Media Relations Contacts

PayPal
Gideon Anstey
[email protected]

Synchrony
Nicole Ward
[email protected]

SOURCE PayPal Holdings, Inc.

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