PayPal Cashback Credit Card Review 2022

Paypal in partnership with synchrony bank everyone's favorite bank has issued an unlimited two percent cashback card 

it was designed to compete with the city double cash and newer cards such as the wells Fargo active cash or the td bank double up card that earns two percent on everything 

well in 2022 changes are coming to the PayPal MasterCard and applications for the card are actually closed right now and they are preparing for a re-release and the biggest change is that two percent is turning into three percent 

yes you heard that right three percent back on everything unlimited cashback potentially because there is one catch you have to do that spending through Paypal 

so if you're shopping online and you're on a website and it has a paypal button you use your paypal mastercard through paypal through that button on that website and you'll learn three percent if you're shopping in store and a certain store has a paypal qr code that you can scan to pay you use your credit card through paypal there and you will earn three percent as well 

this is kind of like what apple did with the apple card where you earn two percent on everything as long as you use apple pay except the paypal one is three percent so it's actually a little bit better there is also another benefit that looks like it's directly lifted from the apple card and that is the fact that you get your cash back daily on the new paypal card 

you don't have to wait until the end of the statement billing period to get all of the cash back that you've earned that month okay that's literally an apple card benefit 

the card has no annual fee and historically has had a foreign transaction fee of 3 i'm guessing that will be staying for new applicants although you can't apply for the card yet because it hasn't been released yet you can sign up for the wait list and they will notify you when it drops 

when it drops sounds like an nft or something there will be a welcome bonus of 100 in cashback for spending 500 presumably in the first three months 

but what about current card members will they benefit from these changes well paypal has said yes current card members will be automatically upgraded 

you don't need to join any wait list or wait for the drop or whatever you will be automatically upgraded when the new card drops 

So what do I think about this card and how does it compare to other cash back cards on us market?

if you never use paypal okay now paypal does actually give you a list of some of the more major merchants that accept paypal on their website 

so you got places like walmart apple ebay target etc it's quite a lot of major retailers but for some merchants on the list like 

walmart for example there are better options like the walmart credit card from capital one that gets you five percent cash back at walmart for best buy there's also a best buy credit card that gets you five percent back at that store which beats the paypal card 

so it's not gonna be the best option if you do a load of shopping at one particular store that accepts paypal because often these stores have their own credit cards that offer up to five percent with the exception of apple because the apple car just gives you three percent on apple store purchases so that would be the same 

but if you take a look at your spending and you realize that you do a lot of shopping at a variety of places that all accept paypal and you can cover a load of different stores with one card three percent is actually gonna be quite a good deal

to be honest even if you don't get the three percent very often the card earns two percent on all non-category spend when you don't use paypal and that's a competitive rate okay totally competes with the other two percent unlimited non-category cards like the city double cash etc 

so the pros of this card three percent on paypal two percent on everything else no annual fee welcome bonus of 100 and the cons cash back is through paypal that's not really a con but you do have to be signed up with the paypal system to get the cash back 

it's a additional barrier to entry has foreign transaction fees probably because the old one did and some store cards or even the amazon card will beat three percent and i'm mentioning the amazon card because you know amazon stocks 

so many products so often when you're looking at something on a certain store's website and you're getting like you know one or two percent cash back or three percent cash back you can find the same product on amazon perhaps for the same price or even cheaper and use the amazon credit card 

which gives you five percent back on amazon and you know you get five percent that's particularly true with apple products for example 

if you shop in the apple store you get three percent back with the apple card you can find the same macbook pro or whatever often on amazon and you can get five percent back with the amazon card 

sometimes it's even cheaper on amazon anyway it just might take longer to come than it would from the apple store 

so this card is basically the apple card but PayPal's version of it but it does beat the apple card because it's three percent back through PayPal whereas the apple card is two percent back through apple pay 

Although probably the places that accept apple pay compared to the places that accept PayPal I'm wondering are there more apple pay is probably accepted by more merchants in-store 

whereas i'm thinking probably online PayPal is accepted more but there are articles saying that paypal's dominance of mobile payments is coming to an end that's most likely 

because of apple pay so this credit card is definitely a way for paypal to try and reassert its dominance competing with apple pay and the apple card.

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