Review: PayPal Cashback Mastercard

The PayPal CashBack Mastercard offers the chance at instant approval, but its generous 2% cash back reward formula means you’ll have to have good credit to get it.

Issued by Synchrony Bank, the PayPal Cashback Mastercard offers a flat 2% rebate on every purchase you make with the card, with your earnings going into your PayPal account. (If you don’t have a PayPal account, you will have to create one — free — in order to be approved for the card.) This is not a big deal, because it is easy enough to move your money from your PayPal account to your bank account if you so choose, or you can simply use it when you pay with PayPal.

In terms of the approval process, the Frequently Asked Questions section of the card’s marketing page says this:

“If you’re approved, in most cases, a temporary credit line will instantly be added to your PayPal account and you can start using it on PayPal right away – – even before you receive your card. You will receive your card within 7-10 business days.”

The interest rate on this card is not great. You may be approved at any of the following rates: 17.24%, 25.24% or 28.24%. You don’t want to be paying interest at any of those levels, so be sure to pay off this card in full each month.

There is no annual fee for the card.

As mentioned above, the PayPal’s generous reward formula means that approval will not be happening for everyone. If you have bad credit, you can assume you won’t be approved. If you have fair/average credit, you may be approved, but probably at the high end of the interest rate scale detailed above. If your credit is excellent, you should be instantly approved without a problem.