PayPal and Synchrony announce New Cashback Credit Card That Offers 3% Cash Back on all PayPal Purchases
PayPal (NASDAQ: PYPL), today announced the introduction of the new PayPal Cashback credit card, issued by Synchrony, which gives customers even more cash back when they shop with PayPal. With the new card, customers earn unlimited 3% cash back when paying with PayPal at checkout online, mobile, or in-store with PayPal QR Code where eligible and unlimited 2% cash back on all other purchases anywhere Mastercard is accepted.
More than 60% of American consumers are now shopping both online and in-store, as well as across multiple spend categories 1 . As their shopping behaviors evolve from the pandemic, consumers are on the lookout for flexible ways to make smarter purchases and maximize rewards wherever they shop. The new card has no annual fee 2 , no category restrictions and can be added to a customer's PayPal wallet for easy, fast, and secure checkout.
"Our customers shopped across 34 different categories last year showcasing the diversity of their needs and interests, and we wanted to build a credit product that was flexible and better matched rewards with their spending behaviors," said Susan Schmidt , VP Consumer Credit, PayPal. "The new PayPal Cashback credit card was designed so PayPal customers can earn rewards and get cash back for everyday purchases no matter what categories they spend in that month."
Discover What's New
- Smarter Way to Pay with PayPal : By using the PayPal Cashback credit card, customers can now pay with PayPal and get more rewards while shopping online, mobile, or in-store where available.
- Better App & Desktop Experience : The PayPal Cashback credit card offers customers a new user interface within the PayPal app and on the web, delivering a simplified and more integrated way to access rewards, manage purchases, and make payments.
- Easily Redeem Rewards & Make Money Go Further: In addition to earning more cash back when checking out with PayPal, customers can access rewards every day without having to wait for a monthly statement cycle. Based on account type, customers can have the freedom to choose how to use the rewards – whether they wish 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 one-time $100 cash back bonus on their first $500 spent 3 .
"Together with PayPal, we continue to build on the seamless integration that has been a hallmark of our partnership, allowing us to enhance rewards to our customers and improve the user experience," said Bart Schaller , CEO of the Digital Platform at Synchrony. "Plus, it's easy to use and manage – the new PayPal Cashback credit card is sure to be a customer favorite."
Existing eligible PayPal 2% Cashback credit card holders will automatically be upgraded into the new 3% cash back card structure and can start earning higher cash back rewards whenever they use their card to check out with PayPal. The new PayPal Cashback credit card will soon be available to select customers who can apply through the PayPal app and www.paypal.com and will continue to roll out in the coming weeks. Visit www.paypal.com/cashback for more information.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 425 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States ; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers. Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony
1 McKinsey COVID-19 Pulse Survey 2021
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SOURCE PayPal Holdings, Inc.