Hey Clark Community!
Today, I want to get your thoughts on the PayPal Cashback Mastercard.
I was working on some rewards credit card content and the PayPal card came to mind.
It used to be one of my favorite cash back cards to recommend, but some recent changes to the rewards program now have me leaving it off most of my “best of” lists for the site.
Am I overreacting or do you feel the same way?
For those of you who don’t know: This card used to offer unlimited 2% cash back for swipes and 3% cash back if you used the card as payment via a PayPal transaction.
But the revised cash back rewards plan now only offers unlimited 1.5% cash back on non-PayPal purchases.
That instantly turned it from an everyday spender to a part-time player for many cardholders.
Even in the face of the rewards downgrade, I do think PayPal does a great job with making your rewards easy to access and redeem. They can be added to your PayPal balance with one click on the PayPal app each month. So it’s really easy to redeem them while you’re logged in to pay your bill each month.
And the 3% back on PayPal purchases still makes it a viable no-annual-fee card for people who do a lot of online shopping.
Where do you stand on this card?
If you have it, I’m wondering:
- Have your spending habits changed since the rewards reduction? Have you replaced this card as an everyday spender?
- How often are you able to utilize the 3% back with your personal purchases?
- What do you use your rewards for once loaded into your PayPal balance? Do you keep them there to spend or move them to an attached bank account?
If you don’t have it:
- Has the rewards change made you less likely to consider applying?
- Is the fact that you have to use PayPal to get 3% the main hurdle?
- Which cash back card do you enjoy using instead?
Interested in hearing everyone’s thoughts on this card! Mine have evolved in 2024, for sure!
Nick