Review: PayPal Credit Card

paypal-credit-cardThe PayPal Extras MasterCard is essentially the same credit card as the eBay Mastercard but with a different look. It allows you to earn points on PayPal and eBay purchases as well as other card purchases and redeem these points for gift cards, cash back to your PayPal account, and more.

Specifically, the card offers this point system:

  • 3 points per dollar on gas & restaurant purchases with the card
  • 2 points per dollar on PayPal and eBay purchases
  • 1 point per dollar on everything else.

There is no annual fee for the PayPal MasterCard, but it has a high interest rate of either 20.24% or 24.24%, depending on your credit history, so don’t get it if you have a habit of carrying a balance on your credit cards. The interest you pay will essentially cancel out the rewards you receive.

NOTE: If you apply for the PayPal Extras MasterCard and are not approved, you might instead be approved for an alternate card called the PayPal Smart Connect Card. This card can only be used on PayPal and eBay, and has a 27.24% interest rate! This card offers very little of value, and we would recommend against accepting it if it is offered to you (or cancel it if it is issued to you).

The PayPal credit cards are issued by Synchrony Bank (formerly GE Capital Retail Bank). You can apply for the PayPal Extras MasterCard here.