The PayPal Cashback Mastercard is one of the few credit cards that does not charge an annual fee while still providing 3% cash back on purchases made via PayPal and 2% cash back on all other transactions. That is a substantial yield with absolutely no conditions attached. There is no need to keep track of category bonuses, no restrictions on reward earnings, and no minimum criteria for redemption. It doesn't get much more straightforward than that.
This Card is Best For
The PayPal Extras Mastercard is reserved for PayPal devotees who have credit scores ranging from good to exceptional. However, the great majority of customers are getting a very bad value due to the combination of the rates at which they earn points and the rates at which they redeem awards. If you use a different credit card, you can earn and redeem points at a greater rate on all transactions, including those made at restaurants, petrol stations, PayPal, and eBay. This card does not even come with any further perks that would make having it useful. Extreme users of PayPal may benefit more from the PayPal Cashback Mastercard, which does not charge an annual fee and gives 2% cash back on all purchases.
Information on How to Earn Rewards
There is three primary reward earning rates available with the PayPal Extras Mastercard. You will receive three point/per $ spent in restaurants and petrol stations, two point/per $ spent on transactions made via PayPal and eBay. Even though these reward-earning rates may seem to be fair for a credit card that does not charge an annual fee, they are, in fact, lower than average when the greatest redemption value per point is considered. This translates to around 2.5 cents per dollar for purchases made at petrol stations and restaurants, 1.67 cents per dollar for sales made via PayPal and eBay, and 0.83 cents per dollar for all other expenditures.
Other credit cards that give cash-back rewards and do not charge an annual fee offer better cash-back rates in these areas. A straightforward cash-back credit card that rewards 2% of the purchase price would give you more value for every dollar spent on PayPal, eBay, and all other transactions. The situation is made even more difficult because reward points become invalid 24 months after they were initially accumulated on the card or if the card is not used for any purchases for 24 months in a row. If you fail to make two or more consecutive minimum payments on time or terminate your account, you will also be subject to the loss of any points you have accrued.
Specifics Regarding the Claim of Rewards
After login into your PayPal account and navigating to the page where you can view your PayPal Extras Mastercard, you will be able to redeem prizes via the PayPal Extras Reward Redemption Servicing site. In any other case, you may make redemptions by calling 866-300-6432 between 8:00 a.m. and 8:00 p.m. Central Time, Monday through Saturday.
You may exchange points for gift cards beginning at 800 points for a $5 gift card. This gives each point a value of 0.625 cents, giving the total value of the gift card to be $5. A better alternative is to convert 6,000 points into $50 in PayPal Cash, which results in a value of 0.83 cents per point. This may be done by redeeming your points here. Regrettably, it may take some time to accumulate a point balance of 6,000, and there is no provision for the redemption of fewer than 6,000 points.
Other redemption forms include items beginning at 3,000 points and travel vouchers beginning at 15,000 points. These travel vouchers may be used for the airline, hotels, auto rentals, and vacation rewards. The valuation depends on the particular redemption option you choose; therefore, projected point values are not accessible unless you are a cardholder attempting to redeem your points.
When it comes to redeeming incentives, there are sometimes rather stringent requirements. Redemptions for travel expenses, including airfare, hotel stays, and automobile rentals, must be made at least 21 days before departure. When traveling by air, it is sometimes necessary to spend the night on a Saturday, and layovers of more than four hours are not permitted. Because air travel must be completed within thirty days of the departure date, it is not feasible to take lengthy vacations. Air travel is subject to additional limitations, the most notable of which are the prohibitions on round journeys and open-jaw tickets.
