Paypal Credit Card- Paypal is one of the biggest and first online international transaction firms. Its growth after eBay acquired and dropped it has been immense. Today, Paypal boasts of an application, offering cards services both credit and debit, and more than 300 million active users. This brings us to the Paypal credit card.
One of the advantages of using Paypal is the fact that there are no annual charges on credit cards. To apply for a Paypal credit card, you must have had or opened a Paypal account. Yeah, because you can link that account to the card, but not necessarily, who gets a credit card without an account?
Basically, there are three kinds of Paypal credit cards all offered by Synchrony bank which I will address in this article.
Types Of Paypal Credit Cards
Paypal Cashback Mastercard
Like any credit card, this Paypal Mastercard can be used anywhere Mastercards are accepted. It’s simple to use and is good for general or regular spending. Although there are no welcome bonuses it provides a continuous reward structure of a 2% cashback reward on every purchase done with the card.
You could redeem your reward on a monthly basis by transferring them to your Paypal account. Login to your Paypal account, go to the Rewards Summary Page, and transfer the amount you want to your Paypal account.
Paypal Extras Mastercard
All Paypal credit cards do not have annual charges including this one and can be used anywhere Mastercards are accepted. With this card, you get to earn tiered points depending on your spending.
- 3 x points per dollar spent on gas purchases.
- 2 x points per dollar spent on Paypal and eBay.
- 3 x points per dollar spent on restaurant purchases.
As expected, there is no welcome bonus, but those points promise a whole of bonuses especially when you spend a lot on gas and restaurants.
To redeem your reward, note that 6000 points= $50 Paypal cash, there are also minimum activation points you have to gain before you can redeem points. Follow these steps;
- Log in to your Paypal account and click on Paypal Mastercard.
- In the new page (Synchrony bank page) click on Rewards and Offers.
- Select a category for reward redemption options.
- Make your redemption.
Yes, there are no annual charges but there are quite a number of monthly charges. Using a Paypal credit card involves responsible and strategic spending.
Paypal Credit- Digital Credit Line
With this plan, you don’t necessarily need a card but its rewards are not that profitable. Yes, there are no annual fees but rewards are only given for purchases of $99 and above. All Paypal credit cards are like middlemen between you and Synchrony bank.
There is no interest on purchases of $99 or more that is paid for in 6 months fully. Paypal credit was formerly known as bill me later for a good reason, it lets you pay right away or over time as you make a purchase with their account.
With Paypal Credit Cards you could do purchases anywhere, send money to anyone at any time, without worries.
Different Paypal credit cards have different APR rates and monthly charges of different interests depending on the types. If any of these credit card plans do not match your lifestyle, I’d advise you to go for debit cards.