The PayPal Cashback MasterCard is for PayPal members with excellent credit who wish low-maintenance rewards on every purchase they make. The card, issued by Synchro Bank, provides 2% cash back on all purchases and includes no annual fee or set-up fees.
It's not a new credit card to the PayPal group of companies. Since being launched in 2020, it's grown into one of their biggest moneymaking ventures. While it doesn't offer much in the way of rewards, it is still useful for PayPal members and has a nice reputation among credit card companies.
There are many different types of cards available from Synchrony Bank. Most of them offer a cashback reward of some sort, but the PayPal cashback card offers something more.
The cashback rate is 2%, which isn't much but can be seen as a mark-up by the bank card issuer. But the 2% rate is more than reasonable for what can be considered a very small percentage of your shopping. You do have to have a PayPal account and some kind of payment processing system in place for this cashback rate to really be worth its weight in gold.
The card is useful to PayPal members because it allows them to take advantage of their high level of customer service. If you need questions answered or if you want to file a complaint, you can simply click on the link provided on the PayPal Cashback MasterCard site. This site will show you the contact information you'll need for getting through to the right person in case you need it. This should keep you well informed about your relationship with Synchrony and the services it offers.
Synchro also gives you access to the site's consumer protection tools. This way, you can be sure that you're protecting yourself from fraud or other problems. If there's a problem, you'll have someone to speak with who can answer your questions and help you get your money back.
Even if you don't need this type of credit, the cashback from Synchro is still a great benefit for PayPal members. because it gives you the opportunity to pay off your bills with cash rather than just credit card fees and interest charges.
The only drawback of the PayPal Cashback Synchro card is that it's a bit on the pricey side. It's not a card that should be taken for granted, but it certainly isn't a deal breaker.
The credit card companies have been offering these cards at a much higher rate than they were in the past. That's why you're finding that people are willing to pay double the usual fees to use this type of card. Even then, you can find cards that offer a lower rate.
There are advantages and disadvantages to both types of cards. While there's nothing like being able to save a lot of money by using cash, you have to weigh the pros and cons. with a lot of other things.
One thing you should know is that this card does not work with most prepaid cards. This means that you won't be able to use cash as a way to pay your balance.
Prepaid cards are good because you can use them without worrying about the high fees and penalties that are often associated with cards with higher interest rates. You also have the option to pay your balance in full every month, which is another good feature. And since you can pay your balance in cash, you won't have to worry about being stuck with the credit card company's minimum monthly payments.
You can also use the PayPal Cashback MasterCard to pay for other purchases, like for hotel rooms, gas, restaurants, etc. This is particularly useful if you don't have any credit cards. You can be assured of a safe place to store your money, as most companies won't check your credit if you don't have one. So you'll be protected even if you travel abroad.