PayPal Credit Cards (Cashback & Extras): Is it worth it?

Adam Rozsa

As one of the first online payment service providers, PayPal has been around for a while. They’re a trusted name for anyone who wants to safely and securely buy and sell goods and services over the web.

Adding to that security and convenience, PayPal now offers two credit cards for customers to have another way to pay for items anywhere they go. The two cards are the PayPal Cashback Mastercard and the PayPal Extras Mastercard.

Both cards are solid options for credit cards as they offer several perks and have no annual fees. But you’ll need a good credit score to be approved for either of these cards.

In this article, we’ll explain how you can get either of these cards, break down their pros, cons and extras, and give you the bottom line on if these cards might be worthwhile for your needs.

But if you’re not looking for a credit card, how about a great alternative? A Wise debit card is the perfect option for those who need a debit card on the go. If you want something simpler and don’t want to stress about credit scores and avoid foreign transaction fees, get a Wise account today.

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📝 Table of contents

How can I get a PayPal credit card?

Here are the steps to getting a PayPal credit card.

  1. Go to the PayPal homepage and click the personal tab at the top of the page.

  2. On the dropdown menu, click the link that says PayPal Credit and Cards.

  3. Choose which card you want to apply for—the PayPal Cashback Mastercard or the PayPal Extras Mastercard—and click on the link that says apply now.

  4. You need a PayPal account to apply for either of these cards, and the next menu will prompt you to sign in to your PayPal account if you haven’t already. If you don’t have an account, the menu will prompt you to sign up for one.

  5. After you log in to your account, fill out and confirm the application information including your name, address, social security number, and annual salary.

  6. The next menu offers a card security option at $1.66 per $100 on the balance per month.¹ This program is through the card’s issuer—Synchrony Bank.

  7. Read over the terms and conditions and then click ‘Accept and submit’.

From there, the cards are subject to credit approval. PayPal will let you know if you’ve been approved and at what APR—annual percentage rate.

PayPal Credit Cards: PayPal Cashback Mastercard vs PayPal Extras Mastercard

Before breaking down these cards, remember that both are valid options for anyone who uses PayPal often. Through the PayPal platform, you can easily manage your rewards and points and transfer cash back to your bank account. And there’s no annual fee for either card.

With that in mind, let’s explore the advantages and disadvantages of both cards and look at the bottom line when it comes to deciding if these options are right for your needs.

PayPal Cashback MastercardPayPal Extras Mastercard
Benefits2% cash back on every purchase.²
  • 3 points per $1 spent on gas and restaurants
  • 2 points per $1 spent on PayPal and eBay purchases
  • 1 point per $1 spent on all other purchases.³
  • Annual fee$0²$0³
    Regular APR19.99%, 23.99% or 26.99%²19.99%, 23.99% or 26.99%³
    Foreign transaction feeNone⁴3% of every transaction⁵
    Late feeUp to $40⁴Up to $37⁵


    💡 To avoid foreign transaction fees when using your card abroad, get a Wise debit card. You can also hold and in more than 55+ currencies – avoiding exchange rate movement. Plus, with a Wise account you can convert and move money at the real exchange rate.

    Order a Wise debit card today

    PayPal Cashback Mastercard

    With 2% cash back rewards, the PayPal Cashback Mastercard offers solid advantages if you use PayPal often. You can redeem the rewards directly to your PayPal balance, and the rewards never expire. Plus, there’s no annual fee.

    It’s a simple, straightforward program where you have the ability to get rewards with every purchase.

    However, unlike many other credit card programs, the PayPal Cashback Mastercard offers no welcome bonus and requires a PayPal account to apply for the card and use the rewards.

    • No annual fees
    • 2$ cash back rewards on every purchase with no limit
    • Rewards never expire and are immediately redeemable when posted
    • Redeem the cash into your PayPal balance or bank account
    • No welcome bonus
    • Cash back is posted on a monthly basis, not automatically
    • Requires a good credit score to be accepted
    • High interest rate

    PayPal Extras Mastercard

    The PayPal Extras Mastercard offers a point system three tiered point system that gives one, two, or three points per $1 spend based on different categories of purchases. You can redeem the points on things like gift cards, merchandise, cash back, or travel vouchers.

    Like the PayPal Cashback Mastercard, there is no annual fee, and you can manage the rewards directly through your PayPal account when they’re posted.

    On the other hand, there’s no welcome bonus for signing up, and you must meet certain point thresholds in order to redeem your points in different categories. Plus, your points expire two years from when they’re accrued or if you don’t use the card for two years.

    • No annual fees
    • Restaurant and gas station purchases net 3 points per $1 spent
    • PayPal and eBay purchases net 2 points per $1 spent
    • Manage your points easily in PayPal
    • Mastercard is accepted worldwide
    • No welcome bonus
    • Requires a good credit score to be accepted
    • Must hit a point threshold to use rewards
    • High interest rate

    Bottom line: Is a PayPal credit card worth it?

    Both the PayPal Cashback Mastercard and the PayPal Extras Mastercard are useful to anyone who uses PayPal and eBay on a regular basis. PayPal offers a solid management system on their platform which makes it easy to see, redeem, and transfer cash back to your bank account.

    The cards have no annual fees, and Mastercard is a globally accepted payment option.

    With the PayPal Cashback Mastercard, you’ll get 2% on every single purchase. Plus, those rewards never expire and there’s no minimum to redeem.

    And with the PayPal Extras Mastercard, you get great rewards if you use your card often at the gas station, at restaurants, or through PayPal and eBay.

    The cards are worth it to anyone who makes a lot of transactions through PayPal.

    However, if you don’t use PayPal often, there are plenty of drawbacks that would make these cards not worth your attention. It’s not that 2% cash back isn’t bad, but there are other cards that offer higher cash back rates along with other perks that might be more enticing.

    Also, the Extras card offers a reward points system that has minimum requirements for redemption.³

    • 800 points for gift cards
    • 3,000 point for merchandise
    • 6,000 points for $50 cash back
    • 15,000 points for travel vouchers, hotels, and car rental

    Unless you use your card a lot at restaurants, gas stations or on PayPal or eBay, hitting those requirements may take a long time—all other purchases offer a lower point-to-dollar ratio.

    💡 Alternatively, you could get a Wise debit card. With Wise, there’s no need to worry about things like credit scores or foreign transaction fees. You’ll always pay the mid-market rate plus a small fee on transfers, and you can hold funds in 55+ currencies!

    Learn more about Wise

    1. Synchrony Bank - Optional Card Security Program
    2. PayPal - PayPal Cashback Mastercard
    3. PayPal - PayPal Extras Mastercard
    4. Synchrony Bank - Rates and Fees Table PayPal Cashback Mastercard
    5. Synchrony Bank - Rates and Fees Table PayPal Extras Mastercard

    All sources verified on 2 June 2021

    Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

    This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

    We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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