PayPal and Synchrony Financial Introduce New Mastercard That Offers 2% Cash Back on Every Purchase
August 30 2017 - 9:00AM
Business Wire
PayPal Cashback Mastercard can be used online
and in stores – everywhere Mastercard is accepted – with rewards
redeemable to PayPal balance
PayPal (NASDAQ: PYPL) customers in the U.S. can now earn
cash back on every purchase online and in stores with today’s
launch of the new PayPal Cashback Mastercard issued by Synchrony
Bank. The PayPal Cashback Mastercard, designed exclusively for
PayPal members, offers cardholders 2% cash back every day, on every
purchase – everywhere Mastercard is accepted.
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PayPal and Synchrony Financial Introduce
New Mastercard That Offers 2% Cash Back on Every Purchase (Photo:
Business Wire)
Unlike other rewards credit cards, there is no annual cash back
limit, no minimum redemption amount, no restriction on how to spend
cash rewards and no expiration. The PayPal Cashback Mastercard
offers all the security and convenience expected from PayPal, plus
all the traditional benefits of a Mastercard. All accounts are
automatically added to the member’s PayPal wallet to simplify
checkout and provide peace of mind.
Key benefits of the new PayPal Cashback Mastercard:
- 2% cash back on every purchase –
everywhere Mastercard is accepted
- No annual fee
- No limit or expiration on cash rewards
earned
- No rotating rewards categories and no
restrictions on purchase types
- Cash rewards redeemed directly to
PayPal balance – no redemption minimums or limits on how to use
rewards
- Zero fraud liability
- Automatically added to PayPal wallet
upon approval, allowing immediate use before physical card arrives
in most cases
- When used to pay for merchandise
through PayPal, eligible transactions receive PayPal Purchase
Protection at no additional cost
- Mastercard benefits including extended
warranty coverage, purchase protection, and identity theft
resolution assistance
“The introduction of the PayPal Cashback Mastercard with
Synchrony Bank continues PayPal’s commitment to provide customers
with rewarding product experiences and a range of innovative credit
options,” said Mark Britto, senior vice president, Global Credit,
PayPal. “By providing a simple way for people to earn cash rewards
for the shopping they’re already doing, the PayPal Cashback
Mastercard will give consumers yet another reason to shop with
PayPal.”
PayPal has partnered with Synchrony Bank since 2004 to offer
credit card options that enable cardholders to shop online and in
stores.
“We are excited to continue deepening our relationship with
PayPal, a digital payments leader who shares the same vision of
providing simple and convenient payment solutions for customers,”
said Curtis Howse, senior vice president and general manager,
Diversified Client Group, Synchrony Financial. “We look forward to
advancing our partnership to provide even greater value for
cardholders.”
To learn more about the PayPal Cashback Mastercard, visit
http://www.paypal.com/cashback.
The PayPal Cashback Mastercard is issued by Synchrony Bank
pursuant to a license by Mastercard International Incorporated.
Mastercard is a registered trademark, and the circles design is a
trademark of Mastercard International Incorporated.
About PayPalFueled by a fundamental belief that
having access to financial services creates
opportunity, PayPal (NASDAQ: PYPL) is committed to
democratizing financial services and empowering people and
businesses to join and thrive in the global economy. Our open
digital payments platform gives PayPal's 210 million active account
holders the confidence to connect and transact in new and powerful
ways, whether they are online, on a mobile device, in an app, or in
person. Through a combination of technological innovation and
strategic partnerships, PayPal creates better ways to
manage and move money, and offers choice and flexibility when
sending payments, paying or getting paid. Available in more than
200 markets around the world, the PayPal platform,
including Braintree, Venmo and Xoom, enables consumers and
merchants to receive money in more than 100 currencies, withdraw
funds in 56 currencies and hold balances in
their PayPal accounts in 25 currencies.
About Synchrony FinancialSynchrony Financial (NYSE: SYF)
is one of the nation’s premier consumer financial services
companies. Our roots in consumer finance trace back to 1932, and
today we are the largest provider of private label credit cards in
the United States based on purchase volume and receivables.* We
provide a range of credit products through programs we have
established with a diverse group of national and regional
retailers, local merchants, manufacturers, buying groups, industry
associations and healthcare service providers to help generate
growth for our partners and offer financial flexibility to our
customers. Through our partners’ over 365,000 locations across the
United States and Canada, and their websites and mobile
applications, we offer our customers a variety of credit products
to finance the purchase of goods and services. Synchrony Financial
offers private label credit cards, Dual Card™, and general purpose
co-branded credit cards, promotional financing and installment
lending, loyalty programs and FDIC-insured savings products through
Synchrony Bank. More information can be found at
www.synchronyfinancial.com, facebook.com/SynchronyFinancial,
www.linkedin.com/company/synchrony-financial and
twitter.com/SYFNews.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170830005439/en/
PayPal, IncJosh Criscoejcriscoe@paypal.comorSynchrony
Financial855-791-8007media.relations@synchronyfinancial.com
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