- Today, I will be talking
about the PayPal MasterCard,
the PayPal Cashback Mastercard,
to be more specific.
I have a viewer to thank for that
who gave me the suggestion
to do this video,
because I've never talked
about the PayPal MasterCard.
And I will compare it with
the Citi Double Cash card
because they are almost the same.
They both offer 2% cash back.
I specifically want to compare the two,
because some of you may be undecided
on which of these two cards to get.
So I am mainly going
to review the PayPal
Cashback Mastercard today,
and then I'm going to talk
about the similarities
and the differences between
the Citi Double Cash card
and the PayPal Cashback Mastercard.
At the end of this video,
after reviewing the PayPal Cashback card,
I'm going to tell you what I think of it
and whether I wish I had
actually got this card
over the Citi Double Cash and
whether or not I'm thinking
about getting this card in the future.
The first thing before we get started,
I want to tell you how it works.
You need to have a PayPal
account first before you apply
for the PayPal Cashback Mastercard,
because as soon as you
hit that Apply Now button,
you are going to be prompted
to log into your PayPal account.
So this PayPal credit
card is not that hard
to get approved for,
it is easier than a lot
of other cashback credit cards.
You're gonna need somewhere
around the high six hundreds,
but for some people,
they might have some luck
if they're around the 650 range.
It all depends on what your
credit history looks like
and what their criteria is.
But basically, if you're
somewhere high six hundreds,
people have been able to get
an approval for this card.
The PayPal MasterCard is
issued by Synchrony bank.
And the really nice thing
is there is no annual fee
for having this card.
So this is a card you will
want to keep longterm.
So this card is really good for
when you're making purchases
that don't fall into certain
categories that you have
with other reward credit cards.
So you will be getting 2% cash back
rather than 1% or 1.5% cash back.
So like I said, you do need
to have a PayPal account.
And when you're ready
to redeem your rewards,
you can redeem them
into that PayPal account
or into a bank account.
One way that the PayPal
Cashback Mastercard
is different than Citi Double Cash
is that you're earning
2% cash back right away
with the PayPal Cashback card.
And with Citi, you first earn
1% when you make the charge.
And then when you pay your balance off,
you get the other 1%.
So that's how that is different.
Also, how they are different
with the PayPal Cashback Mastercard,
you can redeem any amount you want.
It could be $1.23.
You can redeem that if you want to.
However, with the Citi Double Cash card,
you need to redeem your cashback rewards
in increments of $25.
Or if you're going to use your ATM card
to get your cash back, you
have to take your cash back out
in increments of $20.
So this is how these
two cards are different.
Now, typically when people do a review
of either the Citi Double Cash card
or the PayPal Cashback
Mastercard, they will tell you
that these cards don't
come with signup bonuses.
And that's not exactly true.
So the one tip that I'm going to give you
that might be very
important to you is wait
and look out for a signup bonus
with these 2% cashback
cards, because they do exist.
So do you have the PayPal
Cashback Mastercard?
What do you think about it?
Let us know in the comments section.
Or do you have the Citi Double Cash card?
What do you think of that one?
Do you have both?
Tell us what you think is better?
So I have reviewed this credit card
as a 2% cash back credit
card on all your purchases,
but PayPal will sometimes allow you
to earn even more cash back rewards
and they call this the bonus cash rewards.
And with that, they will
give you notifications
of different opportunities
where you can earn more cash back,
and if you follow the terms
and conditions of these offers,
you can earn more than 2% cash back.
So a lot of people don't know
about bonus cash rewards,
and that's what I like to do.
I like to tell you guys all
about extra ways you can earn
more rewards on purchases.
If I've helped you today with this video,
I'd appreciate it so much if
you could hit that Like button.
And if you'd like to learn
about other credit cards
or tips and tricks
to help build up your credit
score, consider subscribing.
And if this video can
help somebody you know,
please share it.
One positive thing this
card has going for it
over the Citi Double Cash is,
with the PayPal Cashback Mastercard,
they do not charge you
foreign transaction fees.
So this is a good credit card to take
when you're traveling overseas.
You're going to get 2% cash
back on all your purchases,
whereas with the Citi Double
Cash, they're going to ask you
to pay a foreign transaction fee.
So even if you're earning 2% cash back,
you will be paying a 3%
foreign transaction fee.
So essentially, it's going
to end up costing you 1%
for every transaction you make.
I know there's not a lot
of perks and benefits
with this card other than
earning 2% cash back,
but one benefit worth mentioning
is that they do offer free
credit monitoring service.
So most Synchrony bank
credit cards allow you
to request a credit line increase
without a hard credit inquiry.
Most of the time, they
are soft credit pulls.
So if you've had this
card for a few months
and you want to increase your credit line,
especially if your credit
line is on the lower side,
you can go ahead and request
a credit line increase
and that shouldn't
impact your credit score.
Okay, so, Adam Jusko
from ProudMoney said that
if he could do it over again,
he currently has the Citi Double Cash,
he said if he could do it again,
he would get the PayPal
Cashback Mastercard.
But what do I think?
I myself also have the Citi Double Cash.
Do I regret my decision
for applying for it
and getting approved for it?
No, I do not.
I am perfectly happy with
the Citi Double Cash card
and I do not have a strong interest
in getting this PayPal
Cashback Mastercard,
because they essentially
do the same thing.
I myself have a PayPal account,
so it would be very easy for me
to apply for this credit card offer.
Maybe in the future, I could be persuaded,
especially if they give me a signup bonus,
like they do offer
those from time to time,
but other than that,
I'm happy with the Citi Double Cash card.
I think whether or not you have
either the Citi Double Cash
or the PayPal Cashback Mastercard,
I think you only really need
one 2% cash back credit card.
I hope with my review today I made,
and you have an understanding
of the clear differences
between these two, 2% cash back cards,
and you have a better idea
on which one is going to
work out better for you.
And I really hope that you gained value
from this video today.
And if you did,
please hit the Like button,
consider subscribing,
and check out these other
videos here if you want
to learn more about
different credit card offers.
Thank you so much, and
I'll see you next time.
