Paypal Cashback Mastercard – 3% cashback on Paypal, 2% everything else (waitlist)

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The PayPal Cashback Mastercard now offers 3% cashback on all Paypal purchases made with the card, and (as before) 2% on all regular Mastercard purchases. Apparently there is a waitlist to join as a result, probably because that’s about as good on uncategorized spending outside of the Citi Custom Cash card, but existing cardholders benefit now. There aren’t many other perks, although they occasionally offer limited 4% cash back for a week or two (summer/winter holidays).

Note that the card is provided by Synchrony, who in my experience are awful to deal with. They’re very stingy on initial credit limits even if your credit score is good, and can arbitrarily hold payments for "security reasons" for up to 2 weeks if you’re a new customer (first 6 months). This card also used to have no foreign transactions fees but quietly added back 3% fees last July, so existing cardholders should take note if they don’t scrutinize every monthly statement. Caveat emptor.

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