After having my current credit card tell me they're canceling their specific line of cards I had, I went looking for a new one. I specifically enjoy cash back cards just because I like making money from spending money, also I rarely spend enough to justify reward mile cards with an annual fee. I found out today that Paypal is offering a 2% cash back card, that is partnered with Mastercard.
According to the article by Bloomberg;
The move is part of Chief Executive Officer Dan Schulman’s effort to transform PayPal from a payments button on websites into a versatile financial tool for everyday use, even in brick-and-mortar stores.
Turns out this strategy has been tested and resulted in well..results. The article states data that back this claim up by saying;
By the end of June, before the card’s full rollout, transactions per PayPal account rose 10 percent to 32.3 over the trailing 12 months, according to a statement from the company.
Lastly, the article makes the claim that a majority of people prefer cash back instead of any other type of reward cards. Does this new card by paypal entice you to sign up? If so, why and if not why not?
Also what are your general thoughts on this?
Source: Paypal new card
Citi has had a 2% cash back card for years
I saw it mentioned that in the article. Something about 1% when you buy something and another 1% when you pay the balance. This one is just outright 2%. I'm sure Paypal put it as 2% to compete with Citi.
Not really sure what the difference is unless you plan on not paying back the balance, and in that case, you probably shouldn't be using the card in the first place.
I'm not too encouraged to sign up for PayPal's card only because they have absolutely terrible customer service as-is. I can imagine getting a credit card with them and being ignored, similar to how I'm ignored now with PayPal Credit. Any issue you submit is ignored, and if you call them they'll say they need time and will call back, which they don't do.
What companies like American Express get right is that if I call and ask for some shit that they can reasonably furnish, they should do so. It's not so hard. So while 2% cash back sounds great, I'll live with my Blue Cash, Delta SkyMiles, PRG, etc. The rewards are comparable and customer service actually exists.
What is wrong with your life that you have to contact customer service more than once a year / two years?
I've had the Citi Double Cash Card, (1% back when you buy, 1% back when you pay) and I've had no major complaints about the card or Citi. Their service was pretty good too when I called for some issues I had.
I use PayPal for my online business so I go on there a lot and you have to click through two screens about this card to get to your account - no opt out. I remember seeing some bullshit terms that dissuaded me. Not like I was gonna apply. 17 recent inquiries on my report I'm trying to cut that back
For this card no thanks. That said it was a primary driver for me already having a couple credit cards with Chase to add their Amazon card to my wallet.
Except then you'd have to become a customer of PayPal's...
Fidelity has long offered a 2% cash back card. It used to be an AmEx, but now it's a Visa. I have had it for years.
It's also no annual fee? I've never heard of it before.
Yup. No annual fee.
Love the fidelity card. 2% of all my spending goes right into my Roth.
I wouldn't trade my Bank of America Alaska Airlines card for the world.
Is any of these (e.g. PayPal, Fidelity, Citi) available for non-US citizens (EU citizen here)?
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