Credit Card Credit Card Reviews

Paypal Extras Mastercard Review

overall rating
2

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The PayPal Extras Mastercard offers 3 points per dollar on gas and restaurant purchases and 2 points per dollar on PayPal and eBay purchases. Unfortunately, its reward redemption rates, complicated redemption options, and lack of common credit card perks don't make it an appealing choice compared with other cards on the market.

PayPal Extras Mastercard®

overall rating
2.6
PayPal Extras Mastercard®
On Synchrony Bank's Secured Site.
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 21.49% - 28.49% variable
Annual Fee $0
Rewards Earning Rate Earn 3 points per $1 on gas and restaurant purchases, 2 points per $1 on PayPal and eBay purchases, and 1 point per $1 on all other purchases.
Balance Transfer Fee This card does not offer balance transfers.
Foreign transaction fee (%) 3%
how this card stacks up
When compared among all rewards cards in our database:
Rewards
Benefits
Low Fees
Security/Customer Experience
Low Interest
worst best

Full Review of Paypal Extras Mastercard

Pros
  • Higher rewards rates in certain spending categories

  • Multiple rewards redemption options

Cons
  • Reward redemption values are poor

  • Many rewards redemption options have restrictions

  • No one-time offer

Pros Explained

  • Higher Rewards Rates in Certain Spending Categories: You will earn 3 points per dollar on gas and restaurant purchases and 2 points per dollar on PayPal and eBay purchases. These points earning rates are decent for a credit card with no annual fee, but once you take the value of each point into account they aren’t as good as they appear.
  • Multiple Rewards Redemption Options: Having multiple ways to redeem your rewards is a nice feature when some cards only offer cash back. You can redeem your rewards for gift cards, merchandise, PayPal Cash, and travel vouchers for airfare, hotels, rental cars, and vacation awards.

Cons Explained

  • Reward Redemption Values Are Poor: The PayPal Extras Mastercard only shares valuations for PayPal Cash and gift cards. It takes 6,000 points to earn $50 in PayPal Cash, a value of 0.83 cents per point, and 800 points for a $5 gift card, a value of 0.625 cents per point. These redemption values are poor, especially combined with the relatively low points earning rates on this card.
  • Many Rewards Redemption Options have Restrictions: The card doesn't publish redemption rates for its travel or merchandise redemption options. Redeeming points for travel can be restrictive. In general, you must book your travel at least 21 days in advance of the travel and you need at least 15,000 points for a travel voucher.
  • No One-Time Offer: Many no-annual-fee credit cards offer a bonus to entice potential cardholders to apply. Unfortunately, this card is not one of them.

This Card is Best For

  • Avatar for Annual Fee Averse Persona
    Resists or refuses an annual fee on principle or due to cost
    Annual Fee Averse
  • Avatar for Rewards Strategist Persona
    Seeks to maximize points or miles earnings across spending categories
    Rewards Strategist

The PayPal Extras Mastercard is for diehard PayPal fans with average to excellent credit. Unfortunately, the rewards earning rates combined with the reward redemption rates result in a very poor value for the vast majority of consumers. 

You can get higher earnings and redemption rates on restaurant, gas, PayPal, eBay, and all other purchases with other credit cards. This card doesn't even offer any ancillary benefits that make it worthwhile. Extreme PayPal fans would likely be better served with the PayPal Cashback Mastercard that offers 2% cash back and no annual fee.

Rewards Earning Details

The PayPal Extras Mastercard has three main rewards earning rates. You earn 3 points per dollar on gas and restaurant purchases, 2 points per dollar on PayPal and eBay purchases, and 1 point per dollar on other purchases. While these reward earning rates seem reasonable for a no-annual-fee credit card, they’re actually below average when you consider the highest redemption value is 0.83 cents per point. That results in roughly a value of 2.5 cents per dollar on gas and restaurant purchases, 1.67 cents per dollar on PayPal and eBay purchases and 0.83 cents per dollar on other purchases.

Other cash back credit cards with no annual fee offer higher cash-back rates in these categories. For PayPal, eBay, and all other purchases, a simple 2% cash-back card would earn you more value per dollar spent.

To make matters worse, reward points expire 24 months after you first accrue them or if you don’t make a purchase with the card for 24 consecutive months. You’ll also lose your points if you fail to make two or more consecutive minimum payments on time or if you close your account. 

Rewards Redemption Details

You can redeem rewards through the PayPal Extras Reward Redemption Servicing site by logging into your PayPal account and accessing your PayPal Extras Mastercard. Otherwise, you can call 866-300-6432 from 8 a.m. to 8 p.m. Central time Monday through Saturday to make redemptions. 

You can redeem points for gift cards starting at 800 points for a $5 gift card, a value of 0.625 cents per point. A better option is redeeming 6,000 points for $50 PayPal Cash which results in a 0.83 cents per point valuation. Unfortunately, it can take a while to build up a 6,000 point balance and smaller redemption amounts are not available.

Other redemption options include merchandise starting at 3,000 points and travel vouchers for airfare, hotels, car rental, and vacation awards starting at 15,000 points. The valuation depends on your specific redemption option, and estimated point values are not available unless you're a cardholder trying to redeem your points.

Redeeming rewards can be extremely restrictive. Air travel, hotel, and car rental redemptions must be made at least 21 days in advance of travel. Air travel may require having a Saturday night stay, and interim stopovers of more than four hours are not allowed. Air travel must also be completed within 30 days of departure, so extended trips aren’t possible. There are many other restrictions for air travel, including no circle trips, no open-jaw tickets, and more.

How to Maximize Your Rewards

If you choose to use this card, you can maximize your rewards by putting all of your restaurant and fuel purchases on it. All other purchases can earn better rewards value with another higher percentage flat rate cash-back credit card that pays more than 1%, such as the Citi Double Cash card which offers 1% cash back on all purchases and another 1% cash back when you pay your bill.

When you accumulate 6,000 points, your best bet is likely cashing points in for $50 in PayPal Cash, at a value of 0.83 cents per point. However, check your travel voucher options, starting at 15,000 points, to see if you can receive a higher value per point before you cash out.

Cardholder Experience

Synchrony Bank, which issues the Paypal Extras Mastercard, ranked second to last among 11 national issuers in J.D. Power's 2019 U.S. Credit Card Satisfaction Study, with a score of 780 out of 1,000. The national issuer average was 806 points.

Customer service is available around the clock by calling the number on the back of your card or 866-657-5788. Live chat is available every day from 9:00 a.m. to 9:30 p.m EST when you're logged in to your PayPal Mastercard account.

Security Features

This card offers Mastercard ID Theft Protection 24 hours a day, 365 days a year at no charge if you believe you are a victim of identity theft. Coverage includes an online monitoring dashboard, monthly risk alert and newsletter, identity monitoring, resolution services, lost wallet assistance, single bureau credit monitoring from TransUnion, financial account takeover protection, and URL or domain monitoring. 

You also have access to Mastercard Global Service, which provides 24-hour assistance with lost and stolen card reporting, emergency card replacement, and emergency cash advances. You can receive a temporary card as soon as the next day in the United States or two business days almost everywhere outside of the United States.

The PayPal Extras Mastercard's Fees

The fees this card charges are standard for a rewards credit card. It does charge a 3% foreign transaction fee and the variable purchase APRs offered are a bit high compared to the average for all credit cards.

Our Verdict

Unless you absolutely must have the PayPal Extras Mastercard, you would likely be better served by a cash-back credit card like the Citi Double Cash, which offers 1% cash back on purchases and 1% cash back when you pay for those purchases. The PayPal Extras Mastercard's reward earning rates combined with its reward redemption rates don’t add up to a strong value for consumers. The card doesn't provide any other outstanding benefits, either. 

For restaurant and gas purchases, you can earn higher cash back or rewards rates with several other credit cards that treat those as bonus rewards categories. If you still want a PayPal credit card, you may want to consider the PayPal Cashback Mastercard, which offers 2% cash back on all purchases.

Apply Now
For PayPal Extras Mastercard®
on Synchrony Bank's Secured Site.
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CURRENT CARD
PayPal Extras Mastercard®
overall rating
2
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 21.49% - 28.49% variable
Annual Fee $0
Rewards Earning Rate Earn 3 points per $1 on gas and restaurant purchases, 2 points per $1 on PayPal and eBay purchases, and 1 point per $1 on all other purchases.
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.