PayPal Rewards Credit Card: all the information you need

If you are looking for a credit card with rewards and do not want any terms and conditions on your points spending, PayPal Rewards Credit Card is for you.
PayPal Rewards Credit Card

PayPal revolutionized the money transfer since its introduction and the PayPal Rewards Credit Card is a part of it. It is now becoming a standard form of paying; and more and more merchants are now offering PayPal as a payment option. The recent trend of ‘Rewards Program’ on credit cards has gained much popularity; and every financial institution is trying its best to subdue its competitors by offering unique offers and rewards.

This institutional competition has resulted in a variety of cards to choose from; and you would want ‘the best card that suits you. If you are looking for a credit card with rewards and do not want any terms and conditions on your points spending, PayPal Rewards Credit Card is for you. This card offers bonus points with no expiry, up to 55 interest-free days; a 0% p.a transfer rate for the promotional period, and many other perks. Let’s know more about the card’s benefits and features.

PayPal Rewards Credit Card benefits

One of the most amazing features of the PayPal Rewards Credit Card is that there is no annual fee. Yes, no annual fee for the entire card life, saving you a considerable amount of money. You get up to 55 interest-free days on the eligible purchases; if you pay the balance in full by the due date. Remember that balance transfer or any cash advance transactions will not earn you any interest-free days.

You can choose Transaction Installment Plans for new retail purchases of $50 or more. That is going to be mentioned in a statement and then you can repay it in monthly installments with a fixed rate and over a fixed period. Next option is the Statement Installment Plan for purchases of $500 that have already been mentioned in the statement for this credit card.

PayPal Rewards Credit Card

The third option is a Cash Installment Plan to access funds of $500 up to your available credit limit. For further information please refer to the credit card on the website. You can use the credit card right after its approval through the PayPal digital wallet. This card is a visa card and is covered by the Visa’s Zero Liability Policy.

Reward points

This policy will keep you out of any trouble and unauthorized charges; if your card was lost, stolen or was used fraudulently. PayPal Rewards Credit Card gives you the flexibility of sharing your account with anyone you want, by adding up to 4 additional cardholders with no additional fee. You can easily manage and track your account balance and reward points with the PayPal app.

Other cards offer bonus points, but the bonus point offer of this credit card is on another level. If you apply for the card by 05 April 2022 and spend $3,000 on the eligible transaction in the first 3 months from the approval, you will get 50,000 bonus points which are equal to $275. These points do not expire and you will get the credit to your account within 8 weeks of meeting the spending criteria.

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It is worth remembering that special promotions, BPAY payments, balance transfers, and cash advances do not count in eligible transactions. This credit card will earn 1 point per $1 spent on eligible transactions. The best part is there is no limit to that. With over 750,000 PayPal participating businesses that offer Pay with rewards, you can purchase almost anything with your points.

Just use your points to pay at the checkout with the conversion rate of 2000 points for $11 and that’s it. There is another way to use these points. To use this method you have to select an eligible transaction in your account after you have purchased and use your points to pay for it with a conversion rate of $11 for 2000 points. Keep reading our article to know more about this credit card, rates and fees, how to apply and much more.

PayPal Rewards Credit Card fees

The interest rate for purchases is 20.99% p.a. with the PayPal Rewards Credit Card. Interest rate for the cash advances is 21.74% and the cash advance fee in Australia is $3.50 0r 3.5% (greater amount). A $5 is charged as an overseas cash advance fee. The International Transaction fee is 3.4%. There is also a dishonor fee of $15. The late payment fee for this credit card is $30 if you fail to pay the minimum amount by the due date. The minimum credit limit of the card is $4000.

Eligibility criteria for the PayPal Rewards Credit Card

You can apply for the PayPal Rewards Credit Card if you are a permanent Australian resident. Also, you should also have a PayPal account, if you don’t have one you can easily set up your account by visiting the PayPal website. You will have to log in to your PayPal account before applying for this card. The minimum age for the application is 18 years and the minimum yearly income must be more than $35,000.

How to apply for the PayPal Rewards Credit Card?

The first step of the application process for the PayPal Rewards Credit Card is entering your details which include. Such as full name, date of birth, and residential address. You will have to upload proof of address such as a driver’s license or a utility bill and proof of Australian residency like a passport or Medicare card.

In the next step, you have to fill in the employment and income details with documents such as a bank statement or a recent payslip. Next, you have to provide the financial details and other sources of income like shares, savings, etc. The final step of the credit card application would be to share the details of expenses like rent, mortgage, utilities, etc., and the details of any debts and liabilities.

Final thoughts

The PayPal Rewards Credit Card is a good option if you are already using PayPal and are a frequent online shopper. The welcome bonus points and the flexibility to use those points are great. The cash advance rate after the introductory period is quite high. A mix-up of dishonor fees and late fees might trouble you, so avoid any late payments. Overall this card is a pretty straightforward rewards card with attractive features.