Paypal Plus Credit Card Review | CreditShout

Paypal Plus Credit Card Review

By Kevin / April 30, 2009

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Verdict: People that love to pay with Paypal, and frequent users of eBay, will find many benefits to having the Paypal Plus credit card. You earn 1 point per dollar that can be redeemed for vouchers, which allow you to pay for eBay purchases and more.

On the other hand – there are much better rewards cards out there. If you’re looking for the best rewards card, I would recommend the Discover More Card which allows you to earn 5% cash back on all gas, groceries and drugstore purchases (with the Paypal card you only earn 1% back on these categories and the rewards program is more limited). With Discover More you then can earn 1% back on all other purchases.

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Overview:
The PayPal Plus credit card earns Paypal points, redeemable for vouchers. Vouchers are like gift cards that can be used to make purchases on Ebay and at other merchants that accept Paypal. The card is great for Ebay users, both buyers and sellers.

How This Card Works:
There’s no annual fee for the Paypal Plus Mastercard. You earn one Paypal Plus Reward point for every dollar you spend with your card, anywhere. Points can be redeemed for Paypal vouchers, good for a cash amount off of your Paypal purchases. These vouchers can be used to pay for items with sellers on Ebay and merchants outside Ebay that accept Paypal payments. The vouchers cannot be used for Ebay express purchases, subscriptions, and Ebay seller fees. Be aware that if the amount of the voucher exceeds the amount of the purchase, any unused amount will be forfeited. All vouchers come with an expiration date as well.

Travel and Shopping Benefits:
You get extended buyer protection when you make purchases through Paypal. You’ll also receive exclusive offers through Paypal. You earn reward vouchers when you make purchases with your card. You’ll earn 1 point for every dollar spent. Although there are limits to the vouchers, they offer great rewards to people that use Paypal frequently to pay for purchases.

Fees:

Update: The minimum APR for this card is now 19.99% . Thanks Rick!

The APR for your Paypal Mastercard will vary depending on your credit history but will be one of the following: 12.24%, 15.24%, 18.24%, or 21.24%. The default rate is 27.24%. Cash advances are subject to an APR of 21.24%. The grace period on purchases is at least 20 days. Transaction fees for cash advances is $10 minimum or 3%, and $5 minimum or 3% for balance transfers. There’s no annual fee for the card. Late payments are $19 for balances under $200 and $39 for balances over $200. Returned payments are charged a fee of $35. The overlimit fee is also $35.

Pros:

  • You can personalize your card with a photo
  • Earns Paypal vouchers
  • APR as low as 12.24% with excellent credit
  • No annual fee
  • Extended buyer protection on purchases
  • Exclusive Paypal offers

Cons:

  • Standard APR can be as high as 21.24%
  • Vouchers expire
The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone. Additionally, the opinions of the commenters are not necessarily the opinions of this site

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