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PayPal is a leading payments platform that's best known for giving people a way to make and receive payments from all over the world. If you have a PayPal account, you can use pretty much any credit card to make payments – but from July 2021 you also have the option of getting an actual PayPal credit card. So, let's take a look at what it offers and how it compares to credit cards from other banks and brands.
Compare PayPal Credit Cards
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Types of credit cards from PayPal
Right now, PayPal only offers one credit card in Australia. The PayPal Rewards Credit Card offers points for your everyday spending, which you can use to get dollars off your shopping with participating PayPal businesses – or for cashback on eligible purchases you've already made.
This is also a no annual fee credit card, with an ongoing $0 annual fee that's rare among rewards cards. But it does have a relatively high interest rate for purchases if you're not eligible for interest-free days, so it's most suited to people who use a credit card for points and perks but always pay it off in full and on time.
Benefits of getting a credit card with PayPal
With a PayPal credit card, you'll earn rewards points per $1 spent on eligible purchases. You can redeem 2,000 points for $10 off at the PayPal checkout. Or, get money back from an eligible transaction, with every 2,000 points worth $7 in your account.
You can use the PayPal credit card anywhere Visa is accepted and get the security of Visa's zero liability policy against fraudulent transactions. You can also access exclusive shopping, dining and travel deals through Visa Offers + Perks, with the latest offers listed on the Visa website.
A PayPal credit card gives you a way to set up instalment plans for eligible parts of your balance, which can make it easier to budget. There are three different plans available and, depending on the offer, you could be offered a reduced or 0% interest rate for the plan.
|Transaction Instalment Plan||Lets you convert new purchases of $50 or more into an instalment plan.|
It's available for eligible purchases that haven't been listed on a statement yet.
|Statement Instalment Plan||Convert a retail purchase balance of $500 or more into an instalment plan – as long as the balance appears on your most recent statement.|
|Cash Instalment Plan||If you want cash, this option gives you a way to access funds from your credit account and repay it over a fixed term. You can use it to get between $500 up to your available credit limit.|
The PayPal Rewards Card gives you a way to move your existing credit card or loan balance over to this account. Like other credit cards, it could offer you a low or 0% balance transfer rate for an introductory period – you can check if a balance transfer promotion is running before you apply.
PayPal wallet integration
The PayPal Rewards Card will automatically be added to your PayPal wallet when your application is approved. This means you can start using it to pay for purchases through PayPal straight away. Just keep in mind that you'll need to wait for the physical card to arrive in the mail before you can shop in-store or with any businesses that don't accept PayPal at the checkout.
You can keep track of your spending, check your points balance and manage other details of your credit card online or through the PayPal app.
It's easy to apply for the PayPal Rewards Card online, but before you do that you'll need to meet the following eligibility criteria.
- Income. You must earn more than $35,000 per year.
- Australian residency. You must be an Australian citizen or a permanent resident. You also need a valid Australian mobile phone number and an email address.
- Personal PayPal account. You must have a personal PayPal account. If you don't have one yet, you can open one online for free before you apply for this credit card.
- Age. You must be at least 18 years of age
How long does it take to apply?
It only takes around 10 minutes to complete the online application once you've logged into your PayPal account.
Information and documents you need to apply
The PayPal credit card application is similar to others and you'll need to go through some key personal and financial details to complete it. As you need to log in to your PayPal account to apply, some details may already be filled in for you, but here's a rundown of what you'll generally need to include.
- Personal details. This includes your full name, date of birth, residential address and mobile phone number. You may also need to provide proof of your address or Australian residency by uploading supporting documents like a recent utility bill, current driver's licence (front and back), Australian passport.
- Financial details. Your income and assets like savings or shares, as well as debts and regular household expenses.
- If you're a permanent employee (full-time or part-time). You may be asked to provide at least one of the following: your most recent payslip, a bank statement showing the past 3 months of regular income, an employment contract or a letter from your employer confirming the details of your employment.
- If you're employed casually. You may be asked to provide at least one of the following: payslips for the last 2 months of work, an employment contract signed by your employer in the past 60 days or a letter from your employer confirming the details of your employment.
- If you're a contractor. You may be asked to provide at least one of the following: all your payslips for the last 2 months, your most recent individual tax return, your most recent payment summary.
- If you're self-employed. You may be asked to provide at least one of the following: 2 most recent individual or company tax returns or two years of profit and loss statements for your business/company.
- If you're retired or on a pension. You may be asked to provide at least one of the following: a bank statement for the last 3 months showing regular Centrelink payments, an annual superannuation statement showing your pension amount or a letter from Centrelink showing your permanent government pension amount.
Credit card details
When you apply, you may be asked about the following credit card features as part of the application.
- Credit limit. You can request a credit limit as part of the application, or have one assigned to you. If you want to request one, just keep in mind that this card has a minimum limit of $4,000 and the credit limit you get is based on the details you provide, as well as the lending criteria and assessment process.
- Balance transfers. If you want to transfer a balance from an existing Australian credit card or loan, you'll need to include the total you want transferred and the account details (name, number, BSB or institution details). Similar to credit limits, your balance transfer request is subject to approval based on the details provided and the lending criteria.
What happens after you apply?
PayPal will send you an email with a reference number and details of anything else you need to provide. If you're approved, your PayPal Rewards Card will be added to your PayPal wallet and the physical card will be sent in the mail.
If you have a question about the PayPal Rewards Card, log into your PayPal account to any time between 8am and 10pm (AEST), 7 days a week.
Important links and details
- Stores that accept PayPal
- PayPal international money transfers
- PayPal for online sellers
- PayPal vs credit cards: How much protection do you get?
Want to compare a wider range of credit cards? Check out the latest offers for rewards, balance transfers, low rates and more.
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