PayPal Rewards Card

The PayPal Rewards Card offers uncapped points and no annual fee ever. But take note of the 20.99% interest rate.

Launched in July 2021, PayPal’s credit card currently offers a bonus 50,000 points when you apply by 28 October 2021 and spend $3,000 in the first 3 months from card approval. That’s enough to get $250 off your shopping at thousands of eligible PayPal businesses.

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0% p.a.

Balance transfer rate

for 20 months


Bonus points

20.99% p.a.

Purchase rate


Reward point

Per $ spent

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Product NamePayPal Rewards Card
Rewards programPayPal Rewards
Balance transfer rate0% p.a. for 20 months
Balance transfer revert rateCash Advance Rate (21.74% p.a.)
Purchase rate20.99% p.a.
Annual fee$0
Interest-free periodUp to 55 days on purchases
Cash advance rate21.74% p.a.
Min credit limit$4,000
Card typeVisa
Foreign currency conversion fee3.4%
Minimum income$35,000
Available to temporary residentsNo


  • 50,000 bonus points
  • 0% p.a. on balance transfers for 20 months
  • $0 annual fee for life
  • 1 point per $1 spent, uncapped
  • 2,000 points = $10 off at the PayPal Checkout with participating businesses


  • Has a relatively high 20.99% p.a. interest rate for purchases
  • Points can only be used for selected transactions through PayPal
  • The 0% balance transfer rate reverts to 21.74% p.a.
  • No interest-free days on purchases when you have a balance transfer
Rewards programPayPal Rewards
Bonus points50,000
Rewards points per $ spent1
Annual fee$0
Late payment fee$30
Foreign currency conversion fee3.4%
Cash advance fee3.5% or $3.50, whichever is greater
Overseas cash advance fee$5
Number of additional cardholders4

Review by

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The PayPal Rewards Card gives you a way to earn 1 point per $1 spent on eligible transactions, with 2 types of cash rewards. If you choose “Pay with Rewards” at the PayPal Checkout, you can redeem 2,000 points for $10 off your shopping. This is on par with other shopping reward programs like Flybuys and Woolworths Rewards and is equivalent to 0.5% cashback (based on the rewards point earn rate).

How to apply

You can apply for the PayPal Rewards Card online in around 10 minutes, and the card will be automatically added to your PayPal wallet if you're approved. As part of the process, you'll need to meet the following eligibility requirements and provide some key documents and details.

Eligibility criteria

  • Minimum income. You must earn more than $35,000 a year.
  • Personal PayPal account. You need to log in to your PayPal account before you can apply for this card. If you don't have a personal account yet, you can set one up in a few minutes through the PayPal website.

Card benefits

  • 50,000 bonus points. You'll get 50,000 bonus points when you apply for this card by 28 October 2021 and spend $3,000 or more on eligible transactions in the first 3 months from approval. Eligible transactions cover most everyday spending and purchases but excludes cash advances, balance transfers, special promotions and BPAY payments. It could take up to 8 weeks after meeting the spend requirement for points to be credited to your account.
  • Rewards program. The PayPal Rewards Card earns 1 point per $1 on eligible transactions, with no points cap. You can use your points to pay for purchases with over 750,000 participating PayPal businesses, with every 2,000 points equal to $10 off at the PayPal Checkout. If you want to use your points on purchases you've already made, you can redeem 2,000 for $7 off eligible spending by logging in to your account and clicking on "My Rewards" in the PayPal Rewards Card section.

Rates & fees

  • Interest rate for purchases. The PayPal Rewards Card has a 20.99% p.a. interest rate for purchases.
  • Interest-free days. The PayPal Rewards Card offers up to 55 days interest-free on purchases when you pay the full closing balance listed on your statement by the due date. Be aware that you won't get interest-free days when you have a balance transfer, or for any cash advance transactions.

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