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PayPal Rewards Card

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

PayPal’s credit card earns 1 point for every $1 you spend on eligible purchases (uncapped), which you can redeem to pay for purchases at over 750,000 eligible PayPal businesses.

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0% p.a.

Balance transfer rate

for 20 months

20.99% p.a.

Purchase rate


Reward point

Per $ spent

$0 p.a.

Annual fee

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Product NamePayPal Rewards Card
Rewards programPayPal Rewards
Balance transfer rate p.a.0% for 20 months
Balance transfer revert rateCash Advance Rate (21.74% p.a.)
Purchase rate p.a.20.99%
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


  • $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
  • No interest-free days on purchases when you have a balance transfer
Rewards programPayPal Rewards
Bonus pointsN/A
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 has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also 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

The PayPal Rewards Card isn't currently taking new applications but will process any that have already been submitted. If you're interested in applying in the future, take note of the following eligibility criteria and details you'll need to apply.

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

  • $0 annual fee. This card never charges an annual fee, which is very competitive for a rewards card.
  • 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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