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.

If you can pay off this card’s full balance by the due date on each statement, you’ll also get up to 55 days interest-free on purchases. Otherwise, a 20.99% p.a. purchase rate applies, which is higher than the average standard credit card interest rate in Australia.

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Amy Bradney-George

Last Updated Apr 14, 2022

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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Details

Product Name	PayPal Rewards Card
Rewards program	PayPal Rewards
Balance transfer rate p.a.	0% for 20 months
Balance transfer revert rate	Cash Advance Rate (21.74% p.a.)
Purchase rate p.a.	20.99%
Annual fee	$0
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.74% p.a.
Min credit limit	$4,000
Card type	Visa
Foreign currency conversion fee	3.4%

Minimum income	$35,000
Available to temporary residents	No

Pros

$0 annual fee for life
1 point per $1 spent, uncapped
2,000 points = $10 off at the PayPal Checkout with participating businesses

Cons

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 program	PayPal Rewards
Bonus points	N/A
Rewards points per $ spent	1

Annual fee	$0
Late payment fee	$30
Foreign currency conversion fee	3.4%
Cash advance fee	3.5% or $3.50, whichever is greater
Overseas cash advance fee	$5
Number of additional cardholders	4

Review by

Amy Bradney-George

amy.bradney-george@finder.com

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).

You also have the option of using 2,000 points to get $7 off eligible purchases you’ve already made through your PayPal Rewards Card account, although the lower value means there is more incentive to Pay with Rewards at the checkout. Only a few other rewards cards offer a $0 annual fee for life, so this is a solid choice if you’re a regular shopper with PayPal and can pay off your card each month to avoid interest on purchases.

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.

Australian residency status. You must be a permanent Australian resident. You also need to have an Australian mobile phone number and a valid email address.
Age. You must be at least 18 years of age.

Required documents

Personal information. This includes your full name, date of birth and residential address, with proof of address such as a recent utility bill or a copy of your driver's licence. You also need to include proof of your Australian residency, such as a copy of your Australian passport or Medicare card.
Employment details. You need to provide details of your employment status and income, with supporting documentation like a recent pay slip, bank statement or your most recent tax return.
Financial details. As well as your income, you should include details of any other assets, such as shares or savings. Plus details of existing debts and liabilities, and regular essential expenses including rent or mortgage payments, groceries and utilities.

Once you have submitted your application, PayPal will send you an email with details of your application, including how to track it and how to add more supporting documentation (if it's needed).

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.

Instalment plans. You can choose to pay off purchases or other eligible transactions at a fixed rate for a set amount of time, with three options available: Transaction Instalment Plans for new retail purchases, Statement Instalment Plans for purchases that have already been listed on a recent statement or Cash Instalment Plans if you want to withdraw cash. Just check the minimum amounts and instalment interest rate when you choose this option.

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.

Cash advances. If you use this card to withdraw cash or make any other cash advance transactions, you'll be charged an interest rate of 21.74% p.a. You'll also pay a cash advance fee of $3.50 or 3.5% of the transaction value (whichever is greater) when you're in Australia. Overseas, a cash advance fee of $5 applies.
International transaction fee. A fee of 3.4% applies for each transaction made online with a business based overseas, as well as when you're travelling overseas.
Additional cardholders. If you want to share your account with a partner or family member, you can request up to 4 additional cardholders with a $0 additional cardholder fee.

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