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PayPal Debuts a Credit Card That Offers 2% Cash Back (bloomberg.com)
PayPal is turning to its old nemesis, plastic, to help it expand beyond the digital realm. From a report: The online payments venture is introducing a credit card that offers customers 2 percent cash back on purchases -- one of the industry's highest rebate rates -- with no annual fee. The rewards will appear in users' online wallets and can be spent immediately on additional PayPal purchases or transferred to a bank. The move is part of Chief Executive Officer Dan Schulman's effort to transform PayPal from a payments button on websites into a versatile financial tool for everyday use, even in brick-and-mortar stores. He's forged 24 deals over the past 18 months with technology and financial companies including Apple, Visa and JPMorgan Chase, looking to make PayPal ubiquitous in the lives of its 210 million customers. The company already tested the card with some of them.
Too bad this news is US only. I have a Canadian PayPal account and the page to sign up is not accessible.
CitiBank has one of these as well. You get 1% at the time of purchase and 1% when you pay down your balance:
https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-double-cash-credit-card
Those of us that have first hand experience with PayPal's bullshit practices don't need to " get a grip ", we KNOW what PayPal does.
Which is why we refuse to use it.
One day you'll wake up to an email claiming your accounts have been frozen for ' security reasons ' and you'll begin the game of how to regain access to them.
Assuming you can. I gave up after two years and just wrote the account off as a loss.
Absolutely will not give them another dime by any means.
Utilize their unregulated services at your own peril, but never claim you weren't warned.