To make matters worse, reward points expire 24 months after you first accrue them or if you don’t make a purchase with the card for 24 consecutive months. For PayPal, eBay, and all other purchases, a simple 2% cash-back card would earn you more value per dollar spent. Other cash back credit cards with no annual fee offer higher cash-back rates in these categories. That results in roughly a value of 2.5 cents per dollar on gas and restaurant purchases, 1.67 cents per dollar on PayPal and eBay purchases, and 0.83 cents per dollar on other purchases. While these reward-earning rates seem reasonable for a no-annual-fee credit card, they’re actually below average when you consider the highest redemption value is 0.83 cents per point. You earn 3 points per dollar on gas and restaurant purchases, 2 points per dollar on PayPal and eBay purchases, and 1 point per dollar on other purchases. The PayPal Extras Mastercard has three main rewards earning rates. Extreme PayPal fans would likely be better served with the PayPal Cashback Mastercard which offers 2% cash back and no annual fee. This card doesn't even offer any ancillary benefits that make it worthwhile. You can get higher earnings and redemption rates on restaurants, gas, PayPal, eBay, and all other purchases with other credit cards. Unfortunately, the rewards earning rates combined with the reward redemption rates result in a very poor value for the vast majority of consumers. The PayPal Extras Mastercard is for diehard PayPal fans with average to excellent credit. Unfortunately, this card is not one of them. No One-Time Offer: Many no-annual-fee credit cards offer a bonus to entice potential cardholders to apply.In general, you must book your travel at least 21 days in advance of your departure, and you need at least 15,000 points for a travel voucher. Redeeming points for travel can be restrictive. Many Rewards Redemption Options have Restrictions: The card doesn't publish redemption rates for its travel or merchandise redemption options.These redemption values are poor, especially combined with the relatively low points earning rates on this card. It takes 6,000 points to earn $50 in PayPal Cash, a value of 0.83 cents per point, and 800 points for a $5 gift card, a value of 0.625 cents per point. Reward Redemption Values Are Poor: The PayPal Extras Mastercard only shares valuations for PayPal Cash and gift cards.You can redeem your rewards for gift cards, merchandise, PayPal Cash, and travel vouchers for airfare, hotels, rental cars, and vacation awards. Multiple Rewards Redemption Options: Having multiple ways to redeem your rewards is a nice feature when some cards only offer cash back. These points earning rates are decent for a credit card with no annual fee, but once you take the value of each point into account they aren’t as good as they appear.
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