FinTech: PayPal Launches A Cashback Credit Card For Small Businesses

June 29, 2022 | FinTech, News

The card is issued by WebBank and runs on the Mastercard network.

PayPal (NASDAQ: PYPL) has added yet another credit product geared towards making small businesses’ financial lives easier. The company has launched the PayPal Business Cashback Mastercard, its very first business credit card, said to be a simple way for businesses to pay for both everyday business expenses and those that may unexpectedly arise, while also earning cashback rewards on all purchases. (CISION PR NEWSWIRE)

PayPal Business Cashback Mastercard

The card has no annual fee and rewards cardholders with 2% cashback on all purchases with no rewards earning caps or expiration, making it among the highest cashback rewards value available.

The virtual card works with a pre-approved credit limit. The card is automatically integrated with the PayPal account of the business, and therefore available as a payment option if the business checks out with their PayPal account.

Small businesses are likely to welcome the product, given that credit cards are their financing mode of choice according to the 2022 Small Business Credit Survey conducted by the Federal Reserve Banks.

Other features of the card include:

· No foreign transaction fees

· APR ranging from 13.99%-29.99%

· Free employee cards with separate account numbers

· Consolidated billing to eliminate expense reports and reimbursements

· Accepted at more than 90 million merchant locations worldwide – anywhere Mastercard (NYSE: MA) is accepted

“The PayPal Business Cashback Mastercard provides merchants greater value, more choice and the increased flexibility they need to manage their business finances, offering among the best value available on no annual fee business credit cards today,” said Bernardo Martinez, Vice President of Global Merchant Lending. “This new solution continues PayPal’s commitment to supporting small businesses and offering options to help manage the day-to-day costs of operating their business.”

Related Story: PayPal Extends Its BNPL Scheme To Monthly Payments

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