PayPal, Synchrony launch cashback credit card to reward PayPal users
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PayPal Holdings (NASDAQ:PYPL
-2.9%) has unveiled a new cashback credit card, issued by Synchrony Financial (NYSE:SYF
+0.5%), that rewards customers 3% cash back when they pay with PayPal at checkout and unlimited 2% cash back on all other purchases anywhere Mastercard (NYSE:MA) is accepted, the company said Tuesday.

The 3% reward when using PayPal (PYPL) is available when paying online, mobile, or in-store with PayPal QR Code where eligible, the company said.
The new card has no annual fee, no category restrictions, and can be added to a customer's PayPal wallet.
Last week, Wells Fargo (WFC) partnered with Mastercard (MA) and Bilt Rewards to issue a card for U.S. renters.