(Update) PayPal Launches Debit Card That Earns 5% Back On One Category (Up To $1,000)

Update 11/29/26: reader icemule1 reports that Grocery is no longer showing up as an option:

Update 11/2/24: Tech is now showing up for November.Hat tip to Eternal Blue

PayPal has launched a new debit card where cardholders can choose one category to earn 5% cash back on, up to a limit of $1,000 per month in spend.Currently it seems that the card is invite only mode and you can check your PayPal account to see if you’re eligible Available to everybody now.Some things to note:

There is no annual fee

You have to select your category each month, otherwise you won’t earn 5%

Categories you can choose are here:

Grocery

Dining

Gas

Clothing

Health/beauty

Full terms here

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by mycardopinions.
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Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.