Purchase rate
20.99% p.a.
Balance transfer rate
0% p.a. for 20 months and then 20.99% p.a.
Annual fees
Interest free days on purchases

Mozo editorial review PayPal Rewards Card - last updated: 28 October 2021

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • Receive 50,000 bonus points (conditions apply)
  • 0% p.a. for 20 months on balance transfers
What's not
  • 21.74% p.a. cash advance rate
Mozo snapshot

If you love the idea of a rewards credit card but don’t want to be told how to spend your points, then the PayPal Rewards Card could be a top contender. This rewards credit card has no annual fee and no cap on points - so it could also be excellent for points hoarders who like to cash in for something big!

And if you’re trying to pay down debt with a balance transfer, you’ll be pleased to know that the PayPal Rewards Card also comes with a 0% p.a. balance transfer rate for the first 20 months. Plus PayPal's Rewards Card just won not one, but two 2021 Mozo Experts Choice Awards for best Rewards Credit Card and best New Card! 

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Key features

Getting down to credit card basics, the PayPal Rewards Card has a 20.99% p.a purchase rate, 55 interest free days on purchases, and a 0% balance transfer rate for the first 20 months. 

Although, you should keep in mind, this reverts to a high 21.74% cash advance rate after the introductory balance transfer period.

With the PayPal Rewards Card, you can earn 1 rewards point per dollar spent on eligible purchases. 

What’s more, these rewards points are uncapped, and PayPal offers some really unique ways to utilise them. Cardholders can spend their points online with 750,000+ businesses where Pay with Rewards is offered. You can also select a transaction in your account after purchasing an item and use your points to pay for it instead.

To add even more flexibility to how you can use your card, the PayPal Rewards Card also comes with instalment payment plan options:

Transaction Instalment Plan: Convert a retail purchase of $50 or more that’s yet to appear on your statement and repay it in monthly instalments at a fixed rate over a set term. 

Statement Instalment Plan: Convert your retail purchase balance from $500 on your latest statement into monthly instalments at a fixed rate, and repay them over a set term.

Cash Instalment Plan: Access funds from $500 to your available credit limit and repay it in monthly instalments at a fixed rate over a set term.

In addition to everything the PayPal Rewards Card has to offer, new applicants could catch a special deal: receive 50,000 bonus points when you spend $3,000 or more in the first 3 months from card approval on eligible transactions.

As for those looking to share their card with family, you’ll be happy to hear that the PayPal Rewards Card lets you have four additional cardholders, free of charge.

Who is it good for

The Paypal Rewards Card is a good choice for frequent online shoppers who want the perks of a rewards card with the flexibility that PayPal can offer. With a generous balance transfer introductory offer, the card also suits those looking to rid themselves of credit card debt.

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Any catches

If you’re looking to take advantage of the card’s initial 0% balance transfer rate to pay down your credit card balance, be sure to do so within 20 months. After that, it jumps to the high cash advance rate of 21.74% p.a..

You should make sure not to miss a payment because the card does come with a $30 late payment fee, and if you’re planning on using the card to shop overseas, keep in mind that there is a 3.4% foreign exchange margin on all international purchases.

Picture of Ava Crawford
Ava Crawford
Money writer

Ava Crawford writes across all of our personal finance areas here at Mozo. She likes to provide no-nonsense financial information that allows everyday Australians to make informed and empowered choices. Ava has also produced digital content for Foxtel's LifeStyle and FOXArena, and has contributed to publications such as The New York Times. She attended New York University and completed a degree in English and American Literature.

Rewards program details

Rates and fees information correct as at 23 January 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
What your points get you

Fly Sydney to London return


Fly Sydney to Melbourne one-way


$100 Giftcard

20,000 points

$100 Cash

28,571 points

Points earning

1 point per dollar on Visa, uncapped

Rewards scheme

Earn 1 point per $1 spent on eligible transactions, that can be redeemed at over 750,000 eligible businesses. Pay with Rewards at the PayPal checkout to redeem 2000 points for $10 off your spend or use 2,000 points to get $7 off eligible transactions already made in your account.

Earn 50,000 bonus points when you spend $3,000 or more on eligible transactions in the first 3 months from card approval, apply by 20 January 2022.

Value of rewards points

Spend $28,571 (Visa)

Spend $20,000 (Visa)



How do we calculate these points?
How do we calculate the rewards?

To work out the "Rewards value minus fees" in our Rewards Revealer we:

  • calculate how many points you'd get each year,

  • figure out how many flights or gift cards or cashback credits you could get for those points,

  • work out what that's actually worth to you,

  • take off the annual fee you'd pay.

More details:

  • Our calculations are designed to help you compare the value of different rewards schemes. To do this, we've looked at earning a one-way Sydney-Melbourne flight excluding taxes and charges, a return Sydney-London flight excluding taxes and charges, a $100 shopping Gift Card and $100 cashback. Most cards will also offer other rewards, which may be worth more or less than the ones we've shown.

  • We have made no allowance for bonus points for using your card at specific merchants, introductory offers or special offers. We have not assigned any value to instant discounts, insurances, ticketing and concierge services or other such benefits.

  • Rewards value calculations do not take credit card interest into account. If you do not pay off your card each month you may be better off looking for a card based on interest rates than on the value of rewards.

  • In products that have more than one card, a different mix of spend between American Express / Visa / Mastercard will give different results. Mozo's Rewards Revealer lets you choose the mix based on the way you would use such a product, and gives you tailored results.

  • We assume flights purchased with airline points are 'classic' or 'reward' economy seats with restricted seat availability. 'Any seat' rewards will probably cost more.

  • To compare the value of flight rewards, we sample online retail flight prices once a quarter based on the average price on a Wednesday 3 months in advance but outside NSW school holidays. For domestic flights we take the lowest available fare from each flight on that day from Qantas Red e-deal, Virgin Australia Saver including baggage and Jetstar Starter including baggage. We calculate the average price excluding taxes and surcharges for each airline, and also the average across all airlines (which we use when rewards are travel agent vouchers). For international flights, we take the lowest available fares on that same Wednesday from each of Qantas, Emirates, Malaysian, Etihad, Singapore, Cathay Pacific and Thai, assuming a return flight 2 weeks later, calculate the average price before taxes and surcharges and use this as our assumed cost of a flight on any airline.

  • Shopping rewards are based on $100 gift cards from a major national department store.

  • We make every effort to ensure our calculations are correct and up to date but make no guarantees.


Rate and fee details


20.99% p.a.


0% p.a. for 20 months and then 20.99% p.a.


21.74% p.a.








3.5%, Min $3.50










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