PayPal has introduced an enticing new feature for its debit card users, allowing them to earn 5% cash back in a category of their choice each month. This innovative offering positions the PayPal Debit Card as a strong alternative for those who either can't qualify for a traditional cash-back credit card or prefer to use debit. To use the card, customers must first set up a PayPal Balance account, where their funds are held in FDIC-insured partner banks, ensuring security up to $250,000. The cash back is capped at $1,000 of spending per month, translating to a maximum of $50 in rewards if you hit that limit. Users can also enhance their cash back by combining it with merchant offers available in the PayPal app. Additional features include an auto-reload function for maintaining account balance and compatibility with mobile payment systems like Apple Pay and Google Pay, making it a versatile choice for everyday spending.
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