But while this program makes it even easier to use your rewards, it may not be the best way to redeem them.
What Is PayPal’s Pay With Rewards Program?
The PayPal Pay With Rewards program allows eligible credit card holders to link one or more of their credit cards to their PayPal accounts and use their cash-back points or miles to pay for online purchases there instead of paying out of pocket. Depending on which credit card you have, the value of your rewards when using the program can vary.
How Does Pay With Rewards Work?
If you have an eligible credit card, you’ll start by linking your card to your PayPal account. Then you can use your cash back, points, or miles when you shop at online stores that accept PayPal. PayPal gives you the option to pay the full amount, or just a portion, with rewards. You’ll also be able to enjoy PayPal benefits, including reimbursements for shipping on eligible returns and purchase protection on select purchases. The PayPal program includes the following rewards programs: More specifically, if you have a Capital One cash-back credit card, you’ll get the same rate as if you were to redeem for straight cash back. Also, Discover and Citi credit cards usually give you 1 cent per point or mile in value. We consider 1 cent per point to be the floor of good redemption value. Anything less is a poor return.
Which Cards Shouldn’t Be Used?
With other rewards programs available in the PayPal program, you’ll get a discounted value if you use your points or miles with PayPal. Here’s what you can expect to get with each one:
Pros and Cons of Pay With Rewards
Depending on which credit card you have, there are both benefits and drawbacks to using PayPal’s Pay With Rewards program. Before you decide to use Pay With Rewards, check your other redemption options to see if you’re maximizing your rewards by using it or leaving value on the table. Also, consider some of the other pros and cons to determine whether the program is worth it for you.
