PayPal Unveils Cashback Business Credit Card For US Small Businesses

(RTTNews) - PayPal Holdings Inc. (PYPL) announced Tuesday the launch of a new cashback business credit card offering to meet everyday financing needs of small business owners.

The new PayPal Business Cashback Mastercard has no annual fee and offers 2% cashback on all purchases with no limit to the cashback that can be earned or category restrictions. This would help small business owners get rewarded as they make business purchases.

The business credit card was developed in conjunction with Austin-based Concerto Card Co., issued by WebBank and powered by the Mastercard network. It is the first business credit card offered through PayPal.

The company noted that approved businesses are provided immediate access to their assigned credit limit through a virtual card that is automatically integrated into the business's PayPal account. It is also immediately available as a payment method when merchants check out with PayPal.

Account and spending details are easily accessed through the cardholder's PayPal Business account.

The other cardholder benefits include no foreign transaction fees, and competitive APR for purchases ranging from 13.99%-29.99%. It is a virtual card that can be used immediately upon approval when merchants check out with PayPal, in addition to a physical contactless card.

The company said the card is available for use at more than 90 million merchant locations worldwide - anywhere Mastercard is accepted.