I have a lot of personal and business credit cards, just like many of my readers. One of my oldest cards is one that I doubt any of you have. the PayPal Extras Mastercard. The only reason I still have it, is because it is my second oldest card and it doesn’t have an annual fee. Don’t ask me why I applied for it in the first place, I have no answer.
It is issued by Synchrony Bank, formerly known as GE Capital Bank until last year. Here’s some details on the card.
- 3% on gas and restaurants
- 2% on eBay/PayPal
- 1% on other stuff
That doesn’t look that bad, until you realize that the points are pretty worthless compared to most cards. The points are worth exactly $0.83 each, since it takes 6,000 points to redeem a $50 PayPal gift card. To make matters worse, you can only make $400 per year in cash back, since earning is capped at 50,000 points.
Their APR is pretty high as well. I have the minimum of 19.99% but it does vary up to 23.99%. My Cash Advance APR is 26.99%.
If that is not enough, their customer service is also one of the worst I have ever dealt with. There’s more though. They don’t even have a dedicated website to manage your account online. You have to log into your PayPal account to access it. No autopay either, last time I checked and I can’t add it to my my Mint account.
Let me know which is the worst card in your wallet. Why do you still have it?