PayPal Credit Card to Target Brick-and-Mortar Shopping
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PayPal Holdings Inc., is turning to its old nemesis, plastic, to help it expand beyond the digital realm.
The online payments venture is introducing a credit card that offers customers 2 percent cash back on purchasesone of the industry’s highest rebate rateswith no annual fee. The rewards will appear in users’ online wallets and can be spent immediately on additional PayPal purchases or transferred to a bank.
The move is part of Chief Executive Officer Dan Schulman’s effort to transform PayPal from a payments button on websites into a versatile financial tool for everyday use, even in brick-and-mortar stores. He’s forged 24 deals over the past 18 months with technology and financial companies including Apple Inc., Visa Inc. and JPMorgan Chase & Co., looking to make PayPal ubiquitous in the lives of its 210 million customers. The company already tested the card with some of them.
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