(RTTNews) – PayPal Holdings Inc. (PYPL) on Tuesday announced the launch of a new cashback business credit card offering to meet the day-to-day financing needs of small business owners.
The new PayPal Business Cashback Mastercard has no annual fee and offers 2% cash back on all purchases with no earnable cash back limit or category restriction. This would help small business owners get rewarded when making commercial purchases.
The business credit card was developed in conjunction with Austin-based Concerto Card Co., issued by WebBank and powered by the Mastercard network. This is the first business credit card offered through PayPal.
The company noted that approved businesses get immediate access to their assigned credit limit through a virtual card that is automatically integrated into the business’ PayPal account. It is also immediately available as a payment method when merchants pay with PayPal.
Account and spending details are easily accessible through the cardholder’s PayPal Business account.
Other cardholder benefits include no foreign transaction fees and a competitive APR for purchases ranging from 13.99% to 29.99%. This is a virtual card that can be used immediately upon approval when merchants checkout with PayPal, in addition to a physical contactless card.
The company said the card is available for use at more than 90 million outlets worldwide – anywhere Mastercard is accepted.
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