PayPal Key – best way to earn unlimted credit card points, miles and cashback

If you’re thinking about opening a new credit card with a high spend requirement and ways to hit it faster, there is a new way to do that – its called PayPal Key.

What is PayPal Key?

PayPal Key is a virtual card and a new way to use your PayPal account anywhere cards are accepted online. You can use PayPal Key like a card at any online merchant that accepts Mastercard – even those that don’t have a PayPal button.

How does PayPal Key work?

• Choose a payment method from your PayPal Wallet
• Receive a secure PayPal Key with its own virtual card number, expiration date and security code
• Save the PayPal Key to your browser for faster checkout or use it as you would any card online
• Take PayPal Key anywhere you shop online

PayPal Key is not new credit card so there’s no lengthy application or credit check. Plus, you won’t pay any set-up or usage fees. A foreign transaction fee applies to cross-border and cross-currency transactions. Usage fees charged by merchants or other entities besides PayPal may apply.

How is this useful to you?

One of our biggest expenses every month happens to be rent and if you live in a city, that can be anywhere in the high hundreds to thousands of dollars. Most rental properties levy a fee on using either a credit card, debit card, checking account or on all three. Very few waive payment charges. However, in most cases, they will charge a fixed dollar rate for using a debit card but a percentage of the total amount for using a credit card.

In my case, the property charges $4.95 if I use a debit card, 4% if I use a credit card and $1.50 if I use my checking account.

Since the key (virtual card) is a Debit MasterCard, I can pay either $100 or $1000 or higher and still be charged the $4.95 flat fee. Hence it makes mathematical sense to pay using your card as the potential return on spend may be higher – whether your card has a minimum spend requirement or a quarterly cashback bonus – as observed on the Chase Freedom, Chase Freedom Flex and Discover cards for Q4 2020.

What cards can you link with Paypal Key?

All VISA, Mastercard, AMEX and Discover cards are accepted.

Potential return on spend for Q4 2020

Chase Freedom and Flex are offering 5x back on the first $1500 spent – totaling 15,000 UR points worth over $300 in travel.

Discover is offering 5% cashback on the first $1500 spent – totaling $75 in cashback.