If you spend a large amount on gas and dining each month, or if you regularly purchase items via PayPal or eBay, the PayPal Extras Mastercard® could be good to keep in your wallet. Issued by Synchrony Bank, the $0-annual-fee card offers 3 points per $1 spent on gas and restaurant purchases, 2 points per $1 spent on PayPal and eBay purchases, and 1 point per $1 spent on other purchases.

But while the PayPal Extras Mastercard® can be used anywhere Mastercard is accepted, know that the card is currently no longer accepting new applications.

We highlight the pros and cons of the PayPal Extras Mastercard®, and show how it compares to similar rewards credit cards.

• Rewards on everyday purchases

  With the PayPal Extras Mastercard®, cardholders can earn points when shopping anywhere Mastercard is accepted. The card offers 3 points per $1 spent on gas and restaurant purchases, 2 points per $1 spent on PayPal and eBay purchases, and 1 point per $1 spent on other purchases.

  Rewards can be redeemed for gift cards, merchandise, cash back or travel vouchers.

• Mastercard benefits

  Along with offering acceptance anywhere Mastercard is accepted, the PayPal Extras Mastercard® provides Mastercard benefits, including identity monitoring, theft resolution services, lost wallet assistance, credit monitoring, lost and stolen card reporting, emergency card replacement and access to Mastercard Airport Concierge services.

• $0 annual fee

  The PayPal Extras Mastercard® has a $0 annual fee. This is in line with the overall rewards rate and benefits the card offers.

• Restrictions on redeeming rewards

  Cardholders are required to reach the following earning thresholds before they can redeem rewards with the PayPal Extras Mastercard®:

  • Gift cards – redeem points for various retailer gift cards starting at 800 points
  • Merchandise – redeem for a range of merchandise starting at 3,000 points
  • Cash back – redeem 6,000 points for $50 in cash back, credited to your PayPal balance
  • Travel vouchers – redeem for future airfare, hotel stays or car rentals, starting at 15,000 points

• Not currently accepting new applications

  Unfortunately, the PayPal Extras Mastercard® isn’t currently accepting new applications, and it’s unclear whether Synchrony and PayPal will offer this card again in the future. If you’re interested in a PayPal card, you may want to consider the PayPal Cashback Mastercard®.

• Can't carry both the PayPal Extras Mastercard® and the PayPal Cashback Mastercard®

  In addition to the PayPal Extras Mastercard®, PayPal offers the PayPal Cashback Mastercard®. However, if you already have a PayPal Extras Mastercard®, you won’t be eligible for the PayPal Cashback Mastercard®. If you have a h PayPal debit card, you can still hold either credit card.

Compare it to the Wells Fargo Active Cash^® Card

If you don’t use PayPal often and are looking for a general cash back card for everyday spending, the Wells Fargo Active Cash^® Card is likely a better option. Like the PayPal Extras Mastercard®, it has a $0 annual fee. But rather than multiple rewards categories, cardholders earn unlimited 2% cash rewards on purchases. You can also earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

Rewards can be used to cover past purchases, as credit to a qualified Wells Fargo mortgage, loan or credit product account, for cash in increments of $20 at ATMs or for gift cards. You can also use rewards to pay for merchandise at checkout with PayPal.

The Wells Fargo Active Cash^® Card comes with a 0% intro APR for 15 months from account opening on purchases – which is ideal if you need to carry a balance on your card from month to month. After that, a 19.99%, 24.99%, or 29.99% variable APR applies.

The card also offers a 0% intro APR for 15 months from account opening on qualifying balance transfers, then a 19.99%, 24.99%, or 29.99% variable APR applies.

For those who frequently use PayPal for purchases and also spend a lot at gas stations and restaurants, the PayPal Extras Mastercard® is a fine option. You have multiple ways to redeem points, including cashing out directly to your PayPal account balance. Unfortunately, this card isn’t accepting new applications, but you can still apply for the PayPal Cashback Mastercard®, which is a similar product.

That said, if you’re looking for a general cash back credit card, you can likely find a better option. Whether you’re looking for a card that offers rewards in everyday categories, like the PayPal Extras Mastercard®, a flat-rate, cash back card like the Wells Fargo Active Cash^® Card, or a card with rotating bonus categories, like the Chase Freedom Flex℠, our list of best cash back credit cards covers options of all three types.

The information related to the PayPal Cashback Mastercard®, Chase Freedom Unlimited^® and Chase Freedom Flex℠ has been independently collected by LendingTree and has not been reviewed or provided by the issuers of these cards prior to publication.