Branded credit cards are not new yet this card is proving very popular with consumers. If you shop online at eBay.com or if you make purchases using Paypal, the well known payment processing site owned by eBay, this card offers superior benefits.
This card may be branded with the name of a well known internet company but can be used for all purchases where vendors accept MasterCard.
Points are awarded for all regular purchases made using this account but there are big bonuses in some areas.
You will earn one point when using the card for general purchases. If you shop on eBay or make other internet purchases through Paypal, you will earn two points for every dollar spent.
Purchases made at participating gasoline stations and restaurants earn a full three points for each net dollar spent.
Reward Points
Reward points are credited to your account in the next billing period after the purchase is made. The points are not transferable and there is a time limit on using earned reward points and in some cases the points may be forfeited.
There is a time limit for using reward points and in some instances the points earned may be forfeited. If you are late on two or more consecutive monthly payments or if you miss two consecutive minimum payments, you will lose your Reward Points.
If your card is dormant (no activity on the account) for 12 consecutive months, the points are removed. If Paypal closes your account any reward points are forfeited.
With those restrictions, you might think this is not a useful credit card to carry in your wallet. You would be wrong. The Reward Points build quickly for those who shop frequently online.
Most importantly, there are many ways to redeem the points you have earned. Interest rates on the card are at the high end and fees for those who mismanage their credit card account are also quite high.
- 19.99% – 23.99% APR
- Cash advance 26.99%
- 3% transaction fee on balance transfers
- Transaction fees for cash advance or foreign transactions
- Late payment fees up to $39.99 based on account balance
Advantages
Reward Points can be redeemed for $50 placed in your Paypal account. They can be used to schedule airline tickets, pay for a stay at selected hotels or for car rental.
Gift cards and merchandise can be obtained with Reward Points and they can even be used for cruise packages.
The number of people shopping online for gifts and for day to day items they need has been growing exponentially for several years.
You can’t argue with the convenience of buying online or with the ability to easily compare prices from your home computer.
The surge in online sales, however, is primarily due to growing trust in the minds of internet users who once viewed buying online as high risk.
Internet shopping is now a daily habit for millions of consumers and the MasterCard from eBay allows them to earn a reward for buying online.
Disadvantages
When you use Paypal for an online purchase you are not required to have a Paypal account. However, if you want to earn Reward Points with this card you must be logged in to your own account at Paypal to do so.
Opening a Paypal account is simple and straightforward so this is not a major problem. This credit card is backed by GEMoney, formerly GECapital.
This is not unusual but does result in terms that must be carefully read and understood both to avoid problems in using the card and to ensure Reward Points are awarded.
The most negative aspect of this card is the number of complaints posted online by consumers using the credit card. The complaints are undocumented and many can be explained as made by someone who didn’t read or understand the terms of use.
However, there are many complaints of hidden fees such as a $15 charge to make a payment by phone and numerous complaints of poor or slow customer service.
Ebay does not administer or manage this credit account. The terms are those of GEMoney and the customer service is conducted by GEMoney.
Reward Points appear generous but consumers have complained of low value of points earned. The value of points is difficult to determine as it is not defined in the terms of use or on information provided prior to application.
Summary
If you shop online with eBay or make significant purchases on the internet using Paypal, this card may be one you should consider.
The value of any credit card lies in whether the rewards are ones you can use and whether APR and fees are reasonable for your situation.
Read the terms carefully before applying and ask questions if you are unsure on any topic. Asking questions will give you the opportunity to evaluate the customer service and help you reach a decision.
