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PayPal is rolling out a bunch of new features, and they want to reward you with free money when you shop from partner stores.
Back in January of 2020, the online payment portal bought coupon-code-finder Honey, and they’ve been working it into PayPal’s offerings.
Now we’re seeing some big changes to the PayPal experience. Here’s what you need to know:
PayPal Gold gives you rewards points for shopping at partner stores.
One of the biggest changes to the PayPal app is PayPal Gold Rewards — which is basically PayPal integrating the Honey Gold program.
When you use PayPal’s app to shop from dozens of different online stores — like Nike, Uber Eats, Samsung, Microsoft, Kroger, Marriott, and a bunch more — you get PayPal Gold Rewards points.
You get those points either as a percentage of your purchase or as a fixed number of points, depending on the store and the offer.
You can find the Rewards section of the app by tapping the trophy icon in the upper right corner.
You can turn those Rewards points into cash back or PayPal credit.
Like with Honey Gold, PayPal Rewards points are worth $1 per 100 points (for example, 5,000 points is worth $50).
Once you’ve earned $10 worth of points, you can cash out to your PayPal account — keeping it in your account for future purchases, or depositing it to your linked bank account or debit card.
You have to have a valid personal PayPal account that’s linked to your bank account in order to redeem rewards.
New PayPal Savings accounts pay 0.4% in interest — one of the highest APYs in the nation.
PayPal is rolling out a high-yield savings account through a partnership with Synchrony Bank.
The free savings account gives users a 0.40% annual percentage yield (APY) — more than six times the national average of 0.06%, and there will be no fees or minimum balance requirements.
PayPal Savings will be available to U.S. consumers “in the coming months.”
PayPal has a ton more new financial services and shopping options.
Ultimately, PayPal wants to be a one-stop shopping and financial services app. The other updated features and offers within the PayPal app include:
- Automatic scheduled bill payment for credit cards, insurance, utilities, etc.
- Pay for purchases with QR codes
- Redeem rewards in store
- Access and manage PayPal credit
- Buy Now, Pay Later services
- Buy, hold, and sell cryptocurrencies
- Support causes and charities
PayPal says it will announce new features and enhancements, including investment capabilities and ways to pay with QR codes while offline.