It looks like Synchrony has launched an updated version of the eBay Mastercard. Let’s take a look at the new card.
Contents
Card Basics
- Sign up bonus of $50 when you spend $150 or more on eBay purchases within 30 days of account opening
- Card earns at the following rates:
- 3x points on eBay purchases until you spend $1,000 on eBay in a calendar year, then the card earns 5x on eBay purchases
- 2x points on gas, restaurant, & groceries
- 1x points on all other purchases
- 1,500 points = $10 statement credit
- No annual fee
Our Verdict
With 1,500 points = $10, points are worth 0.67¢ each. This means the 5x category is actually 3.35% and that’s after spending $1,000 in the 3x category (really 2.01%). It’s definitely a unique earning structure, but I imagine most people don’t spend enough on eBay purchases to make this card worth considering. There might be some fringe use that makes sense for heavy eBay users, but for the majority of people the sign up bonus and earning rate isn’t enough to get excited about.
Bonus is now $30 after $150 spend.
even though i was excited to find out about a 5x points card for ebay, my experience with the card has been poor, i wouldn’t recommend it, for the following reasons:
1) the “3x” or “5x” points are not 1% cash back, they are 0.67% cash back, it’s a SLIMY tactic by synchrony that makes me not trust them.
2) the credit limit i got was very low, $800…my other card limits are in the $7k to $28 range each. $800 is a joke, i can’t even use it to make most of the purchases i want. when i asked them to raise the credit limit, they wouldn’t do it. useless card.
3) the company (synchrony) seems to be a joke, their site is FREQUENTLY not working (errors out), so i can’t log on to pay it. i suspect this is deliberate so that they can collect late fees from people who can’t pay because the site isn’t working.
4) when i did pay the card in full, a week later the balance had still not been credited. i called and talked to someone in their support department, who explained in a thick accent (indian call center), that they are waiting for verification from my bank that the payment was authorized (wtf?). so even after paying off the card in full, i wasn’t able to use it more than a week later
once the site is working again, i’m going to pay off the card and tell them to cancel it.
synchrony is a joke of a company, not ready for prime-time, not worth wasting my time on.
Please stay away from these mofos!
I signed up when they offered $30 bonus after spending $150 in last April. The bonus was promised within 30 days of signing up.
I spent over $200… After 30 days I called and was told that it would take 1-2 billing cycles to get the credit. OK.
Next month I spent over 1K on eBay, still no bonus, did a chat with them, was told that I would get my bonus in July, 100%.
So, the July statement comes. No bonus.
I did another chat. They had a nerve to tell me that I was not qualified for the bonus (I was looking at my April statement that stated exactly opposite), but they would like to issue me $25 credit as a courtesy! WTF? Now, $30 is not a big deal to me, but they promised it! I’ve never had to fight even for much larger bonuses with any credit card before, everything was handled automatically, as promised, but these clowns are disgusting… Needless to say, I cancelled the card without waiting for that stinking credit. Stay away from them!
Considering that net rewards end up being 3.33 percent once you cash in the points (for example, spend $300 = 1500 points = $10, or spend $1000 = 5000 points / 1500 points gives you $10 = $33.33), I’m curious why most people are passing? So far the highest CC rewards I’ve come across are 2% on the PayPal Cashback MC. I did call to ask about Ebay seller fees, and they’re only 1% cash back, since they’re not purchases.
I haven’t heard of this GC stacking (is that gift cards purchased at a discount?) but also wonder whether, if you make purchases with gift cards, you don’t have access to PayPal/Ebay seller protection? I haven’t seen an Ebay GC offer with 5% cash back…
I’m interested in exactly this also. I spend a lot on eBay. When I saw this I knew it was something I needed to get. I just started using the eBay MasterCard this week. But I’m running into a problem with the low credit limit. ($1000) I max it out, then takes two days for my payment to clear so that I can use it again. So only about 1/3rd of my purchases are going through it. I’m going to call eBay and see if we can get my limit raised.
Do you think this card would be best for me? I heard there is a 50k point max also which if true will mean I need to look for something else next also.
There is nothing in this cards terms that I could find with a limit of 50k points, that seems to apply to the older Mastercard.
I’m in the fringe minority where I spend tens of thousands of dollars on eBay per year. Before the SPG merger, I just put eBay purchases on my SPG card, but with the devaluation, I switched to a 2% cashback card unless I am trying to hit minimum spends on any new credit cards.
I think the reason most people aren’t interested in this card is they just don’t spend that much money on eBay. If you deal in antiques/vintage items like me, then I am not aware of a better card to use for eBay purchases as everything is essentially through Paypal and the coding of transactions doesn’t hit any category bonuses.
I just opened my card this month and hit spent over 2k, and already have $70 in statement credits, more than the $40 I would have had with my 2% cashback card.
Fringe use question…. do ebay monthly fees (fvf) count towards the 5x category? If so it could be useful for power sellers
Please read other comments before posting.
Oh and get this:
“Current eBay Extras Mastercard cardholders
are not eligible for a new eBay Mastercard.”
Heavy eBay spender here so this is kind of tempting, but the points being worth less than a dollar, plus Synchrony, are sticking points. I’m passing.
I’m with you Jethro. I spend at least $1k a year on eBay, but the points being worth less than a penny makes me pass on it too.
Your last line says “but for the majority of people the sign up bonus and annual fee isn’t enough to get excited about”. I’m confused, above you said there is no annual fee?
Fixed, thanks!
I’m curious if eBay seller invoice payments count as eBay purchases?
Good question, my guess is no but could be very useful if yes.
FWIW, I see no mention of the 5x bonus on the actual card application.
Only thing I can see it being good for is paying eBay fees if you are a mega seller. Otherwise buy gc with 5% back.
But it’s a synchrony card so by default its pretty meh.