New sign-ups were removed a while ago, but it looks like existing cardholders are being kicked out as well. Received the following email from PayPal and Concerto today. My credit limit was immediately reduced to $100, and my account will be closed September 23, 2024.
"This letter is to inform you that the PayPal Business Cashback Mastercard is being discontinued and all credit card accounts will be closing. It also is to inform you of additional changes that the creditor is making to the terms of your account, including your credit limit and required minimum payment. Please read this letter carefully as it contains important information about your credit card account and its updated repayment terms.
Effective September 23, 2024, your above-referenced credit card account will be closed. This means that you will not be able to use your credit card account for new transactions after this date. Transactions that are still outstanding as of that date will continue to process, but any new transactions after that date will be declined. Any returns, refunds, or other credits to your credit card account will still be permitted.
Even though your credit card account will be closed to new purchases or advances, you remain obligated to pay the remaining outstanding balance in a timely manner and in accordance with the terms of your existing cardholder agreement in effect at the time of such repayment, subject to the additional changes set forth below.
Specifically, effective September 16, 2024, your new credit limit is $100. You understand that after this date, any transactions that would cause you to exceed your new credit limit may be declined.
Please review the following change to the calculation of your minimum payment amount after the effective date:
Effective October 30, 2024, the way the minimum payment is calculated on your account will be changing. This change will be in effect for your credit card account until your outstanding balance is paid in full.
Minimum Payment:
The minimum payment due for each billing cycle will be the greater of:
$35.00 and
The sum of
Any past due amounts; and
Any fees assessed during the billing cycle; and 1.00% of the account balance as of the last day of the October 2024 billing cycle; and
the applicable periodic rate on your card times the balance on your account as of the October 2024 billing cycle; and
4.00% of any charges posted to your account after October 2024 billing cycle
The minimum payment due will never be more than the outstanding balance on your account. If you pay more than the minimum payment due for a billing cycle but less than the outstanding balance, you are still required to pay the minimum payment due in the next billing cycle.
If your credit card account is subject to an annual fee and you were billed for such a fee less than 12 months ago, you will be refunded the portion of the fee corresponding to the remaining billing cycles covered by your annual fee. Any such refund will be credited to your credit card account. If you have authorized a merchant to automatically charge your credit card account (such as utility companies or internet providers), you are responsible for changing your payment method directly with each merchant If you fail to do so, you understand that such charges may be declined and you may be liable for any fees, charges, or losses you may incur as a result.
If you have authorized a merchant to automatically charge your credit card account (such as utility companies or internet providers), you are responsible for changing your payment method directly with each merchant. If you fail to do so, you understand that such charges may be declined and you may be liable for any fees, charges, or losses you may incur as a result.
A separate email will be sent regarding your Rewards balance.
If you have any questions, please call (877) 930-0422. Thank you for your attention to this important matter. This is an attempt to collect a debt. Any information obtained will be used for that purpose.
Sincerely,
Card Services"
Videos
What is the PayPal Cashback Mastercard?
What benefits does the PayPal Cashback Mastercard offer?
When can I start using my PayPal Cashback Mastercard?
The PayPal Business Cashback Mastercard was discontinued as many know. A bummer as that 3% was sweet. I had a balance of around $1,200.00 I was paying down and the card was showing up on the PayPal website. It has disappeared from the app and web site. I have no way to pay the reminder of the card and am really concerned it's going to affect my credit. PayPal hasn't be helpful at all. Any suggestions?