Ebay MasterCard Review: The Pros and Cons of the Credit Card

Earn triple points on gas and restaurants, and two points at Ebay

Woman shopping online using credit card. © Jupiterimages / Getty Images

eBay shoppers may be attracted to the eBay MasterCard Rewards Credit Card because it has long come with a $30 statement credit. While most signup bonuses require you to spend a certain amount of money during the initial period, you only have to make a single purchase (during a specified time limit) to earn the statement credit on the eBay MasterCard. 

The eBay MasterCard is issued by Synchrony Bank (formerly GE Capital), which also issues the Gap credit card, Amazon credit card and a few other private label credit cards.

eBay MasterCard Rewards

The eBay MasterCard rewards your purchases with points you can redeem for purchases, gift cards or cash in a PayPal account in increments. Earn 3 points per dollar on restaurant and gas purchases (at standalone gas stations only), 2 points per dollar on PayPal and eBay purchases, 1 point per dollar on everything else. You can only accumulate a maximum of 50,000 points in a year.

While the terms are clear on the points you can earn and what you can use them for -- a plane ticket, hotel stay, PayPal credit, car rental, gift cards and certain vacation packages -- what's not clear is the number of points required for redemptions. According to the reward program terms, you have to call the card issuer if you want to know the number of points for redemptions. That makes it impossible to determine the value of the rewards and decide whether they are actually worth it.

In addition, the $30 statement credit may not be applied to your account for two billing cycles.

This could be a deal breaker if you were hoping to use the credit to offset an eBay purchase right away.

Pricing

There's no annual fee on the eBay MasterCard, and the interest rate for purchases varies depending on the type of account. The terms do not clearly explain the difference in accounts; they simply state that only a limited number of applicants will be approved for Account Type 1, the account with the lower interest rate.

The interest rates and fees for cash advances aren't static, so check the rate before signing up for the card. Also, there is a fee for foreign transactions, so you might want to rethink using this card to buy those glamorous shoes from Italy you've had your eye on.

Perks

From time to time, you may be offered special financing promotions that allow you to pay no interest for six, 12 or 18 months. These interest-free promotions are deferred interest financing, meaning you have to pay the balance in full before the end of the promotional period. Otherwise, the full amount of interest will be applied to your account.

Should You Get the eBay MasterCard?

It's hard to recommend this card without knowing what the points are worth. You have to earn $50 in rebates -- without knowing how much spending you need to get there -- before you can redeem your rewards. That's a pretty high threshold.

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