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Side-by-side

American Express Schwab Investor Card vs PayPal Cashback Mastercard

Both are well-respected travel cards. The American Express Schwab Investor Card comes from American Express at $0/yr; the PayPal Cashback Mastercard from Synchrony at $0/yr. Below: side-by-side specs, an opinionated verdict, and the FAQs people actually ask before applying.

Bottom line

These cards are close on the fundamentals (similar bonus value, similar fee). The right pick depends on which category you spend the most in and which transfer partners best fit your travel goals.

FeatureAmerican Express Schwab Investor CardPayPal Cashback Mastercard
Annual fee$0$0
Sign-up bonus10,000 Membership Rewards points$200 cash back
Bonus value (est.)$110$200
Min spend to unlock bonus$1,000 in 6 mo$500 in 3 mo
IssuerAmerican ExpressSynchrony
Card categorytravelcashback
Best earning category (All_purchases)1.5x1x
Transfer partnersamex-mrNone
Headline benefits
  • 1.5X MR on everything
  • $0 annual fee
  • 1.0c/pt Invest with Rewards
  • Full MR transfer partners
    Read the full review
    American Express Schwab Investor Card
    $0/yr · 10,000 Membership Rewards points
    Read the full review
    PayPal Cashback Mastercard
    $0/yr · $200 cash back

    Editorial take: American Express Schwab Investor Card

    The hidden gem of the Amex MR lineup for Schwab brokerage customers. Flat 1.5X MR with $0 annual fee, full transfer-partner access, AND a 1.0 cents-per-point cash-into-brokerage redemption guarantees you can always extract real cash. The catch: you need a Schwab brokerage account to apply.

    Editorial take: PayPal Cashback Mastercard

    Common questions

    Which card has the bigger sign-up bonus, American Express Schwab Investor Card or PayPal Cashback Mastercard?
    The PayPal Cashback Mastercard has the bigger bonus, $200 cash back, worth roughly $200, versus 10,000 Membership Rewards points (~$110) on the American Express Schwab Investor Card.
    Is the American Express Schwab Investor Card's $0 annual fee worth it compared to the PayPal Cashback Mastercard?
    The American Express Schwab Investor Card has no annual fee, so the question is whether the PayPal Cashback Mastercard's $0 fee is justified by its perks. If you'll use enough of the PayPal Cashback Mastercard's benefits to clear $0 in value annually, it's worth it; otherwise stick with the American Express Schwab Investor Card.
    Can I have both the American Express Schwab Investor Card and PayPal Cashback Mastercard?
    Yes, since they're from different issuers (American Express and Synchrony) the application rules don't conflict. Many points enthusiasts hold both, they pair well when one earns flexible bank points and the other earns a different currency.
    Should I get the American Express Schwab Investor Card or the PayPal Cashback Mastercard first?
    Get the one whose sign-up bonus you can hit comfortably without overspending. American Express Schwab Investor Card: $1,000 spend in 6 months. PayPal Cashback Mastercard: $500 in 3 months. Pick the easier minimum spend if you're new to points; pick the larger bonus if you have planned big purchases coming up.

    Card details on this page reflect the most recent data we've verified against the issuer's own site. Sign-up bonuses and fees can change at any time, confirm the current offer on the issuer's page before applying.