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PayPal is an online payment company founded in 1998. The company allows users to send and receive money online and offers savings and credit products. Today, PayPal has over 429 million customers and is available in over 200 markets worldwide.
In recent years, PayPal has been using cash offers to bring in new business. PayPal currently has a $10 sign-up bonus for new customers and a $10 referral bonus for existing customers.
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How Do PayPal Bonuses Work?
PayPal’s current promotions include a sign-up bonus for new customers and a referral bonus for existing customers. Bonuses generally require new account holders to transfer funds to or from a linked bank account. However, specific requirements vary by bonus.
Here are the current PayPal bonuses and promotions available for new and existing customers. Offer details are accurate as of Oct. 3, 2023.
What Are Some of the Best PayPal Bonuses and Promotions?
PayPal Sign-Up Bonus: $10
PayPal lets you securely and easily pay for your favorite things online. In addition to secure online transactions, account holders can safely send money to family, friends and loved ones using the PayPal app. And now, PayPal offers an even bigger incentive to use its services: a $10 sign-up bonus for new customers.
- What is the offer? Earn $10 when you open a new U.S. PayPal account using a friend’s referral link and complete an eligible transaction of at least $5.
- What is considered an eligible transaction? According to PayPal, an “eligible transaction” involves either a PayPal checkout or person-to-person payment of at least $5. Person-to-person payments can’t include the person who referred you.
- When do you receive your bonus? You should receive your bonus within 24 hours of meeting the requirements, although it can take up to two weeks.
- Is there a time limit on the offer? This offer does not currently have an expiration date.
PayPal Referral Bonus: Up to $100
If you’re a PayPal user, you can earn extra cash by referring your friends to the platform. For each friend you refer, you’ll earn $10, up to a maximum of $100 per year.
- What is the offer? Earn $10 each time a friend creates a new PayPal account using your referral link and makes a minimum $5 purchase. You can earn this reward up to 10 times per calendar year, for a maximum reward of $100.
- When do you receive your bonus? You should receive your bonus within 24 hours of meeting the requirements, although it can take up to two weeks.
- Is there a time limit on the offer? This offer does not currently have an expiration date.
What Else Should You Know About PayPal Bonus Offers?
PayPal’s bonuses and promotions are pretty straightforward, but there are a few things to keep in mind.
Your Bonus May Be Taxable
The IRS considers bank bonuses to be earned interest, which is subject to taxation. This means any PayPal bonuses you earn will count as taxable income, and you’ll owe taxes on the money when you file your return.
There’s a $100 Annual Cap on Rewards
Existing customers who refer a friend or family member to PayPal can’t earn a bonus on more than 10 referrals per year, for a maximum of $100. If more than ten people sign up using your referral link in a given year, you won’t earn a bonus for those additional referrals.
You Can’t Share Your Referral Link Publicly
PayPal’s terms and conditions clearly state that you can’t share your referral link online or in a public location where someone you don’t know can sign up. It’s only for friends, family members and personal acquaintances. If you violate this condition, PayPal may disqualify you from their referral program and revoke any referrals you’ve received up to that point.
Offers May Not Be Available in All Areas
PayPal’s bonuses and promotions are only available to those with a U.S. PayPal account. If you live outside of the United States, you won’t be able to take advantage of these offers.
How To Get a PayPal Referral Bonus
For every new user you refer to PayPal, you’ll receive a $10 bonus. And new users who open an account using a referral link will receive $10 too. To qualify, the referred person has to make a minimum $5 purchase with their new account.
