Financial services company PayPal (PYPL) - Get Report on Wednesday debuted its Cashback Mastercard, a 2% cash back credit card with no annual fee, redemption amount, limitations on how to spend cash rewards, or expiration.

The card, launched via a partnership with Synchrony Financial (SYF) - Get Report , is exclusively for PayPal members and offers cash back on all online and retail purchases where Mastercard (MA) - Get Report is accepted.

"Our goal is to provide our customers choice and flexibility in how they pay when making purchases - whether online or in store," the company said. "The PayPal Cashback Mastercard provides our customers with another innovative consumer credit option, making the payment experience seamless for each customer's unique lifestyle."

Shares of PayPal were climbing 0.4% higher to $61.24 in midday trading Wednesday. 

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