What are PYUSD Rewards?

Rewards are accrued based on the average daily balance of PYUSD and paid out monthly in PYUSD directly to your PayPal crypto wallet. If you withdraw all your PYUSD, you will still be paid out any reward that you have earned that month.

The reward rate is variable, and you can view the current rewards rate in the PayPal app or within your account's Crypto section.

Can I get rewards on all cryptocurrencies, or just PYUSD?

Only PYUSD held at PayPal and/or Venmo will be used to calculate a customer’s holdings.

How do I get started, and is there a fee?

You need to be signed up for crypto with a balance of at least $1 PYUSD and opt into the rewards program. There needs to be a valid Form W9 on the file, and if there is not one, you will be prompted to complete one. Currently this is only available to customers based in the United States (except New York).

There is no fee to opt into PYUSD Rewards.

How do I know what rewards I have earned?

You will be able to view pending rewards within Crypto section of your account, which were earned but not yet paid out, and lifetime rewards, which are the balance of all paid-out rewards.

Rewards also appear in statements.

When are the rewards paid out/credited to your wallet?

Rewards are paid out in PYUSD to eligible participants, usually in the first week of the month, but it can take up to 30 days for the money to reach the user’s PayPal account.

I think I am missing some rewards. What should I do?

Rewards are calculated using your average daily balance, calculated daily, and paid out monthly. Your account should also be in good standing. If you still believe there is a mistake, then Contact Us.

What happens to my pending rewards balance if I want to close my PayPal account?

Customers can opt out of the rewards program at any time, and the rewards earned will be paid as normal. However, if the PayPal account is closed midway through the month, all pending rewards will be forfeited. Visit the Terms and Conditions for more information.

How do I opt out of PYUSD rewards?

Go to the crypto section on the PayPal app or the PayPal website.

1. Click the settings icon.
2. Click on PYUSD rewards.
3. Toggle your rewards off or back on.

Are there tax implications?

Customers should consult their own tax advisor regarding the tax consequences (if any) of receiving PYUSD Rewards.

The earnings you receive through PYUSD rewards may qualify as taxable income to you. Customers who receive $600 or more in rewards in the same calendar year will be issued a Form 1099-MISC for that tax year.

How do I find my IRS Form 1099-MISC (Annual Statement of PayPal Miscellaneous Income Earned for Tax Purposes)?

To locate your Form 1099-MISC, you must be logged into your account on PayPal.com.

Here is how:

1. Click on your Profile. 
2. Click Statements and Taxes. 
3. Under the “Tax documents” section, select the year from the dropdown.
4. Available “Tax documents for that year” are displayed.

Here are the steps for a business account:

1. Click on Activity. 
2. Click on Reports. 
3. Under the “Tax documents” section, select the year from the dropdown.
4. Available “Tax documents for that year” are displayed.

Not all PYUSD Rewards participants are issued an IRS Form 1099-MISC, as it’s only issued to customers who receive the equivalent of $600.00 USD or more in rewards during the calendar year. The $600.00 USD reporting threshold is based on the aggregate amount of rewards income earned during the calendar year across all PayPal rewards programs.

What is the rewards rate for PYUSD Rewards?

The rewards rate can be found on the crypto hub within the PayPal app or on paypal.com. The rewards rate tells you the potential reward you could receive over a year.

Rewards for eligible users are accrued daily based on the PYUSD you hold with us and are paid out monthly in PYUSD. PayPal is a financial technology company, not a bank, and is not FDIC-insured. This is a variable rate and can change at any time. Visit the Terms and Conditions for more information.

Why am I not eligible for PayPal rewards?

Here are some reasons why you may not be eligible for PayPal rewards

• You live in a jurisdiction where PYUSD rewards is not offered (i.e. outside of the US or in New York).
  
• You do not have an active PayPal or Venmo account in good standing.
  
• You are not signed up to buy and sell cryptocurrencies with PayPal or Venmo.
  
• To make sure that PYUSD rewards are available to as many people as possible, we may restrict the
• program from certain individuals for any reason.
  
• Your account is subject to 24% IRS backup withholding.