Here are the terms and conditions for the 20% off - it sure reads like anyone with a Paypal account in good standing qualifies for the offer but very little is what it seems anymore with these kinds of deals so keep in mind that YMMV.

TERMS AND CONDITIONS
PAYPAL HOLIDAY Cash Back PROMOTION
OPEN TO LEGAL RESIDENTS OF THE FIFTY (50) UNITED STATES AND THE DISTRICT OF COLUMBIA WHO ARE 18 YEARS OF AGE AND OLDER AND WHO ARE PHYSICALLY LOCATED AND RESIDE IN THE UNITED STATES OR DISTRICT OF COLUMBIA. VOID IN PUERTO RICO, AND WHERE PROHIBITED.

By participating in this promotion, you acknowledge that you have read, understood, and agree to be bound by these terms and conditions.

1. Offer Description: Eligible customers defined in Section 3 below will receive 20% Cash Back on their total purchase amounts (including shipping and taxes) made with participating merchants during the offer period. The maximum total amount of Cash Back per PayPal account is $50 USD.

2. Eligible Purchase: You must use your PayPal account to make purchases on participating merchant websites by selecting PayPal as a payment option during the offer period, except for exclusions at stated in Section 7 below. Multiple purchases are allowed. Payments at Overstock.com must each be for at least $100 USD (including shipping and taxes) to qualify. In the event that you made a purchase and the merchant has not billed you for it, the purchase amount must be charged to your account no later than January 10, 2008 to qualify (and you must still make the purchase within the offer period).

3. Eligibility: Only United States PayPal accounts are eligible. Your PayPal account must be in good standing. Restricted, locked or closed PayPal accounts are ineligible.

4. Offer Period: Offer starts on November 26, 2007 at 12:00:01 am Pacific Time and is available for a limited time only. Offer is only available as long as the merchantÂ’s website indicates that the 20% Cash Back promotion is offered, but no later than December 10, 2007 11:59:59 pm Pacific Time.

5. Participating Merchants: The merchants participating in the offer are: Barnes & Noble, Blue Nile, Dell, Eastbay Sports, eBags.com, Electronic Arts, eToys, Guess, GbyGUESS, HP, Newegg.com, Overstock.com, Ralph Lauren, Ritz Camera, Wolf Camera, Boaters World, eAngler, OuterBank Outfitters, Camera World, Photo Alley, ShopAtShark, InsanitySauce, Sharper Image, Sierra Trading Post, SkyMall, SmartBargains, and Toys R Us. The offer period for each merchant may vary. To find the most current list of participating merchants, go to http://www.paypal.com/holiday.

6. Cash Back Payment: The Cash Back payment will be deposited into your PayPal account by January 31, 2008

7. Excluded Transactions. The following transactions are excluded from this offer: PayPal Mobile transactions, payments using the PayPal Plug-In (formerly named: Virtual Debit Card) service, Payments funded in whole or in part with a gift certificate, PayPal ATM/Debit Card payments, payments made when you are not logged into your PayPal account, and PayPal Plus Credit Card/ eBay MasterCard payments not made through your PayPal account. If the payment is refunded or cancelled at any time, you are not eligible for the promotion. If the payment is refunded after you receive the Cash Back, PayPal will deduct the Cash Back amount from your account.

8. Restrictions: PayPal reserves the right to cancel, suspend or modify part or this entire offer at any time without notice, for any reason in its sole discretion. This offer cannot be resold or transferred.