eBay has launched a new cash back rewards program in conjunction with Paypal.

eBay has been looking for incentives that will attract more buyers to the online auction giant. The company’s latest program, called "eBay Bucks" offers a rewards program similar to cash back credit cards.

Participants earn a 2 percent reward on certain items they buy through the site and pay for using PayPal. Rewards will be sent each quarter as gift certificates, which can be used to buy other items through eBay.

Initially scheduled to be invitation only, the program is expected to be open to all buyers by this summer.

eBay has been offering coupons coupons to users in recent months as well as discounts on referrals from Microsoft’s Live Search site.

Those who sign on to use eBay Bucks will be able to earn up to $200 per item purchased on eBay and up to $500 per quarter. Because the reward rate is 2 percent, a $100 baseball card or box would earn the buyer $2 eBay Bucks, translating to $2 in gift certificates at the end of the quarter.

Those who purchase cases, quantities of boxes or expensive cards and memorabilia on a regular basis will get $20 back for every $1000 purchased. The rewards certificates will have to be used within 30 days.

Details on the program and registration is available on the eBay Bucks page.