The agency has been asked to develop an integrated campaign, which kicks off this month with online work.
The launch of the credit card marks PayPal's first move into mainstream financial services. The eBay-owned company, which has ten million accounts in the UK, has teamed up with GE Money to launch the card next month.
The PayPal Mastercard, which will have a typical 12.9 per cent APR, comes with a six-month 0 per cent balance transfer rate and carries no annual fee. The card also offers free ID theft insurance and an internet fraud guarantee.
After targeting PayPal account holders, the company will make the card available to anyone from mid-May.
The credit card follows PayPal's successful launch of financial-service products in the US. Customers can use the card to make payments via PayPal's online service.
PayPal and FCBi declined to comment on the appointment.