diff --git a/projects/plugins/jetpack/_inc/client/components/jetpack-notices/index.jsx b/projects/plugins/jetpack/_inc/client/components/jetpack-notices/index.jsx
index 1b4adff27c778..9d1614ad0ffce 100644
--- a/projects/plugins/jetpack/_inc/client/components/jetpack-notices/index.jsx
+++ b/projects/plugins/jetpack/_inc/client/components/jetpack-notices/index.jsx
@@ -280,7 +280,7 @@ class JetpackNotices extends React.Component {
 					/>
 				) }
 				{ ! isUserLicenseActivationScreen && ! this.props.isAtomicSite && (
-					<UserLicenseActivationNotice />
+					<UserLicenseActivationNotice pathname={ this.props.location.pathname } />
 				) }
 			</div>
 		);
diff --git a/projects/plugins/jetpack/_inc/client/components/jetpack-notices/style.scss b/projects/plugins/jetpack/_inc/client/components/jetpack-notices/style.scss
index 2f9c4b75b6371..7455932b66633 100644
--- a/projects/plugins/jetpack/_inc/client/components/jetpack-notices/style.scss
+++ b/projects/plugins/jetpack/_inc/client/components/jetpack-notices/style.scss
@@ -5,3 +5,9 @@
 		}
 	}
 }
+
+.jp-license-activation-notice__external-link {
+	svg.gridicons-external {
+		margin-left: 0.25rem;
+	}
+}
diff --git a/projects/plugins/jetpack/_inc/client/components/jetpack-notices/user-license-activation.jsx b/projects/plugins/jetpack/_inc/client/components/jetpack-notices/user-license-activation.jsx
index 684530ab65d5b..fd02f70e6680b 100644
--- a/projects/plugins/jetpack/_inc/client/components/jetpack-notices/user-license-activation.jsx
+++ b/projects/plugins/jetpack/_inc/client/components/jetpack-notices/user-license-activation.jsx
@@ -6,10 +6,12 @@ import React, { createElement, useCallback, useEffect } from 'react';
 import { connect } from 'react-redux';
 import { createInterpolateElement } from '@wordpress/element';
 import { __ } from '@wordpress/i18n';
+import { getRedirectUrl } from '@automattic/jetpack-components';
 
 /**
  * Internal dependencies
  */
+import ExternalLink from 'components/external-link';
 import analytics from 'lib/analytics';
 import { getSiteAdminUrl } from 'state/initial-state';
 import {
@@ -23,6 +25,7 @@ import SimpleNotice from 'components/notice';
  * Jetpack "user"-licenses activation notice. (a license key is available for activation)
  *
  * @param {object} props - The properties.
+ * @param {number} props.pathname - The path of a URL.
  * @param {number} props.detachedLicensesCount - The user's number of "detached" licenses.
  * @param {object} props.activationNoticeDismissInfo - Object containing `last_detached_count` and `last_dismissed_time`.
  * @param {Function} props.updateLicensingActivationNoticeDismiss - Function to update the notification dismiss info.
@@ -36,6 +39,7 @@ const UserLicenseActivationNotice = props => {
 		detachedLicensesCount,
 		activationNoticeDismissInfo,
 		updateLicensingActivationNoticeDismiss,
+		pathname,
 		siteAdminUrl,
 	} = props;
 
@@ -44,7 +48,6 @@ const UserLicenseActivationNotice = props => {
 		last_dismissed_time: lastDismissedDateTime,
 	} = activationNoticeDismissInfo;
 
-	// TODO: Update this link to point to the user-license activation route.
 	const USER_LICENSE_ACTIVATION_ROUTE = `${ siteAdminUrl }admin.php?page=jetpack#/license/activation`;
 
 	const userHasDetachedLicenses = !! detachedLicensesCount;
@@ -65,12 +68,20 @@ const UserLicenseActivationNotice = props => {
 		}
 	}, [] ); // eslint-disable-line react-hooks/exhaustive-deps
 
-	const trackClick = useCallback( () => {
+	const trackLicenseActivationClick = useCallback( () => {
 		analytics.tracks.recordJetpackClick( {
 			target: 'licensing_activation_notice',
+			page: pathname,
 			path: 'licensing/activation',
 		} );
-	}, [] );
+	}, [ pathname ] );
+
+	const trackUserPurchasesClick = useCallback( () => {
+		analytics.tracks.recordJetpackClick( {
+			target: 'calypso_purchases_link',
+			page: pathname,
+		} );
+	}, [ pathname ] );
 
 	const onNoticeDismiss = useCallback( () => {
 		analytics.tracks.recordEvent( 'jetpack_wpa_licensing_activation_notice_dismiss' );
@@ -89,11 +100,18 @@ const UserLicenseActivationNotice = props => {
 				showDismiss={ true }
 				onDismissClick={ onNoticeDismiss }
 				text={ createInterpolateElement(
-					__( 'You have an inactive product. <a>Activate now</a>', 'jetpack' ),
+					__( 'You have an available product license key. <activateLink>Activate it now</activateLink> or <purchasesLink>view all your purchases</purchasesLink>', 'jetpack' ),
 					{
-						a: createElement( 'a', {
+						activateLink: createElement( 'a', {
 							href: USER_LICENSE_ACTIVATION_ROUTE,
-							onClick: trackClick,
+							onClick: trackLicenseActivationClick,
+						} ),
+						purchasesLink: createElement( ExternalLink, {
+							className: 'jp-license-activation-notice__external-link',
+							href: getRedirectUrl( 'calypso-purchases' ),
+							onClick: trackUserPurchasesClick,
+							target: '_blank',
+							icon: true,
 						} ),
 					}
 				) }
@@ -109,6 +127,7 @@ UserLicenseActivationNotice.propTypes = {
 		last_detached_count: PropTypes.number.isRequired,
 		last_dismiss_time: PropTypes.string.isRequired,
 	} ),
+	pathname: PropTypes.string.isRequired,
 	siteAdminUrl: PropTypes.string.isRequired,
 };
 
diff --git a/projects/plugins/jetpack/changelog/update-jetpack-license-activation-banner-copy b/projects/plugins/jetpack/changelog/update-jetpack-license-activation-banner-copy
new file mode 100644
index 0000000000000..e3f068838b956
--- /dev/null
+++ b/projects/plugins/jetpack/changelog/update-jetpack-license-activation-banner-copy
@@ -0,0 +1,4 @@
+Significance: minor
+Type: enhancement
+
+Update the copy of the license activation banner to make it clear that the user has an available license that can be activated on the site.