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PayPal credit cards get higher cash back value.

This week, the digital payments company announced changes to its PayPal Cashback Mastercard®, including a new 3% bonus category and a cash welcome offer. Compared to other cash back credit cards, the new card offers one of the highest flat rates for cash back.

Now, you can get unlimited 3% cash back when you pay with PayPal with your card, and you can get a $100 cash bonus after you spend $500. This is in addition to the unlimited 2% cash back that no annual fee cards already offer.

The updated card will be available to new cardholders starting next week, according to a PayPal representative. Existing cardholders automatically receive an enhanced 3% bonus.

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Here’s everything you need to know about the updated PayPal Cashback Mastercard and what to consider before applying.

What you should know about the updated PayPal Cashback Mastercard

The revamped PayPal card offers great rewards, welcome bonuses and multiple redemption options for every purchase. To take full advantage of the new 3% category, you must use PayPal as your primary payment method (if available online and in store).

If you already have a PayPal card, you’ll automatically get the enhanced cash back offer. For new cardholders, PayPal said the updated card will be available next week, though you can sign up for the waitlist now through the PayPal app or your online PayPal account. You will then be notified by email when the card is released.

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What else you need to know about this cashback card:

Cash back rewards

The PayPal Cashback Mastercard offers 2% cash back on all your purchases. The new version still offers an unlimited 2% refund, but there is a higher 3% refund on purchases made with PayPal. This includes online, mobile and in-store payments using PayPal QR codes where permitted.

PayPal is a payment method at a long (and growing) list of retailers, including eBay, Target, Walmart, Apple, Home Depot, and more.

Earn cash rewards on your card every day after qualifying transactions are completed and credited to your account. You can redeem them for your PayPal balance, or transfer your rewards to a PayPal-linked bank account or debit card.

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Quotes welcome

The updated PayPal card offers a $100 cash reward after spending $500 within 90 days of account opening—the best cash-back card product yet. Previously, the card did not offer cash bonuses. Also, when you get the welcome bonus, you still get the reward.

Who is the PayPal Cashback Mastercard best for?

If you already use PayPal for online purchases on a regular basis, the PayPal Cashback Mastercard might be right for your wallet.

Some brick-and-mortar retailers also offer PayPal’s newest payment method, the in-store QR code. Simply scan a QR code in-store at retailers like CVS and Walmart to pay with your PayPal account and linked card. Now, you can also earn 3% on these purchases.

Plus, you still get a 2% bonus on all other purchases – which already compares to some of the best flat cash back cards available today, like the Wells Fargo Active Cash Card and Citi® Double Cash Card.

However, before you apply, make sure this is the right cashback option for you. Flat Cashback offers base rewards for every purchase, but you may earn higher rewards and get more value in the categories where you spend the most with your Tiered Rewards category card. Another thing to consider is any other benefits you can benefit from, such as travel protection or annual points. Compared to some other cashback cards, the PayPal Cashback Mastercard doesn’t have many extras.

That being said, the PayPal Cashback Mastercard is a great option with no annual fee to use as your master card for everyday purchases, especially if you spend most of your time online or at retailers that accept PayPal. As a flat cash back card, it even helps you top up the rewards you’ve already earned with other cards to ensure you maximize every purchase.

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