PayPal just unveiled changes to its rewards credit card — making it possibly the best cash back card for regular spending

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• The PayPal Cashback Mastercard® has received a big update to its cashback earning rate.
• You’ll now receive 3% cash back for purchases made through PayPal (in-store, online, or via mobile).
• New cardmembers receive a PayPal Cashback Mastercard® — though there is currently a waitlst.
• Read Insider’s guide to the best cash back credit cards. 

Juggling credit cards to make sure you receive the absolute best return for your spending can be hard work. Some cards give you bonus rewards for grocery shopping; others bonus your dining spend, gas station spend, travel, and more categories.

If you have a hard time keeping track of which cards are best for specific spending — or if you can’t be bothered to even try — opening the PayPal Cashback Mastercard® is one of the best ways supercharge your wallet. With the improvements to this card announced on April 5, 2022, you’ll earn between 2% and 3% back for all purchases.

Here’s what to know about the changes to the PayPal Cashback Mastercard®.

The PayPal Cashback credit card gets some robust improvements

When the PayPal Cashback Mastercard®-annual-fee PayPal Cashback Mastercard® was first introduced, it offered 2% cash back on purchases. That’s extremely competitive for a no-annual-fee credit card, going toe-to-toe with the likes of our favorite cash-back cards (such as the Citi® Double Cash Card).

The PayPal Cashback Mastercard® now eclipses such cards with its new return rates:

• 3% cash back when paying with PayPal at checkout
• 2% cash back on all other purchases

This represents the potential to earn 50% more cash back when using this card. PayPal has become exceptionally easy to use, whether you’re shopping online or at a brick-and-mortar store. More than 1.6 million websites and tens of millions of merchants support PayPal.

Read more: Is PayPal secure? How the service protects your transactions, credit card data, and more.

In other words, you should be able to manage 3% back on nearly all of your spending. Your money will post to your PayPal balance, and you can spend it from there. Rewards will deposit daily, so you don’t have to wait until your billing cycle ends to spend your cash back (as is the case with many other rewards cards).

If you’ve already got the PayPal Cashback Mastercard®, your card will be updated with these earning rates. If you’re new to the card, you can join the waitlist — and earn a PayPal Cashback Mastercard®.

Another benefit of this card is that it’s issued by Synchrony instead of a major bank like Chase, American Express, or Citi. If you already have several cards issued by these banks, this card may be easier for you to open.

Bottom line

The PayPal Cashback Mastercard® is at the top of the no-annual-fee cash-back credit card food chain with the ability to earn 3% back on most of your everyday purchases.

If you’re not into using multiple credit cards for different spending categories, or if you aren’t concerned with earning airline miles, hotel points, or other travel rewards (which can be significantly more valuable than cash back), this card is likely one of your best options.

Even if you’re one of those credit card jugglers, the PayPal Cashback Mastercard® is a great card for purchases that don’t fall into a bonus category.