PayPal's credit card will offer up to three percent cashback

Like Apple Card, the PayPal Cashback Mastercard has no annual fee.

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PayPal has revealed its upgraded credit card, which will now offer users more cashback, depending on how they make their purchases. As before, users will still get unlimited two percent cashback on anything they buy, wherever a Mastercard is accepted. However, if you check out with PayPal, you'll get unlimited three percent cashback. This goes for online, mobile and in-store (with the PayPal QR Code) payments.

The new PayPal Cashback Mastercard still has no annual fee and you'll now get cashback daily, rather than having to wait for a monthly statement. PayPal says it has redesigned the card's user interface on its app and the web. It promises a more simplified way to access rewards and make payments.

Existing users will automatically get access to the upgraded card, while newcomers will get a bonus of $100 on their first $500 spent. The new PayPal Cashback Mastercard will be available soon, though be sure to look at the fine print before applying.

Offering customers more cashback should help PayPal better compete with rival companies. The Apple Card also has no annual fee. It offers three percent cashback for Apple Store purchases, two percent on Apple Pay purchases and one percent on other purchases.