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MSP Cashback

I am now looking at "tarting" from my Morgan Stanley Platinum card at the end of the 3% introductory period to the new Capital One Platinum Cashback card instead of to the Egg Money card.

Now, obviously, I need to time my application and switch of transactions to the next £15 "block" of cashback.

Is this calculated at 3% of your purchases, or at the normal 1% rate and then multiplied by 3. Or to put another way (as even I can't understand what I've just written), do I need to spend £500 or £1500?
The acquisition of wealth is no longer the driving force in my life. :)
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