CASHBACK – How does it work?
Commonly, cashback is a rewards program where customers can earn back a percentage of the money they spend while shopping. Before, it’s only a credit card feature and some debit card accounts offer them, too. Now, Stores and online retailers and shopping sites are also into this reward system to attract more customers.
Although earning a few dollars from cash back might not seem like much, your cash back rewards can quickly add up, especially on an everyday spending.
It works this way, you pay more beforehand, but you receive the money back for spending later . Cashback is also compared to using a coupon. In the case of applying a coupon code right As you can see, 10% Cashback is the same saving value as a 10% coupon.
Cashback Example: 10% cashback buying $10 socks on Amazon would cost you $10, but you would receive $1 back in the form of points or cash. Thus making the total cost $9.
Coupon Example: 10% coupon buying $10 socks on Amazon would cost you $9
There are cash-back websites that combine spending money with making money. These shopping sites give back to members a percentage of what they spend on purchases. Authentic cash-back sites are straightforward. They let users sign up for a free membership and then the site becomes their personal shopping portal.It works by logging in first to your preferred cash-back site, rather than going directly to the website where you will make your purchase. tOnce at the cash-back site, you’ll click on a link that would take you to the retailer’s site, and then you complete your usual shopping. After the cash-back site verifies your purchases, the earnings will be approved. That is based on the amount of your purchase and the cash-back offer during that time.
Cash-back apps help you save small amounts of money over a period of time, so you’ll probably want to look for an app that you can enjoy and that will not require a lot of effort.
But beware of cyber scams and phishing schemes that claim to give you cashback. It is best to research first for apps or websites that claim to be helping you earn cash. Check first for any reviews and complaints about the site online. Never sign up for a cash-back site that charges a membership fee and check carefully the details of the process on each site. Consider these factors:Payout frequency, threshold, payout method and qualifications before signing.
Maximize Your Rewards
Be sure to utilize all of the offers the cash-back sites offer. Most of them offer the following options:
- Sign up bonuses – claim $5-20 when you join cash-back sites.
- Refer friends – claim an additional $5-10 when your friends join through your referral.
- Special promotions – check out the cash-back sites frequently not to miss special offers.
Cash backs are a great deal and can help you save more money. The rewards or cash you earn can be claimed or collected and be used to cover purchases or payments. This may not result in large amounts of income, but still can make an impact on your finances.
Best cash-back apps of 2022
Here are some of the best cash back apps based on ratings and reviews. These apps are available for iOS in iOS App Store and for Android devices in Google Play. Check them out:
- Coupons.com
Grocery store coupons are the specialty of the Coupons.com app. You just select a coupon or offer then discounts will automatically be applied by linking your store loyalty card to the app. You can submit a photo of your paper receipt if you shop at a store without a loyalty program. Once approved, the rebate is applied to your PayPal account. This app is best for tapping rewards linked to grocery store loyalty programs and available for Android, iOS.
- Dosh
By linking your credit or debit card to the app, cash-back offers are deposited into the Dosh wallet. Dosh also adds hotels into the retail and dining-out discount mix. Cash can be transferred into bank accounts, PayPal or Venmo. And also, your rewards can be donated to nonprofit charities. This app is best for earning rebates even without scanning the actual receipts and is available for Android, iOS.
- Fetch Rewards
Fetch Rewards has risen in popularity, particularly for saving on groceries. You just have to scan your receipt, or submit your e-Receipt, and you’ll be earning rewards points that you can redeem for gift cards.This app is best for redeeming grocery receipts for points applied to a lot of rewards and available for Android, iOS.
- GetUpside
This app provides cash-back offers from grocery stores, restaurants and gas stations. This app is best for cash back on gasoline purchases and available for Android, iOS.
- Ibotta
Ibotta pledges for cash back through shopping in person, online, or while traveling or dining out. THis doesn’t require you for promotional codes or coupons. All you have to do is search the app for offers you like, then upload a photo of your receipt as proof of your purchase. You can also use in-store loyalty cards and a supported debit card through the app. This app is best for Cash back on a wide variety of shopping options and available for Android, iOS
- Rakuten
Rakuten is known as a cash-back app which claims to cover 3,500 stores and issue payment through PayPal or by check. What’s exciting about this app is that it includes travel savings on airfare, hotels and car rentals. This app is good for Direct payments every three months. Available for Android, iOS
- Receipt Hog
Aside from offering cash back for shopping, Receipt Hog added a fun process through gamifying sweepstakes, surveys, bonuses and Hog Slots spins that can pay out coins. Rewards can be redeemed for gift cards or cash to your PayPal account. This app is best for adding an element of fun to cash-back rewards. Available for download for Android, iOS
- RetailMeNot
RetailMeNot is a coupon finder app. It allows users to activate online offers and receive personalized notifications for discounts.This app is best for In-store discounts delivered by your location. Available for Android, iOS
- CoinOut
CoinOut features receipt-scanning cash-back apps and promotes no fees. You don’t need to shop at a specific retailer or find a coupon and even hunt down a deal. You just have to upload a receipt, and the app does the rest, hussle – free .Available for Android, iOS
- Shopkick
Rewards at shopkick are known as “kicks,” and are available in-store or online. These rewards are payable through gift cards. This app is available for Android, iOS
- Swagbucks
If you are interested in sharing your opinion on products, making eviews and taking surveys, Swagbucks may be the best app for you. This app is available for Android, iOS