Anyone who has ever shopped online knows that there are a lot of sites out there vying for your business. And many of them offer cash-back rewards as an incentive to shop with them. But what is the best way to take advantage of these rewards programs?
Here are ten tips to help you get the most out of your cash rewards.
1. Multiple Programs
Sign up for multiple rewards programs. The more programs you are a part of, the more cash back you will earn. And who doesn’t love earning free money? Just make sure you keep track of all your accounts so you don’t miss out on any rewards.
2. Stack Money Savers
Try to stack your cash-back rewards with other savings opportunities. For example, if a store is offering a sale and you have a coupon, use both to save even more money. Every little bit helps!
3. Everyday Use
Use your rewards to buy items that you would normally purchase anyway. This way, you are essentially getting paid to shop for things that you need or want. Win-win!
4. Terms and Conditions
Be sure to pay attention to the terms and conditions of each program before signing up. Some programs have minimum thresholds that must be met before you can redeem your rewards, while others have expiration dates on the rewards themselves.
Taking a few minutes to read the fine print can save you a lot of hassle down the road.
Remember to activate your rewards before making a purchase. There is usually a button on the retailer’s website that you need to click to activate the reward, so be sure to do that before completing your purchase. If you forget, you may not get credit for the reward later on.
6. Pay Attention
Pay attention to bonus categories that each program offers throughout the year. Many programs will offer 5% or even 10% cash back on purchases made in certain categories during specific periods of time. If possible, plan your major purchases around these bonus periods so you can earn even more cash back.
Some programs allow you to redeem your cashback offer rewards for gift cards or merchandise instead of receiving the money directly into your account. If this is an option with any of the programs you belong to, consider whether it makes sense for you before redeeming your rewards.
In some cases, it may be worth it to get a gift card that can be used at a later date or for something specific instead of getting cold hard cash right away.
When redeeming your cash-back rewards, requesting a physical check may take longer than having the money deposited directly into your account, but it can be worth the wait if you need the extra time to save up for something specific.
9. Competitive Companies
If you think one particular retailer offers better deals than its competitors do, try using a program that offers loyalty points or miles in addition to the cashback. You can often rack up points quickly by shopping with just one retailer and then redeem those points for travel or other merchandise later on.
10. Cash-Back Credit Cards
If you open an account with certain retailers through certain credit card companies, you may be able to earn additional points or miles on top of any existing loyalty programs.
In some cases, credit card companies will also offer sign-up bonuses if you meet certain spending requirements within a set period of time. Just be sure to understand all terms and conditions before signing up for anything new.
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