In these times of very popular online shopping, sellers are constantly coming up with different ways to attract more customers. Although we are already familiar with promotions, sales or the famous Black Friday or even Black Weekends, not everyone is yet familiar with cashback, and as you will soon see, it is a great option to save extra money in your account.
What is cashback and how does it work?
Cashback is a type of programme that rewards shoppers with promotions or bonuses, usually run by credit card companies - it aims to encourage payment card users to make cashless payments, both in-store and online (for example, you can get a cashback from shopping on Wish). It involves returning a percentage of the amount spent on the shopping to the shopper.
How does cashback work?
Many credit card providers encourage card use by running programmes that reward cardholders with points, money or even airline miles. To give an example - let’s say your payment card issuer has partnered with some shop that offers 10% cashback on any amount spent. So, if you spend $100 on purchases, your provider will refund you as much as $10! However, it is clear that each shop will offer a different percentage of cashback. It should always be stated in the shop's offer.
Cashback on Paidwork
Let’s at first focus on cashback on Paidwork. If you want to use this option, first of all you need to get an app on your mobile device - from the App Store or Google Play.
The app gives you a whole lot of options of earning money in a very simple way. At the moment there are 4 methods of earning in the app. These include:
- playing games,
- filling online surveys,
- watching ads,
- online shopping.
You can get cashback from the last option, which is mentioned above online shopping. By completing tasks given to you here, you’ll get Points that can be later exchanged for real money. Tasks include, for example, registration to other sites or discovering new services and products.
To get to this option, after downloading the Paidwork app and creating an account, you need to get to the menu and choose the “Methods of earning” option. Next, scroll down to the “Online shopping” panel and select one of the sites - in this case Fyber or Tapjoy.
When you complete the tasks shown to you, the points will be transferred to your account, and these you can swap for money that will be later credited to your bank or PayPal account. The tasks have divergent values - from a few points, to over 1,000! 100 Points equal $1, and to withdraw money you need to raise at least $10.
Partners of Paidwork
Paidwork works with a number of interesting partners that make the cashback option possible. These are for instance:
- Amazon - with our app you can get various coupons for shopping online here
- HBO Max - for registration, you can get over 300 Points!
- Samsung - by signing up for a new Samsung Galaxy Z Fold3 lottery you can not only win, but also get some Points.
- CoinSmart - for signing up and getting the first deposit you are given 700 Points!
- Udemy.com - buy an online course, get up to 40% for online purchase.
- Redbull - win a pack of 24 Red Bull cans in exchange for registering on the website.
Cashback options with other companies
If for some reason you can’t use our mobile app, cashback programs are also available on multiple other sites. Here are our other suggestions:
Miles & More
You could, for example, register with Miles & More. This programme allows you to earn miles for flights with partner networks, travel, credit card payments, shopping and various local events, as well as using financial services. This programme has partnerships with 40 airlines! You can redeem the miles you earn in this way for a whole host of rewards, such as hotel discounts, cheaper airline tickets or other goods on offer.
Citi bank
The cashback program operated by Citi Bank can also be attractive. While it offers many opportunities and works with dozens of companies, there are many restrictions and requirements that are placed on program members. This is a good option for people who already have credit cards with CitiBank and are looking for additional savings.
How much can you get from cashback?
For example, we will again use the Paidwork mobile app. As you probably already know, you can get paid for the points you collect in tasks, but how much can you actually earn from this?
If you click on the online shopping tab, you will be presented with a variety of offers with an approximate score of 6,000 points, which can be as much as $60! This is a really good amount of easy money that you can spend on whatever you want.
Pros and cons
Cashback is a very nice option for easy reimbursement or gaining interesting bonuses in everyday life. However, like everything, it has its pros and cons, and here are samples.
Starting with advantages:
- First of all, each credit card has a cashback option. So you don't need to look for specific cards or use specific programmes, you just need to find out what partnerships your card developer has.
- Many companies offer very useful and attractive benefits. For example, these could be percentage refunds for purchases at specific shops, or the cashback itself for using the card.
- It can also be a big advantage that every cashback company runs a rewards system in return for just registering, so you get paid right from the beginning!
Moving on to the disadvantages, well, they aren’t very harmful.
- Some of the cashback program-related credit cards do not enable travel rewards, which means that for this type of benefit you’ll need to sign up to a specific program.
- Also annoying can be the fact that we have to wait quite a long time for some awards. Although many companies offer remuneration within a few working days, for some we will have to wait up to several weeks.
Best cashback credit cards
If you’re wondering what are the best cashback credit cards, here are the top three of them according to the Forbes:
- Chase Freedom Flex - by owning this card, you can get 5% cashback quarterly on categories that rotate on up to $1,500, also 5% on travel purchases, 3% on drugstores and dining and 1% on the rest of your purchases.
- Citi Custom Cash Card - here you can get 5% cashback on up to $500 purchases in the category you spend most on. All of the other categories will give you 1% of your money back.
- Discover it Cash Back - this card provides you with 5% cashback on purchases each quarter on Amazon.com, gas stations, restaurants, grocery stores and while using PayPal.
