How to Use Cashback to Save Money: Maximizing Your Earnings and Savings

Oct 5, 2023

Using cashback effectively can significantly boost your savings. Here's how to make the most out of cashback offers:

1. Choose the Right Cashback Credit Card

  • Research and Compare: Look for credit cards that offer the highest cashback rates for categories where you spend the most (e.g., groceries, gas, dining).
  • Sign-Up Bonuses: Many credit cards offer sign-up bonuses if you spend a certain amount within the first few months. Take advantage of these offers to get a quick boost to your cashback earnings.

2. Use Cashback Apps and Websites

  • Popular Apps: Download apps like Rakuten, Ibotta, or Honey, which offer cashback for purchases made through their platforms.
  • Browser Extensions: Install browser extensions that automatically apply cashback deals and coupon codes at checkout. These can help you save without extra effort.

3. Stack Cashback Offers

  • Combine Rewards: Use cashback credit cards in conjunction with cashback apps. For example, if you use a cashback credit card to make a purchase through a cashback app, you can earn rewards from both sources.
  • Store Loyalty Programs: Some stores have their own loyalty programs that offer cashback or points. Combine these with your credit card and app cashback for maximum savings.

4. Shop Through Cashback Portals

  • Online Portals: Use portals like Rakuten or TopCashback to access your favorite retailers. These portals offer a percentage of your purchase back as cashback.
  • Check for Higher Rates: Different portals offer varying cashback rates. Compare rates across portals to find the best deal before making a purchase.

5. Plan Purchases to Maximize Cashback

  • Big Purchases: Plan significant purchases during cashback promotions or when your card offers higher rates in certain categories.
  • Seasonal Promotions: Take advantage of holiday sales and other seasonal promotions, which often come with increased cashback offers.

6. Monitor and Redeem Your Cashback

  • Track Earnings: Regularly check your cashback balance on your credit card statements and app dashboards.
  • Redeem Wisely: Some cards offer better redemption options, such as higher value for travel bookings or gift cards. Choose the redemption method that gives you the most value.

7. Pay Your Balance in Full

  • Avoid Interest: To truly benefit from cashback, ensure you pay off your credit card balance in full each month. Interest charges can negate the benefits of the cashback earned.

By following these strategies, you can make the most of cashback offers and significantly increase your savings.

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