5 Ways to Earning Cash Back on Purchases
Earning cashback on your purchases is the ultimate in free money. It doesn’t get better than that. Who doesn’t like having something for nothing? Getting cashback is like getting paid by retailers to shop at their stores or online sites. You earn cash back through special discount codes, coupons, rebates and rewards. And you don’t even have to purchase it to earn it! Signing up for the right discount tools can mean big savings for your family. Here are our top five ways to earn cash back on purchases from 2021 so you can spend less and save more this year.
The first method is pretty simple: Credit Card Sign-up Bonuses.
Application-specific credit card sign-up bonuses are a great way to earn cashback on purchases. These bonuses usually require you to spend a certain amount on the card within a specific time frame. For example, a card may offer a bonus of 50,000 points upon spending $5,000 within three months. Depending on the bonus, you can earn anywhere from $250 – $1,000 per month – meaning you can earn up to 30 per cent back on what you spend!
The most popular credit cards with these bonuses are from Chase, Bank of America and Discover. Before applying for a card, make sure that the bonus categories will align with your spending habits. In other words, if you have maxed out how much you spend at grocery stores per month, then you won’t get much of a bonus from a grocery store bonus card.
Consider a Credit Card That Rewards You for Shopping at Your Favorite Store
You can find credit cards that offer cash back or travel rewards on purchases you make every day. These cards offer cashback on rotating categories throughout the year, and sometimes you can even earn bonuses for signing up. If you need to buy a lot of items from a specific vendor, for example, earning rewards on those purchases could save you a lot of money. In addition, some credit card offers will waive their annual fees if you spend a certain amount in the first year, so choosing the right card can pay off quickly.
To earn rewards on your purchases, you’ll want to stick to a balance transfer credit card with a 0% intro APR on purchases and balance transfers. A credit card with a low-interest rate is key. Otherwise, you’ll be losing out on earnings by paying your bill late or over the minimum payment limit. Learn how to earn cashback with credit cards, especially if you’ve never thought of giving them a try. In this resource here, there is some good information about some of the best credit cards for people who have good to excellent credit, plus some general tips on how to get started.
Establish Credit by Spending Wisely and Paying on Time
Establishing credit is the process of building a history of financial responsibility. When you successfully establish credit, you can get better rates on loans, mortgages and insurance. And, if you are self-employed, your business will have a better chance of being approved for credit.
Because credit is so important to your financial health, the first step should be getting a credit card that can build your score while helping you earn rewards for using it responsibly. One of the best ways to establish good credit is spending wisely and consistently paying on time each month.
Look into Store Reward Programs, Get Cash Back or Points
You can start earning cashback or points each time you shop by signing up for store reward programs. The easiest way to start saving is to use sites like Ebates or BeFrugal, which offer cashback on purchases from your favourite stores. If you want to go into the deep end, you can look into programs with additional perks like extra rewards for frequent shopping, exclusive discounts, and coupons for first-time customers. Some of the programs you can sign up for include ShopAtHome, InboxDollars, and Extrabux. Each program is different, so do the research and see what works best for you.
Watch Out for Big Retailer CashBack Competition!
Once you make your first purchase, watch for cashback competitions from big retailers like Macy’s and Gap. These companies often run promotions with high “instant” cashback offers to attract new customers. So if you’re a first-time buyer, you might be able to boost your rewards and snag a big discount at the same time!