A NOTE FROM THE AUTHOR: I hope everyone is having a great 4th of July! This week, I’ll be tackling how cash back does make a difference over time and services to use to maximize your returns. As always, I’m not a financial advisor but someone who enjoys writing about finance.
Cash back is one of those things where we know we should do them but we fail to follow through sometimes. When I’m talking about cash back, I’m talking about receiving a portion of a purchase back to your account over time. There are multiple services that I plan to mention below but let’s look at the statistics of cash back.
From CreditCard.com’s 2018 study, 80% of credit card users say the cash rebate reward is their favorite when compared to gift cards, travel points, merchandises, and experiences. It’s a good feeling knowing that you’re getting a small percentage back on every purchase with your credit card.
For more information on which credit card offers the most cash back percentage, be sure to check bankrate.com for the latest offerings. Bankrate aggregates this info across major credit cards and will help guide you through selecting the card that’s right for you.
My biggest advice coming out of this article is to make sure you’re taking advantage of rewards whether it’s cash back or points.
A 2020 Bankrate study found that one-third of rewards credit card holders (31 percent) failed to redeem any rewards at all in 2020. The biggest part about personal finance is never let money sit on the table.
Here are some services to help maximize your cash back:
Ibotta - Money back for groceries. Who doesn’t need groceries?
Rakuten/Honey/Lolli - Receive a small percentage back when online shopping
Swagbucks - Receive money for surveys
Check out NerdWallet’s 12 of the Best Cash-Back Apps of 2021 for more apps that could benefit your pocket on a daily basis.
Have a great week,
Jordan