5 IDEAL TIPS FOR EARNING CASHBACK ON YOUR SHOPPING

Getting paid to shop? Where do we sign up? 

Actually, we’ll point you in the right direction for that a little later on. First, some waffle.

Because we’re perennially surprised at how few people seem to avail themselves of the benefits of cashback. In short, cashback usually comes in the form of cashback sites who have affiliate relationships with all the stores listed on their page. What this means for the shopper is that they can get a discount on everything bought online regardless of whether the store is holding a sale or not. 

These cashback sites make money by getting a commission every time they refer a customer who ends up purchasing a product; but if you look at it simply, it’s a case of everybody winning, right? 

That said, earning cashback isn’t only about using such sites. There’s an art to this thing. With that in mind, here are 5 IDEAL tips for earning cashback on your shopping.

CASHBACK SITES

Let’s first talk about the most straightforward channel to earning cashback; through dedicated cashback sites. With just a few clicks on various offers on these sites, which then take you a retailer platform to make a purchase, you can save a considerable amount of money, particularly on expensive items like fridges and washing machines.  

Now we know what you’re wondering – how do these sites make money? Or more plainly put, what’s the catch? Well, they do so by having affiliate deals with different shops that feature on their site and receiving a percentage of anything referred onwards. All this means they can pay you to shop.

Here in the UK, Cashback and Quidco are two of the most popular cashback sites going. However, you can also earn cashback abroad from sites like http://rebatesme.com/stores/macys in the States, who partner with over 2,500 stores worldwide. 

CURRENT ACCOUNTS 

You can also earn cashback from current accounts in a number of ways, even just by opening one. What’s more, it’s possible to earn points, rewards and discounts, as well as getting cash back, based on how much you pay into your account each month. Additionally, it’s possible to get cashback on your direct debits, with some accounts paying a percentage back on utility bills, broadband and TV packages.   

There are also a good number of current accounts that offer cashback as a particular perk of having a contract with their branch. Halifax, for example, offers Cashback Extras on current accounts which enables you to receive cashback and money off offers from participating merchants like Co-op, Costa, Hilton and Sky when you shop with them. 

If you’re interested to hear more – and be aware, these terms and offers are constantly changing – then check out this recent guide by Lovemoney.co.uk for some of the best cashback schemes currently available.

CREDIT CARDS 

You can also apply for specialist cashback credit cards that pay you a percentage of what you spend on your credit card bill. Indeed, some pay as much as 5% and could potentially earn you hundreds of pounds a year if you shop smart. 

However, many of these cards come with a fee. There’s no such thing as free money, after all, so work out if you’ll be able to earn enough with cashback to make it work and worth it. Credit cards work in different, often mysterious ways – some give you a rate on everything you purchase with your plastic whereas others only give you cashback on certain items like petrol. Be aware of these terms and what your most frequent purchases are before you enter into any lengthy, legally binding contracts.

UTILITY SWITCHING 

It’s almost as if they want to rope you into arrangements which are hard to keep. Anyway, yet another interesting way to earn cash back on purchases is through utility switching. Electricity and gas providers, keen to incentivise you into making the change to their company, will often offer a ‘cash back’ payment (in the form of money off your tariff) to you for switching, usually in the region of £90. What’s not to love except endless bureaucracy?

BUYER BEWARE 

It can be easy to get sucked in when ‘free money’ is on offer, but remember to think of cashback as a bonus, rather than a way to earn big bucks. Cashback is offered as an enticement to make you spend, and as such, should arouse a sense of caution in the user. Manage your money carefully; don’t fall into the trap of buying things that you wouldn’t otherwise or signing on the dotted line for things you don’t need. 

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