Cash back rewards programs are a great way to get extra money back on your purchases. Many stores offer cash back within a 24-hour period. Here is a list of the most popular stores and the amount of cashback they offer: Wal-Mart offers 3% cash back on all purchases, while Target offers 2% cash back on all purchases. American Express offers 1% cash back on all purchases.
What Is Cash Back?
Cashback, also known as “cash back,” refers to two types of financial transactions related to credit and debit cards that have grown increasingly popular in the last two decades. Most commonly, it’s a credit card benefit that refunds the cardholder a small percentage of the amount spent on each purchase above a certain dollar threshold.
Cash back also describes a debit card transaction in which cardholders receive cash when they make a purchase—generally, a small amount above the item cost.
The amount of a cash-back reward can range from 1% to 5% of a transaction. some transactions also offer extra rewards through merchant partnerships: Purchases at that merchant earn you more than purchases elsewhere.
Credit cards often offer varying cash-back levels, depending on the type of purchase or transaction level. For example, a cardholder might earn 3% back on gas purchases, 2% on groceries, and 1% on all other purchases.
A special promotion where you can get cash back often might be in effect for three months, during which spending in a specific category—restaurants or department stores—earns a higher refunded percentage for that period.
Typically, the cardholder must reach a particular transaction level to qualify for cash back or other benefits; it’s usually small, around $25, but it varies from card to card. Some card companies also let cash rewards be used toward specific purchases, including travel, electronics, or partnership incentive programs.
In issuing a cash-back reward, the credit card company shares with the consumer a portion of the transaction fee that it charges merchants.
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3 Places You Can’t Get Cash Back
Using your debit card to request cash back is a simple process, but there are a few places where getting cash back isn’t an option, such as:
- Most clothing stores
- Home goods stores
- Home furnishings stores
These places don’t give you a choice to withdraw cash. If you’re shopping for a new outfit, picking up a lamp, or buying a new sofa, you may have to go elsewhere to get cash back with your debit card. Read more articles on activateenter.