How do you earn more points and miles per purchase after maximizing category spend? Let me ask you some questions first. Do you like to shop online? Either through a web browser or an App? What about shopping in store? Basically, do you ever buy anything anywhere? Are you currently using a cash back site? No? With every purchase you leave not only points and miles, but also money, on the table; even purchases with a debit card, cash, or check!
What Is A Cash Back Site
A cash back site is essentially an online shopping mall where you receive, or “earn,” cash back on all purchases. The cash back percentage normally ranges from 1% – 5%, but can reach as high as 90%! In order to earn the cash back, you must shop through the portal; either directly or as a pass through to the main retail website. These sites earn a commission on the sale of goods and pass on a small percentage of the commission to you! While most sites offer cash back directly (i.e. a cheque), some sites, such as Rakuten, offer the option for payment in points and miles (i.e. AMEX Member Rewards)
What Are Example Cash Back Sites
Numerous cash back sites exist across a wide spectrum of retailers, but only a handful are worthy of your consideration due to overall quality, service, and trustworthiness. Here are some of the most popular cash back sites in service today.
Rakuten
Rakuten launched in 1997 in Japan as an e-commerce site. In 2014, Rakuten and Ebates formed a partnership in the United States; which eventually led to full control over operations by Rakuten. The site offers cash back, averaging between 1-5%, for shopping at over 2,500 stores. Every three months, Rakuten writes either a physical check or makes a PayPal transfer for the cash back amount. Recently, Rakuten introduced the ability for payment in AMEX Membership Rewards. Rakuten features both a browser option and App (iOS and Android). One of the best Rakuten features is the web browser extension, which automatically alerts you to any cash back opportunities. In addition, Rakuten offers an in-store cash back option, which requires a credit card link prior to purchase. The vast footprint, ease of use, and plentiful rewards makes Rakuten a favorite option for cash back.
Dosh
Dosh launched in 2016 as a cash back App which links your credit or debit cards to retailers, which in turn, earns you cash back on purchases. The hallmark of the site is the high, standard, cash back rate; up to 10%. When you earn at least $25, you have three redemption options: PayPal payment, direct bank deposit, or a charitable donation. Unlike other cash back sites, Dosh only offers an App version (iOS and Android). In 2021, Cardlytics announced plans to acquire Dosh.
TopCashBack
TopCashBack launched in 2005, with the goal of being the most generous cash back site in the world. On top of the cash back offers on purchases, cash back offers exist for product, service, or website sign ups. The site claims the highest cash back offers, and while often true, is not always. However, the Amazon earning option, albeit only on Amazon products, is a true differentiator. TopCashBack offers three payment methods: PayPal payment, ACH transfer, and Amazon Gift Card (with a 2-5% bonus). Unfortunately, the transfer is not instant, and often takes up to 14 days.
Swagbucks
Swagbucks launched in 2008 and brands itself as the most popular loyalty and consumer rewards program on the web. The differentiator for Swagbucks is the wide array of ways to earn Swagbucks. These include shopping online, scanning receipts, playing games, watching videos, answering surveys, and searching the web. Once you earn Swagbucks, cash out options include Amazon gift cards, PayPal payments, and a variety of other gift cards and prizes. Swagbucks features both a web browser, with plugin, and App (iOS and Android). The well built user interface and multiple earning options makes Swagbucks a favorite option for cash back.
Ibotta
Ibotta launched in 2012 as a cash back rewards program, which gives you real cash for everyday purchases. The company features both a web browser, with plug in extension, and a mobile App (iOS and Android). The cash back opportunities include both mobile and in-store purchases. However, the true differentiator for Ibotta is the slick user interface which allows for cash back on gift cards, linking of loyalty accounts, and the ability to scan receipts after purchase. In addition, once you establish a purchase history, Ibotta provides offer recommendations and highlights current offers on previously purchased items. When you earn at least $20, you have two redemption options: PayPal payment or digital gift cards (including Amazon). Ibotta currently is one of the most popular cash back Apps.
Upromise
Upromise launched in 2000, with a truly unique mission: help families save for college. With this goal in mind, Upromise partners with retailers, restaurants, and other business on cash back and other valuable reward opportunities. If you link your Upromise Program account with an eligible College Savings Plan, through the Upromise Mastercard, you earn 1.529% cash back; 1.25% if no link. In addition, Upromise provides numerous, simple tools to start and maintain a college savings plan.
Why Are Cash Back Sites Important
The answer is simple. Cash back sites provide an avenue to either increase your point earning potential or reduce your average cost for any purchase. While the effort is not zero, either log into an app or utilize automatic browser plug in, in most cases it is minimal. In rare cases, it is even possible to leverage multiple cash back sites for a single purchase! In addition, cash back sites offer a fairly lucrative referral programs; Rakuten’s $30 per referral is a perfect example.
What Are the Challenges With Cash Back Sites
In a world where you only use a single cash back site, like Rakuten, and only shop on a laptop via the browser, there are limited to no challenges. However, if you are truly trying to maximize your cash back or point earning opportunities, the biggest challenge is organization. Which cash back site to use when. Thankfully, Cashback Monitor helps in this regard! Cashback Monitor compares multiple cash back sites and highlights the best offer for a given purchase. The second major challenge centers on the applicability of a cash back offer. Not all cash back offers apply to all goods or services. Say Rakuten offers 10% cash back on BestBuy purchases. Great! Unfortunately, the fine print indicates the exclusion of all electronics from the promotion. Less great.
Final Thoughts
A cash back site is an excellent way to either increase your points and miles earnings per purchase or reduce the overall cost of a given purchase. Start with a single cash back site, I recommend Rakuten (due to payment in AMEX Membership Rewards points and web browser plug in), to get a feel for the process. When you are comfortable with how a single cash back site works, add another! However, the more cash back sites you leverage, the more complex the process becomes. With that said, enjoy the extra points and miles or that extra quarterly check in your bank account!
