Cashback credit cards are a great way to earn extra cash on your next purchase, but only if you pay off the balance each month and never go over your limit. Otherwise, interest rates will outweigh any rewards points or percentage of what's spent!
Cashback is great for getting money back on things you buy. It can be a discount or incentive, and credit cards typically offer it with an extra feature of cash deposited into your account when purchasing something that provides discounts at certain stores!
Cashback is now available on anything you buy. For example, some providers offer cashback for fuel or bills, but many also provide it as a reward when purchasing other items such as groceries at your favorite store!
With the growing number of financial services, it is important to think about maximizing your earning potential. A credit card that pays 1% cashback on all purchases could earn up to £50 per year for someone with an annual spending limit of £5k. However, this will only work if they pay off their balance every month and don't accumulate interest charges from using their card too often or late payments along the way - which statistically speaking, most people do!
For example, if you have a card that pays 2% cashback and spends £100 in the shop, you'll earn £2. This is generally paid annually, but some cards will send out monthly payments of your earnings (or back). Most reward points can be exchanged when enough qualify for "rewards."
Cashback cards come in various forms:
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