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5 Savvy Cashback Methods | Boost Your Savings

With costs all over the world spiralling we all need to make our money stretch as far as it can.

What is Cashback?

Cashback is a reward system offered by many retailers, cashback apps, credit cards and even certain banks. Basically it is a way to earn back a percentage of the money you spend. The amount varies on the method of cashback being used.

But the bottom line is if you aren't participating in cashback you are leaving cash on the table!

Today we show you 5 savvy cashback methods

1. Cashback Websites
2. Cashback Credit Cards
3. Cashback Bank Accounts
4. Cashback Apps
5. Loyalty Programs

Cashback Websites

Sites such as TopCashback, Quidco, and Boom25 partner with retailers to offer you a percentage of your spending back when you shop through their links. EverUp is our favourite site as it usually gives the best cashback if you buy a gift card for a retailer.

How it works: First you join a cashback website. Then you click on a retailer’s link on the cashback website, which redirects you to the retailer’s site. The cashback website will track your clicks and after you make a purchase, the cashback website credits your account with the cashback amount.

Pros: Wide range of retailers, often higher cashback rates than other methods.
Cons: Can take time for cashback to be confirmed and paid.

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Cashback Credit Cards

Some credit cards reward you with a percentage of your spending back as cashback, usually around 1-5%. American Express and Chase are common examples. They are also becoming popular amongst some cryto sites now.

How it works: You make purchases using the credit card, and the cashback is automatically credited to your account, either as a statement credit or as rewards points.

Pros: Simple and convenient, can earn cashback on everyday spending.
Cons: Requires good credit. Easy to overspend if you are a habitual spender!

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Cashback Bank Accounts

Often bank accounts will offer cashback on certain types of spending, such as utility bills or groceries. Some banks even offer you cash back to switch accounts by opening an account with them, and they even promise to switch all your automatic payments too.

How it works: You use the eligible account to pay for qualified purchases, and the cashback is credited to your account usually monthly. To switch accounts you simply create a new account and follow the requirements and cash is usually deposited into the new account.

Pros: Can earn cashback on essential spending. Can earn a good amount for switching accounts.
Cons: Cashback rates may be lower than other methods, may have monthly fees or minimum deposit requirements.

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Cashback Apps

Mobile apps like Airtime Rewards and Cheddar allow you to earn cashback on your spending at participating retailers.

How it works: You link your bank cards to the app, and it automatically tracks your spending and credits your account with cashback.

Pros: Convenient and easy to use, can earn cashback at both online and in-store retailers.
Cons: Limited retailer selection.

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Loyalty Programs

Loyalty Programs have been at the forefront of cashback initiatives. Many retailers have their own loyalty programs that offer cashback or rewards points for your spending with them. Think Tesco Clubcard, Boots Advantage Card, Nectar and many others.

How it works: You sign up for the loyalty program and use your loyalty card or app when you shop. You earn points or cashback based on your spending, which can be redeemed for cash, vouchers, discounts or other rewards.

Pros: Can earn significant rewards if you often shop at a particular retailer.
Cons: Only applicable to that particular retailer.

MMO Tips for maximizing cashback - Do the following!

• Compare rates: Different cashback websites and credit cards offer different rates, so compare them before you shop.
• Stack cashback: Combine different cashback methods, such as using a cashback website and a cashback credit card, to maximize your rewards.
• Read the terms and conditions: Make sure you understand the requirements for earning and redeeming cashback.
• Be patient: Cashback can take time to be processed and paid, so don’t expect instant gratification.

By taking advantage of these different cashback options, you can save a significant amount of money on your everyday spending.

MMO recommended strategy for maximizing cashback

Here at MMO we buy a gift card for a retailer from the EverUp app and then redeem the gift card at a retailer via a link from Topcashback. You can choose similar sites for your country but this gives great returns and builds our savings.

"As an MMO website, we participate in various affiliate marketing programs. This means we may earn a commission when you click on certain links and make a purchase. Rest assured, this does not influence our reviews or recommendations, which are based on our independent assessment and user feedback."

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