How To Get Cash Back From A Credit Card

Financial Fitness Podcast

To get cash back from a credit card, all you have to do is spend money on an eligible purchase. Whenever you make an eligible purchase with your cash back card, you’ll automatically earn a percentage back based on the rules of your card. For example, if you spend $100 on a new pair of running shoes with the Citi Double Cash card, the card’s terms state that you’ll get 1 percent of the cost (or $1) when you make the purchase, and the other 1 percent ($1) once you’ve paid the charge off on your monthly statement.

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How to redeem cashback rewards

So, how do you go about redeeming cash back rewards once you’ve earned it? The actual process depends on the rules of the individual cashback card that you hold.

The most common ways to redeem your cash back rewards are by requesting a statement credit to offset your current balance or by having the funds distributed to you by direct deposits into a linked bank account or paid out via check or PayPal.

Some cash back cardholders also redeem their rewards by transferring the credits into the issuer’s flexible rewards program to use for travel. This can often be one of the most lucrative ways to redeem cash back, as many issuers offer greater redemption rates when you redeem this way. Some cards also require you to accrue a minimum amount of cash back in order to cash you out.

When you’re exploring all of the current best cash back card options, you’ll want to make sure that you pick a card that rewards you for the type of spending you’re already doing. With a rotating card, consider whether you’ll be able to optimize bonus category spending and stay on top of activating each quarter.