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How to Get the Best Deal on Cash Back Cards, in 5 Steps

April 23, 2012 | Comments: 0 | Views: 195

There are many companies currently offering discount coupons and cash back gift cards. Some of these companies are approaching large employers and offering to include their employees in membership, for a cost. It is quite a nominally low price for membership in a scheme that generates not only cash savings on high street goods but also real cash back from money spent on day to day items that many of us currently buy without considering what could be saved.

So how do you get the best deal on cash back cards?

  1. You have to plan ahead; many of these schemes take time to process the money from your bank account onto the gift card that provides the cash back. You'll need to charge you card at least 3 working days before you want to spend the cash, otherwise you may find yourself in an embarrassing situation at the checkout.
  2. You need to consider the value of the rebate. Some high street jewellers are offering up to 15% so at times when you might be making that special big purchase, consider charging up your gift card. Supermarkets tend to offer a lower value, 5% but we all need to do our weekly grocery shop, so if the supermarket is in the scheme this should be a no brainer.
  3. Use the supermarket gift card to buy fuel. Yes, believe it or not certain supermarkets allow the gift card to be used at their branded filling stations. With the current cost for a litre of fuel (in the UK) at around £1.45, the 5% cash back means you are discounting your fuel purchase by 7pence per litre. If you average 12,000 miles per year in a 40mpg car that works out at a saving of £94.50 per year, that is a tank and a half of extra fuel per year for an average family car.
  4. Use the card in conjunction with other in store offers like buy one get one free or receive extra brand rewards points with each purchase. These schemes operate separately from the cash back scheme so you are effectively getting a double bonus.
  5. Allow time for the Cash Back balance to be transferred back to your bank account. Perhaps the most frustrating of issues is the time it takes for the cash to come back to your account. 5 working days sometimes so it's important that you don't rely on the cash back balance for an essential purchase just by knowing it is there. It can be used as a useful saving tool if you are saving for some bigger purchase but don't forget, you don't earn interest on a cash back balance so my advice is to take your cash back immediately.

One other thing you need to bear in mind when using these schemes is that they operate to make money for those people running it, and there's nothing wrong with that. That is why you have to plan your spending and keep a track of the balances on your gift cards. Perhaps learn about your spending patterns so you can limit what you put on the cards as once the money is put on you cannot take it back, you have to spend it at the store you have chosen, so choose wisely. Also, if you leave a rewards scheme such as one of these you will have a time limit to get your cash back, usually 30 days, sometimes less. Don't get caught out, get the money back.

Jason Paul Hargreaves is the Operations Manager for Bar 2 Limited: a Contract Management and Umbrella Company that permanently employs temporary workers on a series of assignments and offers them incentives for their continued loyalty. He also runs the Company Blog at: where all matters affecting temporary and flexible working are discussed.

Source: EzineArticles
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