Finance

5 Ways to Maximize Your Cashback Rewards

Earning cashback is the greatest feeling ever. Saving some extra bucks while buying something new gives a feeling of accomplishment. After all, these are some of the small things that leave a wide grin on our faces. Well, if you have already received your cashback, how are you planning to use it? This is a question that doesn’t always hit us. But it is something that we should ponder about. So, do not fret anymore as we have got you covered.

Here are five excellent ways in which you can maximize your cashback rewards to make the most of them using different cashback payment apps:

Choose Versatility!

There is a plethora of cards that offer rewards only on a particular bill – for example, on fuel spending. This might not be worth it for most people.

So, it is better to look for cards that offer a great combination of e-gift vouchers or cashback rewards like utilities, groceries, and restaurants, rather than just offering some rewards on specific purchases.

Focus On Necessities

Don’t apply for every card just because they are offering you some exciting bonus rewards. While these rewards look intriguing, it is essential to ensure if these rewards are worthwhile. For example, if you are gaining rewards for things that you might never use, the card would either make you shell out more money or be a total waste.

Instead, pick cards that offer valuable rewards for the purchases so that you can use your rewards more often. This way, you do not have to go the extra mile to redeem your rewards. Thus, cards that offer returns at restaurants, grocery stores or for utilities are the best pick.

Do not Hoard Store Cards

Almost every store you visit during the holidays will try to enrol you for a store credit card. And no matter how tempting their offers might seem, it’s essential to hold back on registering yourself for more store cards. It is always better to have a couple of cards that provide almost all the kinds of rewards that you are looking for. So, pick the ones that offer cashback vouchers in places you often shop from.

Consider Telecom Services

While groceries and other useful items are something that adults are concerned about, teenagers and people in their early twenties focus more on services like online streaming, shopping, gaming stations, and telephone. While the internet is quite affordable, other services like streaming applications are still quite expensive, especially for teenagers. Thus, considering telecom services while picking a card can truly help them save some extra bucks.

Know The Quarterly and Annual Limits

Don’t be deceived by the amazing e-gift vouchers and cashback deals that several cards have to offer you. One of the significant things that people often overlook is the quarterly and annual limits that can make a huge difference. It’s best to call the card issuer or check your online account if you don’t know these limits. Moreover, it is better to go for cards that have annual limits rather than quarterly ones. With annual limits, you get more flexibility and do not require to keep checking it.

Also, one must remember that just because you have already hit the spending cap, it does not mean that you cannot earn more rewards. Various cards have specific spending caps, but they continue to offer you different kinds of rewards once you hit the limit. The only difference is that they will be at a lower rate.

Earning cashback is excellent. And we hope that with these tips and tricks, you will not only be able to pick the right card for yourself but also fetch some of the best deals, discounts, and cashback on your daily purchases and transactions!

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