There are two main cashback rewards schemes: credit cards and internet shopping. Generally, cashback rewards from credit cards entail receiving back some of the money spent with the card. You get this cashback reward by it either being transferred into your bank account or by it being used to pay down your balance. This site currently reports that you can earn 4% cashback during the first three months of having your CapitalOne card, and 1% cashback thereafter.
American Express offers 5 per cent cashback during the first three months, followed by 1.5 per cent after the introductory period. The latter is able to offer a better deal partially because of a higher interest rate. These are not the only cashback rewards that each of these cards offers. There are different levels of cashback rewards, based on your credit, interest rates, and initial fees.
For the internet shopping cashback rewards, there are several individual websites, some of which require membership in order to receive cashback rewards. This cashback rewards scheme works to bring you great deals and big savings by advertising stores on the shopping site. When you shop from these stores on-line, then, the advertisers pay you back. Sometimes this is a fixed amount, and at other times it is a percentage of the amount you spent. Some sites also offer loyalty points, which you can cash in or, on some sites like Cashback Rewards, donate. If you decide to donate your points, working with a site like Cashback Rewards, they will double them, giving the charity of your choice double the cash.
If you are smart about your research and use of these cashback rewards schemes, they can actually help your financial situation. But, always beware. Myvesta UK reports that, just over a year ago, the ?average household debt in the UK (was)? approximately £8,577 (excluding mortgages).? Credit card borrowing has risen greatly recently, and continues to be abused.