Take advantage of the cashback incentives financial institutions are offering.
With the increasing competitiveness of the financial market, lenders are looking for more and more ways to reward you for signing up for one of their products or services. Cashback offers let you earn a monetary reward in the form of cash or a gift card from the financial provider when you sign up for one or more of their products.
Our pick for one of the highest cashback offers
Blue Cash Preferred® Card from American Express
Credit cards with cashback offers
Regular Cashback Offers
- How it works: Cashback credit cards let you earn a certain percentage of the money you spend in the form of statement credit, a check or a deposit into your a savings or checking account. Other benefits you might receive include a 0% intro APR period on balance transfers and purchases, a signup bonus and more. These are usually offered for a limited time or they require certain spending criteria to be met.
- What to watch out for: Cashback cards in general have higher rates and lower signup bonuses compared to other rewards cards — and they often have foreign transaction fees. Make sure you know what the card’s fees are and whether it’s worth it.
Cashback checking accounts
- How it works: Some banks — like Discover and Axos Banks — offer online checking accounts where you earn cash back every time you use your debit card, pay your bills online or pay with a paper check. These types of accounts have no annual fees.
- What to watch out for: Cashback rates aren’t generous. If you’re looking to earn higher rewards, a credit card would be the better choice.
Mortgage cash back
- How it works: Chase mortgage offers a one-time credit of $500 once you close your home purchase using a mortgage with the bank. To get the cash back, you must have a Chase personal checking account, then enroll the account in automatic mortgage payments and choose paperless statements.
- What to watch out for: You must finish your enrollment process within 60 days of closing. Otherwise, you may not get the offer. Also, this offer isn’t available if you’re looking to get cash back for refinancing home loans.
What are the pros and cons of cashback offers?
- You can often choose to put the money towards your purchased product or service, or spend it on something for yourself and earn cash back.
- You can earn a signup bonus and potentially get an intro APR period.
- This kind of offer usually comes with higher APR and fees compared to no-reward products.
- To get higher cash back you’ll either have to pay an annual fee or face restrictions and rotating categories.
When looking at cashback offers or any other kind of sign up incentives, it’s important to compare your options before you decide which one to go with. You can look at the fees and charges associated with each product and also the rates you will be charged. Using this information, you can calculate the approximate amount you will be paying with these products and then determine the actual value of the offer.