How can I get cash back from my credit card?

Unlock the Cashback Potential of Your Credit Cards

Credit cards offer a wealth of opportunities to earn rewards, including cashback, which can save you money on everyday purchases. Here’s a comprehensive guide to maximizing your credit card cashback potential:

Rewards Programs

• Percentage-Based Cashback: With these programs, you earn a percentage of your purchases as cashback, typically 1-5%. Common examples include Chase Freedom Flex and Discover It Cash Back.
• Flat-Rate Cashback: These cards offer a flat cashback rate on all purchases, regardless of category. Examples include Capital One Quicksilver Cash Rewards Credit Card and Citi Double Cash Card.
• Tiered Cashback: Some cards offer tiered cashback rates based on spending categories. For instance, you might earn 5% cashback on groceries, 3% on gas, and 1% on everything else. Popular examples include Blue Cash Preferred® Card from American Express and Chase Sapphire Preferred® Card.

ATM Cashback Feature

Select credit cards allow you to withdraw cash from ATMs that have the cashback feature. This provides a convenient way to access cashback without making a purchase. However, ATM cashback typically comes with a fee, so it’s important to check the terms and fees associated with your card.

Choosing the Right Program

To choose the best cashback program for your needs, consider your spending habits and financial goals:

• If you make a lot of purchases in a particular category, consider a tiered cashback card that offers a higher percentage in that area.
• If your spending is more evenly distributed, a flat-rate cashback card may be a better option.
• If convenience is a priority, an ATM cashback feature can provide instant access to your cashback.

Maximizing Your Cashback

• Use your cashback card for everyday purchases: Every purchase you make with your cashback card is an opportunity to earn rewards.
• Take advantage of bonus categories: If your card offers bonus categories, focus your spending in those areas to maximize your cashback.
• Consider using a credit card rewards tracker: This can help you keep track of your spending and maximize your rewards potential.

Conclusion

Cashback credit cards can be a valuable tool for saving money on everyday expenses. By exploring the various rewards programs and features available, you can unlock the cashback potential of your credit cards and earn financial rewards that make a difference in your wallet.