If you’re looking to increase your savings, or to pay off debt, you may want to consider a cash-back credit card. The best ones are available to people with good to excellent credit.
You’ll get cash back on eligible purchases, and the rewards can be deposited into your bank account. Keep in mind, however, that the amount you earn can vary depending on your spending.
Some cards offer tiered rates, depending on how much you spend. The best cash back credit cards will offer up to 5% back on qualified purchases.
If you’re looking to save money, you might also want to check out shopping portals, such as Rakuten, that offer cash back on selected products. Some are even free to use.
While you can earn a lot of cash back with your credit card, it’s important to keep track of your spending and budget. Avoid carrying a balance to ensure you’re getting the most out of your card. It’s also possible to lose your account due to misuse, failure to pay, or bankruptcy.
Some cards also have a minimum amount to redeem your rewards, so make sure you keep this in mind. It’s best to start slowly, and don’t exceed your limit.
Some popular retailers, including Walmart, JCPenney, and Nike, offer cash back for qualifying purchases. The only drawback is that you must enter your order details into the system to receive the cash.
You can also donate your rewards to charity. There are national organizations and local relief efforts that accept donations. Before you do, though, be sure to read the fine print.