Get Cashback: Credit cards are versatile borrowing tools, but they can be more than that if used strategically.
However, if misused, credit cards can lead to losses. Credit cards offer many benefits, including reward points, cash back, and gift cards.
Most people need to know how to take advantage of these benefits. Those aware of this must choose the cards that best suit their needs.
Cashback is a way to get money back when swiping a credit card. This can be in the form of points or cash. Most credit cards offer cashback on online grocery bills, entertainment, gadgets, and bill payments.
For instance, when purchasing a TV, you can receive instant cashback of 2-5 percent of the total bill, depending on the type of card used.
Cashback offers are available both offline and online. Let’s find out how to choose these cards and what to do to maximize rewards.
Selecting the right credit card to get the most cashback rewards every time you use it is crucial. Not all cards offer the same cashback facility.
Some companies offer cashback only on special days or for specific occasions and festivals, while some cards provide cashback throughout the year.
When selecting a card, you must consider your expenses and identify which category you spend the most on.
You can choose a card corresponding to that category, which will secure the best deals and higher profits. Cashback features significantly benefit users, so choose cards that suit your needs.
For example, some credit cards that offer 5 percent cashback on groceries might only provide 1 percent rewards on fuel and dining. However, it’s important not to increase spending unnecessarily to earn more cash back.
Such behavior can lead to financial difficulties and negate the original benefits. Furthermore, consider taking advantage of welcome offers and sign-up bonuses after obtaining a credit card.
Certain credit cards are affiliated with specific merchants or brands, offering additional cash back or discounts when shopping with them.
For instance, ICICI Bank Credit Card provides discounts and cashback on Amazon Pay for Prime members, allowing users in India to receive up to 5% instant cashback when purchasing on Amazon.
Many people have become fundamentally involved in online shopping for essential goods. Most credit cards have partnerships with online retailers and e-commerce platforms, increasing the possibility of receiving more cashback rewards on purchases from these partner websites.
In addition, using credit cards to pay for regular expenses such as utility bills, mobile recharges, and insurance premiums can also result in increased cashback benefits.
Substantial cashback offers and discounts on significant purchases often occur during festivals or clearance sales. The amount of cashback depends on the type of credit card the customers use.
This cashback will either be credited to the account or adjusted when paying the next month’s bill.
It’s important to note that credit card companies and banks often focus on providing cashback on specific expenses such as utility bills, online shopping, or lifestyle purchases. Therefore, if you spend more in these areas, you can increase your profits.