How to Find the Best Cashback and Rewards Programs

Let’s be honest, who doesn’t love getting a little extra money back on their purchases? Cashback and rewards programs can quickly add up, turning everyday spending into a way to save money. But with so many options out there, it can feel overwhelming to choose the right ones. This guide will break down how to find the best cashback and rewards programs for you.

1. Understand the Different Types of Rewards Programs:

Before you dive in, it's crucial to understand the different categories of rewards programs:

Cashback Credit Cards: These are cards that offer a percentage of your spending back as cash or statement credits. They typically require responsible use and paying your balance in full each month to avoid interest charges.
Store-Specific Rewards Programs: Many retailers (Amazon, Target, Walmart, etc.) have their own rewards programs. These often offer discounts and points specifically for shopping at that store.
General Rewards Programs: Companies like Rakuten (formerly Ebates), Ibotta, and Swagbucks offer cashback on a wider range of purchases, from online shopping to grocery buys and even surveys.
Points Programs: These programs (like airline miles or hotel points) accumulate over time and can be redeemed for flights, hotel stays, or other rewards.

2. Researching Your Options:

Here's a step-by-step approach to finding the best programs:

Start with Your Spending Habits: Where do you spend the most money? If you primarily shop online, a strong cashback portal might be ideal. If you frequently visit specific stores, their rewards programs could be more lucrative.
Compare Cashback Portals:
- Rakuten: One of the most popular, offering cashback on thousands of online retailers. https://www.rakuten.com/
- Ibotta: Primarily focuses on grocery rebates and offers cash back on alcohol, snacks, and other items. https://www.ibotta.com/
- Swagbucks: Offers a variety of ways to earn rewards, including cashback on shopping, taking surveys, and watching videos. https://www.swagbucks.com/
Evaluate Credit Card Rewards: When considering a cashback credit card, look at:
- Reward Rates: How much cashback do you earn per dollar spent? (e.g., 1%, 2%, 3%)
- Sign-Up Bonuses: Many cards offer substantial bonuses for new cardholders.
- Annual Fees: Some cards charge an annual fee – weigh this against the potential rewards.
Check Store Rewards Websites: Visit the websites of your favorite stores (Amazon, Target, etc.) to learn about their specific rewards programs.

3. Key Considerations & Tips:

Read the Terms & Conditions: Always carefully read the terms and conditions of any rewards program. Understand how points are earned, redeemed, and any restrictions that apply.
Stack Rewards: Look for opportunities to combine rewards. For example, use a cashback portal and a store’s rewards program on the same purchase.
Don’t Chase High Rates Blindly: Focus on the programs that align with your spending habits, not just the highest reward rate.
Track Your Rewards: Use a spreadsheet or app to track your rewards earnings and ensure you are getting the most out of your programs.

Resources:

Do you have any favorite cashback or rewards programs you’d recommend?