Are you looking to save more money in today's economy? Because everything has gotten more expensive due to inflation, most people prioritize expense management, and cashback apps have exploded in popularity as a result. By using a cashback app, you can earn a percentage of your purchases back in cash-rewards to your account, helping you maximize your savings with every purchase. With a plethora of cashback apps available, it's essential to understand how they function and choose the right one for your needs.
Understanding Cashback Apps: What, How, and Which Ones Are The Best in 2023?
Cashback apps have become increasingly popular in recent years, with many consumers taking advantage of the rewards they offer from everyday purchases. You might be wondering what cashback apps are, how they work, and which ones are available. Let's dive deeper into these questions.
What is a Cashback App?
A cashback app is a program that rewards users with cash for making purchases through the app. These apps partner with retailers and brands like Amazon, Walmart, Starbucks, Dunkin Donuts, and NestEgg, among many others, to reward users with a percentage of their spending. The rewards can vary, typically ranging from 1-10% of the purchase price. Once a purchase is made, the cashback amount is added to the user's account and can be redeemed through various methods upon reaching a certain threshold.
Some of the most popular cashback apps in the US in 2023 include apps like Benjamin, Rakuten, Ibotta, and Dosh. Each app offers cashback for a variety of purchases, including groceries, clothing, travel, and more. Users can browse offers within the app, select the ones they want to use, and make their purchases as usual, or in some apps like Benjamin, the most of the offers are card-linked offers which means that you will get the cashback automatically when you are using the card that you have linked to the app. Most apps offer cashback only for specific purchases, but the Benjamin Cashback Shopping app provides cashback on every purchase made with a linked card. Additionally, Benjamin comes with a mobile browser extension that searches for the best coupons and offers online, much like PayPal's Honey extension.
How do Cashback Apps Work?
Ever wondered how cashback apps manage to reward users with cash? It's simple. They work by partnering with retailers and brands, who pay the app a commission for sending customers their way. The app then passes on a percentage of that commission to the user in the form of cashback. In essence, cashback apps serve as marketing tools for brands, helping them attract more customers while sharing the commission with users who make purchases.
Some cashback apps require purchases to be made at specific retailers, while others like Benjamin offer cashback for any qualifying purchase made with a linked credit or debit card. This means you can even earn cashback with your debit card!
What's the catch? There isn't one! Cashback apps are incredibly user-friendly and convenient. Users simply need to download the app, create an account, link their preferred debit/credit card, and start shopping. Many apps also offer additional features, such as spending tracking, purchase history, and savings goals.
Types of Cashback Apps and Choosing the Right One for You
Tired of spending money without getting anything in return? Cashback apps can help you earn rewards for your purchases and put some money back in your pocket. But with so many options available, how do you choose the right one for you? Here are some tips to help you make the right choice.
Assess Your Shopping Habits
Before diving into the world of cashback apps, it's crucial to evaluate your shopping habits. Examine your recent purchases and identify the types of items you buy most frequently. Are you a regular at the grocery store? An avid traveler? Do you prefer shopping online or in-store? Once you understand your shopping habits, you can start looking for cashback apps that offer rewards for the types of purchases you make most often. Some apps specialize in certain categories, such as travel or groceries, while others offer rewards for a wide range of purchases.
Compare Cashback App Features
Once you know what types of purchases you want to earn cashback on, it's time to compare the features of different cashback apps. Look for apps that partner with the retailers and brands you frequently shop with. For example, if you often shop at Amazon or Walmart, find an app that offers cashback rewards for those stores.
Additionally, compare the percentage of cashback offered by different apps for those purchases. Some apps offer a flat rate cashback, while others provide a percentage of your purchase amount. Also, consider any additional perks or bonuses offered by the apps, such as coupons or referral rewards.
Read User Reviews and Ratings
Before settling on a cashback app, read user reviews and ratings to understand each app's usability, reliability, and promptness with payouts. Reviews can also help you identify potential drawbacks or limitations of different cashback apps.
Keep in mind that not all reviews are created equal. Look for reviews from users with similar shopping habits as yours to get a more accurate understanding of how well the app will work for you. For example Trustpilot is a great source to read some feedback about the apps. For example Rakuten has a lot of reviews in the Trustpilot and on different app stores since it has been around so long time. Since the app has been around so long time, it is good idea to check the latest reviews rather than watching the overall review score.
Maximizing Your Earnings with Cashback Apps
So, you've chosen the perfect cashback app, and now you're wondering how to make the most of it? Here are some tips to help you maximize your earnings:
Combine Cashback Apps with Other Savings Strategies
Maximize your earnings by combining cashback apps with other savings strategies, such as using rewards credit cards or finding coupon codes and other discounts. By stacking your cashback rewards with other savings methods, you could save even more.
Example how you can stack cashback app on top of your current card rewards:
If you are using credit card which is paying you cashback from all of your purchases, you can add that card to cashback apps like Benjamin, and earn cashback on top of your credit card cashback. Then if you would for example get automated 1.5% cashback with your Citi Credit Card, you would get another 1% cashback from your purchases at Amazon because your card is linked to Benjamin cashback app.
Use Multiple Cashback Apps
Using multiple cashback apps can help you maximize your earnings. While it may seem like a hassle to manage multiple apps, it can be quite easy if you use a cashback aggregator. These services allow you to earn cashback from multiple apps in one place, making it easy to track your earnings and redeem your rewards.
By using multiple apps, you can take advantage of different rewards and bonuses offered by each one. Plus, if one app doesn't offer cashback on a certain product or service, another app might. By diversifying your cashback apps, you can maximize your earnings and save even more money.
Take Advantage of Special Offers and Bonuses
Many cashback apps offer special bonuses and rewards for taking certain actions, like signing up for a new service or making a certain amount of purchases within a specific timeframe. Take advantage of these offers to maximize your earnings and reach payout thresholds faster.
Some apps also offer bonuses for referring friends and family. By sharing your referral code with others, you can earn extra rewards when they sign up and start using the app. Just be sure to check the terms and conditions of each app to ensure you're following their rules and regulations. Some cashback apps like Benjamin have taken referring and earning referral rewards even easier by doing handy affiliate sites, where you can get ready-made templates and content ideas.
What People Usually Ask About Cashback Apps?
"Can I really save money with cashback apps?"
Absolutely! By choosing the right cashback app for your shopping habits and following our tips, you can maximize your earnings and save money on your everyday purchases.
"Are cashback apps too good to be true?"
Not at all! As long as you use them wisely and follow our tips, cashback apps can genuinely help you save money on items you'd buy anyway.
Is Using Cashback App in 2023 Worth It?
In conclusion, cashback apps can be a fantastic way to save money and earn rewards on your purchases. By understanding how cashback apps work, choosing the right one for your needs, and following our tips to maximize your earnings, you can make the most of these apps and see your savings grow.
So, why not give it a try and see how much you can save? Sign up to Benjamin app today and start to see your savings grow on every card swipe!