You have probably seen plenty of advertisements for cashback sites in recent years, and they certainly seem to be on the increase. While they appear to be a great thing, it is understandable that many people are wary of them. Here we will look in detail at how cashback sites work, whether they can save you money and any pitfalls you should watch out for.
How do cashback sites work?
Most cashback sites work the same. However you should be aware there may be a difference in fees, how the money is paid and any bonuses for joining. Most sites are free to register but be aware some have a joining fee. Once you have joined all you need to do is look for deals this might be for services or products – you can check if your preferred retailer is offering a deal. Once you find a deal that interest you all you need to do is click on a link which will take you directly to the retailer – if you don’t go through the cashback site you won’t get the deal. For each deal that you take up a commission is paid to the cashback site and then they will pay you a reward. You usually need to reach a certain amount before you can withdraw this money.
How to make the most of cashback sites
It seems simple enough – look for deals, buy things, get rewards. These amounts, however, are usually on the small side and can take a significant time to build up. There are ways to get more:
- Refer a friend – Many of the sites will give you a bonus if your friend signs up, however you will not normally receive the bonus until your friend has earned a set amount themselves so you will need to persuade anyone you refer to actively use the site themselves.
- Freebies – some sites have offers that let you make money for free, this might be via surveys or through quotes. The rewards are not big but they will add up.
- Cashback on the high street – using the apps you can also earn cashback on some high street purchases. You need to register your debit or credit card in order to so this.
- Sign up for a service – the big rewards are found from signing up for a service such as broadband or a mobile contract – something that will last a few months or even years. You will need to check if your preferred provider is registered with the cashback site. You can also earn on big “purchases” such as holidays
The rewards for many of these may not be large however if you use the cashback site as much as you can, over time they will certainly build up.
The most obvious is that you have to wait to withdraw your money. However, it is very important to consider your cookie trail. If you already visited a site and then try to claim a cashback deal, there may be issues with the reward being paid so ensure you clear cookies before using cashback. You may also think you are getting a good deal because of the reward however shopping around could prove otherwise.
In short, cashback sites may save you money but you need to be wary and prepared to do some research before taking up a deal.