Cashback offers have been around for many years and are pretty similar to discounts, except they’re better. Cashback is a percentage of the total payment made by the customers that they earn back in the form of cash. It has become one of the most sought-after features for people while shopping and paying bills via a QR scanner. This is because of the many advantages it offers, including making payments rewarding.
Most cashback offers can be availed by paying through e-wallets or debit/credit cards. One may even get cashback offers after they sign up for a credit card. Whether you pay via UPI or net banking at a grocery shop or at any local vendor, you can avail of attractive cashback offers and deals.
Let’s take a look at how UPI payment cashback offers benefits to consumers and why you should look for a cashback offer the next time you are shopping or paying your bills. But, before that, here are a few things that are important to understand in detail.
What is a cashback?
Cashback is an incentive scheme that subsidies a small percentage of a customer’s purchasing price that they spend from their card or e-wallet. The percentage of cashback varies from merchant to merchant. So, some companies provide more rewards than others.
What would I do with a cashback offer?
Cashback offers are pretty simple. Each time a user makes a valid transaction, they can earn a percentage of the amount spent. Here are some cashback offers that we usually see and the benefits that you can get out of them:
● Combining several offers and discounts can help you get the most out of your payments. Sometimes a particular brand offers you up to 5-10 times more cashback than the actual price. You may even stumble upon 90-100% cashback offers on special occasions. All you need to do is keep an eye on these offers and get the maximum advantage out of them.
● Some cashback offers to depend on our annual spending. For instance, if your annual spending is below ₹10,000 (on a particular website), you might be eligible for a 5% cashback. However, if your annual expenditure exceeds ₹10,000, you might get an additional discount as a reward. Thus, the more you shop, the more benefits you get!
● Cashback apps and websites are an easy way to earn cash rewards while shopping or paying bills. Today, more than 75% of people prefer online transactions. And why not? From gas booking to flight booking or from purchasing regular items to buying a villa, every transaction can be done online, and you also get a tempting cashback on your payment. A win-win situation!
● You can use your cashback amount for shopping, paying bills, or you can simply transfer it to your bank account. You can also send your cashback amount as a gift card to your friends or relatives.
Here are some of the top-rated cashback sites that provide the best cashback offers.
- MyFave
- CouponDunia (Indian)
- CashKaro (Indian)
- Ibotta
- RetailMeNot
- GetUpside
These cashback sites are a great way to save money while enjoying a movie, shopping, or dining out. These websites and apps get a commission for every sale made through them, and they share a percentage of that commission with you in the form of a cashback or reward. Some sites even pay 100% of their commission to the customers.
Fun Fact:
There is a retail event known as the Cash Back Day. It first took place in the year 2019 and is now held every year in November. If you’re one of those people who are always looking for excellent offers on their purchases, make it a point to get the maximum advantages out of this day!
Now that we know the benefits of cashback offers, it’s time to understand a few things that you need to consider while looking for cashback offers.
- It is vital to check all the terms and conditions beforehand regarding the cashback offer.
- Look at the cashback amount shown on the screen and only proceed if you are satisfied with the deal.
- Make sure that you don’t rush it. Always choose your deals and offers carefully – opt for the ones that make the most lucrative deals for you.
Let it rain cashback!
