There’s no such thing as a free lunch, but there is such a thing as getting cash back on your purchases.
Cashback Websites
When you buy something online from a registered retailer through a cashback website, your account will be credited with either a percentage of the purchase price or a fixed amount, which can be paid into your bank account or sent to you by cheque.
However, this does require some homework, because you will only save money if you have already found the best deal through a comparison website first. In other words, if the idea of cashback has induced you to pay more than you’d save shopping elsewhere, it’s not worth it. The same goes for paying off any credit card used with a cashback deal - if you don't pay the balance in full every month, you'll lose the money-saving benefits of a cashback deal.
The secret to making the most of these sites is to join more than one, especially if you think you’ll use them a lot. Bear in mind that the largest cashback percentage doesn’t necessarily mean the best deal - some sites retain the first £5 of earnings, only paying out over that amount, while others only pay out once you have reached a threshold. Unless you are planning on making major purchases, it’s probably best to opt for a site that pays every time you buy. Remember, too, that sites can be slow to pay out.
It's handy to know, too, that a cashback company can take up to four weeks to process a new application. Plus, if your credit rating is unhealthy, it's more than likely that you'll be turned down.
What can you buy through cashback sites? A surprising array of products – to give you an idea, Marks & Spencer, Next and BT are just some of the companies taking part. To find out more, try these cashback sites:;
www.wepromiseto.co.uk; www.quidco.com; www.topcashback.co.uk and www.rpoints.com.
You can use cashback cards to pay for goods and services and earn a small percentage – usually around one percent - on every transaction. Cashback on the high street is very limited at the moment, however, with the severity of the credit crunch, it’s possible that they will become more popular as retailers try to lure us into store.
Some retailers in local high streets have begun clubbing together to offer a discount in their stores (often at their quietest times of the week) in order to attract shoppers. Again, this is still quite a new idea, but should become more obvious over the next few months.
You’ll need to do your research to find out which major cards offer the best deals. In the meantime, it’s probably worth looking at a site such as www.greasypalm.co.uk - here you can earn money when shopping in stores including House of Fraser and Superdrug, Boots or at HMV or with Ebay.
As always, and we'll say it again, only use these cards if you pay your balance off in full every month. Failing to do that will cancel out any money you might have saved or earnt.
Go Straight To Part Two Of Our Series On Discount Shopping
Keep Up To Date With The Housing Market By Checking Our Updated House Price Predictions 2009
Save Money By Switching Suppliers
Surviving The Credit Crunch: What To Do If You’re In Debt
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