How to Get a Cashback Bonus
Some people like to call cashback bonuses “sales with extra steps” and that’s not very far from the truth.
In essence, a cashback bonus is a partnership made between the payment provider and a specific business that, whenever a payment is made through the former, it automatically qualifies the customer for some money back.
Get cashback with a credit/debit card
For example, imagine that you have a Visa card, and you’re shopping at a Gucci store. The Gucci store announced last week that if you pay with a Visa card, you will be given 2% back as cash.
You go to the store and spend $100 on a new shirt. The moment you pay with your card, it signals Visa that the partnership has been activated. The process then starts to return $2 to you immediately or at least before the end of the month.
As you can see, you basically spend $98 instead of $100, but instead of having the sale straight away, you are just given the money back.
The reason why there’s no immediate sale is that it’s within the interest of the payment provider for you to pay through their services. The business where you pay, will get the $100 fully they won’t have to give up anything, but the payment provider will charge you back a small portion of your payment.
It’s usually a promotion done by the payment provider as well as the business to interest you to spend more with them.
Get cashback with your bank
Much like with the payment providers like Visa or Mastercard, banks also tend to have these partnerships with local businesses or online shops. For example, if the bank sees that you’ve made a transaction to a partner company through an account registered on their platform they would probably give around 1-3% cashback just to keep you as a customer.
Again, the business would not have to pay anything, unless the bank spends a lot to promote their partnership. In that case, they could divide the cashback 50/50.
But in the end, it’s you that receives the benefit. But be careful, as these partnerships sometimes lead to overspending. Only use the cashback simply because you absolutely need that service or product, or if you were going to buy it anyway.
Make sure to check other options as well, as there could be cheaper versions even without the cashback.
Cashback casino bonuses and how to get them
When it comes to casinos, there’s a very small chance that they will have a partnership with a payment provider such as a bank or the traditional Visa/Mastercard. Why? Because gamblers tend to avoid using their bank accounts for deposits on casino websites, as it tends to damage their credit score.
Instead, they use third party services such as Neteller, Skrill, PayPal and etc. Basically, they use platforms that would not notify their banks about their gambling activities. This way they can gamble while retaining their credit score.
In these cases, the casino simply offers cashback bonuses to its customers based on how much they “spend” or lose.
For example, you deposit $100 but lose all of it, it’s likely for the casino to have a 2% cashback for each $100 you lose, therefore you’d have an additional $2 to bet with and work your way back up again.
Again, it’s not that much, but since you were going to spend it anyway, it’s a good benefit.
There’s also the option of using third party contractors which usually come in the form of cashback websites.
These websites also act as digital wallets, where you can deposit funds and use them as a method for payment on various platforms.
However, these options are the riskiest, so make sure you read through the terms and conditions very carefully. The commissions here are also quite low, but the only advantage is that they partner up with businesses banks or Visa/Mastercard wouldn’t partner up with.
There are other options as well, but these are the most wide-spread. Make sure to research all of them, and guarantee that you won’t be at the short end of the stick at the end of the day.