What is Cash Back on Credit Cards?
What is Cash Back?
When you get cash back from a credit card, it means you receive a percentage of your purchases back as a credit to use towards further expenses.
How Do Cash Back Credit Cards Work?
Cash back cards work like any other card, except you can get cash back on your purchases. The credit may take several days or weeks before it shows up in your account depending on which credit card company you use.
How Does Cash Back Redemption Work?
For example, if your card gives you $25 or more in cash back at the end of each month, then that money will be added directly to your bank account once the total is reached and you’ve paid your bill. Some cards don’t have redemption minimums.
Statement Credits
After you receive your statement and pay your bill, there will be a designated area on it where you can redeem your cash back bonus. By clicking this, you can reduce the amount on your next statement balance.
Direct Deposits into Your Bank Account
Depending on how frequently you make credit card purchases, you may be able to redeem money every month or may have to wait several months to earn enough.
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