Cash back is often touted as a means to boost a shopper’s bank balance or to make purchases easier.
But many customers are sceptical about the claims that cash back offers a return on their spending.
“Cash back is a buzzword,” says Kelly McNeill, a business analyst at PwC.
“It’s not always true.”
The problem is that it’s not easy to compare cash back at all.
You can only compare cash-back on purchases that you make and pay for yourself with your credit or debit card, and cash back on purchases you don’t make or pay for.
“That’s where it gets really confusing,” she says.
Here are five ways you can get cash back if you’re a shoemaker: 1.
Pay for your goods or services with cash.
“The cash back is just what the cashier has given you and it’s on top of what they’ve paid you,” says McNeill.
“If you pay for something with your own money you can take advantage of the cash back as well.”
Paying for a service with cash is a common practice in some countries, but it can also be a waste of time if you don-t have a credit or bank account.
“You can’t pay for anything without cash,” she warns.
Pay cash back in cash.
In Australia, you can cash in cash to buy things like coffee or groceries.
But there are a few restrictions, such as the minimum cash amount required to buy items.
If you’re planning to pay for a big purchase in cash, be aware of these restrictions.
Pay in cash in a shop or online.
If paying in cash online is a better option, you may have to put in extra cash.
There are no restrictions on how much you can pay with cash in shops, restaurants or online payments.
“A lot of people don’t understand the differences between cash back and cash,” says the Australian Taxation Office.
“There’s no minimum amount of cash that you need to pay to get cashback.”
Cash back only applies to purchases.
Cashback is only available to the first $50 you spend on a purchase.
It’s only available for purchases that meet certain criteria.
“These items can include gift cards, gift vouchers, clothing and accessories,” says Pwc.
“They’re not cash back but they’re still cash back.”
Shop for cash back online.
Shop online and you can use cashback to pay with your bank account, credit or a debit card.
You’ll need to put a few extra things in place to make sure you can access the cash.
You may have a minimum amount to pay, or you may need to give the retailer a small amount to cover the cost of the goods or service.
But you can still use cash back to pay your bill, buy groceries or use cash to pay a parking ticket.