We would all like a little something extra for our money wouldn’t we? Well cashback sites are just one way you earn yourself a little extra on the side. Using sites like TopCashback and Quidco means that you can earn cashback on a range of goods and services, such as mobile phone contracts or car insurance.
But how do cashback sites work? And which are the top cashback sites to use? Let’s take a look.
How do cashback sites work?
Cashback sites pay you when you go through them to spend with specific retailers or providers. Basically, rather than going directly to the retailer, if you click through from the cashback site, you can get paid for buying what you want.
In order to do this, you will need to register with the cashback site. We name two of the top ones to take a look at below.
It should be free to register. If it’s not, then be cautious. If you have to pay a fee, you may just erase any cashback you earn. However, you may find that with some sites, there is a ‘premium’ version that will carry a fee. But it will also offer you higher cashback yields.
Once you are registered, then simply click the link to the retailer through the cashback site. If you have visited that retailer’s website before, it may be a good idea to delete your cookies. That way the cashback site will definitely be recognised as the referral source.
Once you have purchased your goods or services through that link, you will receive a payout in your cashback site account.
How do they pay out?
The amounts you receive in cashback will vary wildly, even within the product range of the retailer. For example, you could get between 1.7% to 8% cashback on products available at Asos. Or you could be in line to receive anything from £10 to £89 when you take out a contract with O2 mobile.
Therefore it is always worth checking the deal before committing to it. And still search out the most competitive price you can find.
In terms of how you get your money, some cashback sites have a threshold. This means your earnings have to reach a certain level before you can withdraw your cashback.
When you withdraw, it may take a few weeks, or even a few months, before the cash arrives in your account.
Which are the best cashback sites?
There are several cashback sites out there, but these are the two most competitive and well established.
TopCashback has lots of recognisable brands and offers a competitive rate of cashback. Membership is free. However, you can choose to become a ‘Plus’ member for a £5 membership fee. This gives you a 5% bonus on non-exclusive cashback rates.
You can also boost your rates by taking your cashback as a gift card, rather than cash. And you can even earn cashback on certain purchases in-store.
Quidco also gives you competitive cashback rates on recognised brands. It offers a free basic membership or you can become a ‘Premium’ member for £5. This will enable you to access cashback promos, higher payback bonuses and monthly giveaways.
As with TopCashback, you can boost your returns by taking your earnings out as gift cards. And you can earn cashback in-store at over 25 retailers.
What should I watch out for?
Cashback sites are a great idea in principle. But there are just a few things to be aware of if you plan on using them.
- There are sometimes issues with processing and tracking. This means that you don’t get paid the amount you expected. So don’t think that the cashback amount in your account is guaranteed.
- Try to withdraw the money as soon as you can. By leaving it with the cashback site, you are missing out on potential savings interest. Also, you risk the company changing their payout policy, meaning you could lose out on money.
- Cashback rates can vary wildly. So try to make sure you still search out the most competitive deal before committing to purchasing through a cashback site.
- If you want a more certain cashback yield, maybe consider a cashback credit card. You could also use this to boost your earnings, as there is no conflict in using a cashback card on a cashback site.
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