How Much Cash Back You Could Earn With Top Cards
To put it into perspective, lets look at how much cash back you could earn in the course of a year. According to the Bureau of Labor Statistics, the average U.S. household spent $4,643 on groceries, $3,526 on dining, $2,094 on gas and $3,050 on entertainment in 2019. Using those figures, lets take a look at how much youd earn in the first year with three of our top cards in these categories :
Making A Chargeback Claim
Tell your card provider you want to make a chargeback claim. Your card provider is the company that sends you your statements. You can find their contact details on their website. It’s best to ask in writing.
Your credit provider might call chargeback something else, for example ‘disputed transactions’. If you ask for chargeback they will know what you mean.
When you contact them, you should ask for either:
the amount you paid on this card – you won’t get anything you paid by any other card or payment method
money to make up for the problem less than the full amount you paid
Shift Your Bills Around
If you can use your credit card for something you would normally pay for with cash , go ahead and free up that cash. This could be particularly helpful if you get a new credit card with an introductory no-interest offer that buys you time to catch up without accruing interest.
Some billers charge a convenience fee when you pay a bill with a credit card, so make sure to compare your overall costs before choosing the most affordable way for you to get cash. Ideally, the fee is less than the cash advance fee you would otherwise pay, but even if it isnt, if youre not hit with a higher cash advance APR, it may still be worth it.
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How Do I Get A Refund
Depending on the merchant, the credit card refund process can vary, but generally follows the steps below.
Add Your Partner As An Authorized User
Adding an authorized user, typically your partner, to your account can be a cost-effective way to boost your earnings on a premium card. With this setup, both cardholders accrue rewards or cash back on their spends without paying double the annual fees. If, for example, your card has a $120 annual fee, you might be able to get an additional authorized user for as little as $30 more. Some premium cards, like the SimplyCash Preferred from American Express, even let you add authorized users for free. It does bear mentioning that this requires some thought as only the primary cardholder will be responsible for paying off the balancenot the authorized users.
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Withdraw Cash From An Atm
The most obvious place to get money with your debit card is to visit the ATM at your bank. This lets you avoid paying out-of-network ATM fees. These fees cost $2 or more per withdrawal, so it pays to use the ATM at your bank, even if it isnt the closest.
You might qualify for fee reimbursement if your bank offers it. In that case, if you cant use your banks ATM and are charged a fee, youll be automatically reimbursed for that fee.
There are a lot of surcharge-free ATMs located all across the country, and banks and credit unions usually participate in a card network so you can access them.
Some of the major ATM networks include:
If your account is at a credit union, its likely they participate in the CO-OP network which gives you access to almost 30,000 free ATMs. You can also use your banks ATM locator through their mobile app to find fee-free places to get cash.
Request A Pin From Your Issuer
Unless you use one of the approaches listed above, youll need a PIN to get a cash advance. If you dont have a PIN, you can request for one to be added to an existing credit account.
If you want to do so, first review the card companys cash withdrawal policies . This will let you know about any associated fees and enable you to make an informed decision.
You can request a PIN through a phone call, via mail, and in some cases, online. Youll need to wait a few days to receive your PIN, but some providers may give you a temporary PIN so that you can immediately begin making cash withdrawals.
Take special care not to lose your PIN once you receive it keep it in a safe place in case you need to refer back to it. If you do lose it, youll need to apply for a new one and wait to receive any cash advance.
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What Are Cash Back Rewards And How Do They Work
Cash back rewards are a type of reward points based on a percentage of purchases with your credit card in select categories, such as dining, department stores, grocery and travel. Typically, credit cards with this feature award cash back at a value of 1 cent. Cash back rewards can be redeemed for credit card statement credit, for purchases through participating online retailers at checkout, for gift cards or discounts on services or travel.
Returns For Transactions In A Foreign Currency
If you bought something in a foreign currency, and then you return it, what happens?
This is another area that can be complicated, and depends on your card agreement, since it can vary from one card or issuer to another.
Many credit cards charge a foreign transaction fee. If your card does, its possible you wont get that fee back when you make a return. If youre in this situation where a foreign transaction fee is not refunded, you may be able to call your credit card issuer and ask for a refund.
If a significant amount of time has passed since you made the purchase, the foreign currency may have gone up or down in value. Credit card companies usually use the current market value of the currency to determine how much is refunded when you make a return. That means you may lose or make money if the foreign currency has gone down or up in value since the original purchase.
Additionally, like many commodity markets, there is a spread for buying and selling currencies. That means it costs slightly more to buy a unit of currency than you would get for selling it at a given point in time. So, even if you make the purchase then immediately return it and your card doesnt charge a foreign transaction fee, you may lose money.
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Meridian Visa Infinite Cash Back
For many Canadians, the largest and most regular expenses are gas and groceries. For them, finding a cash-back card that rewards well on these spends is just good money management. With 4% back in both these categories, the Meridian Visa Infinite Cash Back card tops the list. Youll receive 2% on drug store purchases and recurring bills, and the 1% base earn rate on all other purchases sweetens the deal.
The Meridian card also offers a few extra features like mobile device insurance and up to 48 days of travel insurance.
- Annual fee: $99
- Earn rate: 4% cash back on gas and groceries 2% on drug stores and recurring bills 1% on everything else
- Income requirement:$60,000 or $100,000
- Additional benefits: Mobile device insurance travel insurance concierge service Visa Infinite Dining and Wine Country Series
Using A Balance Transfer Check To Add Cash To Your Checking Account
You also may be able to use your credit card to do a balance transfer with a balance transfer check. Generally, this involves moving debt from another creditor to your credit card, which could be a money-saving move if your card has a lower interest rate than the other debt.
But you may also be able to transfer a balance into a qualifying checking account, effectively using your credit card to get cash.
As with a cash advance, there may be a balance transfer fee, which often ranges from 3% to 5% of the amount you transfer, with a $5 or $10 minimum. Your card may also have a different balance transfer APR than your purchase APR, and balance transfer balances may start to accrue interest right away.
It could take several days for the cash to appear in your checking account, so this isnt necessarily a way to get cash in an emergency. But your cards balance transfer APR may be lower than its cash advance APR, which might make this a better option. Also, your balance transfer limit could be up to your cards credit limit, while cash advances often have a lower limit.
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Cash Back Vs Cash Withdrawal
The term cash back can refer to both getting cash from a store while youre shopping in person and the cash back you earn when using a specific app thats linked to your debit card.
If a cashier asks, Do you want cash back? while youre checking out, they mean if you want to get physical dollar bills.
On the other hand, there are apps that offer cash back which refers to the percentage of the total purchase you can earn when the debit card is linked to the app.
How Do Cash Back Credit Cards Work
Cash back credit cards accrue rewards when you make purchases within specific categories on the card. There are important differences in what kinds of spending get rewarded and what format the rewards take, such as rotating categories and the value of points. You may also have to keep in mind that some cash back credit cards specify a maximum number of cash back you can earn within a specific time period.
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How Much Does It Cost To Withdraw Cash From A Credit Card
Cash advances aren’t free. There are several costs to be aware of when taking one.
First, there’s the cash advance fee. This is a fee the credit card company charges simply for the convenience of withdrawing cash against your cash advance limit. It may be either a flat fee, such as $5 to $10, or a percentage of the advance of amount, whichever is greater. The amount can vary from card to card.
You could also pay additional fees if you’re withdrawing cash from a credit card at an ATM or bank branch. An ATM surcharge may apply, or you might have to pay a teller fee for this convenience.
The second part of the cash advance cost equation is the annual percentage rate . In most cases, the cash advance APR is higher than the regular APR for purchases or balance transfers. And, as mentioned above, interest starts accruing immediately.
That’s important to keep in mind if you’re looking for a low-cost way to access cash. Compared to a short-term personal loan, for example, a cash advance could end up carrying a much higher interest rate.
If Your Claim Isnt Successful
If you try to use Section 75 and you don’t get your money back, you can ask the Financial Ombudsman Service to look at your case. You still might not get your money back.
If you try to use chargeback and you don’t get your money back, you can ask your card provider why. If they say they’ve appealed to the traders bank and the appeal failed, there’s nothing else you can do. If they say they won’t appeal to the traders bank, you can complain to the Financial Ombudsman Service.
The Financial Ombudsman Service is independent. Theyll examine your case from both sides to reach a decision they think is fair. You still might not get your money back.
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Citi Double Cash Card: Best For Balance Transfers
Sign-up bonus: N/A
Cash back rate: Earn 2% cash back 1% when you buy and another 1% as you pay your bill each month.
Annual fee: $0
Why we chose it: One of the simplest and most rewarding cash-back cards out there is the Citi Double Cash Card. This card gives you 1% cash back when you buy and then another 1% as you pay. You only need to make the minimum payment each month to earn the second reward, but remember that paying your balance in full is always strongly recommended. Cardholders can now convert the cash back they earn to ThankYou Points via a linked ThankYou card such as the Citi Prestige® Card and Citi Premier® Card. The information for the Citi Prestige has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
This converts into an effective 2x ThankYou Point earning rate on all purchases. TPG values ThankYou points at 1.7 cents each, meaning this card would effectively get at 3.4% return on all purchases. Unfortunately, you wont earn a sign-up bonus with this card, but the long-term value it offers still makes the card worth it in my eyes.
Apply here: Citi Double Cash
Cash Back Points Or Miles: Understanding The Different Credit Card Rewards
Advertiser Disclosure: ValuePenguin is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site. This compensation from our advertising partners may impact how and where products appear on our site . To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
Citi is an advertising partner
Without a doubt, you’ve come across credit cards that promise “5% cash back” or “3 points on all dining and restaurant purchases.” Points, percentages and miles are everywhere when it comes to credit card rewards. It may be challenging to comprehend the various offers without a firm grasp of the rewards systems or how much the points are worth.
Here in this guide, we help you make heads and tails of credit card points, miles and cash back. You’ll understand which type of credit card rewards suits your spending best and be able to shop for the .
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How Do I Get Money From An Atm With A Credit Card
Youre really still thinking of taking out a cash advance? We strongly recommend otherwise, and your future self will probably thank you if you dont. But if youve made up your mind, well walk you through each step of the process below.
How Much Do I Need To Spend To Get Cash Back
You can earn cash rewards from your very first purchase – no matter how big or small that purchase is, and assuming the transaction is eligible to earn cash back . There also may be a minimum cash back balance you have to earn before you can redeem your rewards. For instance, you may need to earn $25 in cash back before you can request redemption.
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