In conditions of self-isolation and massive purchases through the Internet, cashback is becoming an increasingly popular service.
Total quarantine gave a second wind to many services – e-commerce has flourished, cashless payments and online services have become much more popular. Among other things, many in the pursuit of savings during a nascent crisis remembered the benefits of cashback – after all, most purchases migrated online.
The most common misconception is to consider cashback exclusively the prerogative of the banking sector. Of course, this is not so. For example, the common pattern of cooperation between online stores and “high-benefit” services. Nothing mysterious, the usual partnership: the service attracts additional customers, the store provides them with a discount.
Cashback in the general sense is a service that involves the return of part of the purchase price. The literal translation sounds like this: “money back”, that is, to the buyer. Cashback is usually expressed as a percentage of the amount spent. From a psychological point of view, the return of money spent is considered a more attractive action than the initially lower price.
Returning to bank cashbacks, it’s also worthwhile to understand that history is profitable for both parties. The bank receives a new card holder, the client rejoices with “free money” arriving for ordinary purchases. For different banks, the cashback amount will vary, and also depends on the type of purchase.
Due to quarantine, many Ukrainian banks decided to raise cashback, which will pretty much support users in such a difficult time. PrivatBank increased cashback to UAH 800, but burdened its receipt with many restrictions. Alfa Bank offers 10% cashback for food, groceries, taxis and the use of digital services, and Ukrsibbank – 5% cashback for shopping in pharmacies.
The first domestic online bank Monobank in the midst of quarantine, he was generous with twenty percent cashback. It can be obtained by using streaming services and purchases on the Google Play and App Store, or gaming PlayStation Store, Xbox Microsoft Store.
The most profitable cashback offers are often associated with purchases on international online trading platforms. These are mainly Aliexpress and Amazon. But the Ukrainian Rozetka marketplace is also available for similar services, like Comfy, Eldorado and Moyo. To regularly receive income from online shopping without being tied to a bank, you can use a separate cashback service. This is the very “enhanced benefit” service.
In Ukraine, services are most in demand LetyShops, Grivasi, SmartySale, PayBack and many others. All of them differ in cashback percentages, terms of withdrawal of funds and trading platforms with which cooperation is conducted. For example, service Moneta allows you to withdraw money with an amount of 20 UAH on the account, providing 5% cashback for goods with Aliexpress and 4% with Rozetka.
An even smaller amount can be displayed on the service. Backitgiving a 7% cashback on purchases on Gearbest, known for the variety of electronics and gadget products.
At the same time, it is worth remembering that cashback is not bonus points or discounts. Mostly it’s real money. So far, in Ukraine, electronic currency is frankly not popular, so a bank transfer is considered the best way to cash out cashback. In the implementation of which, of course, it is important to remember the commissions. Sometimes options are possible when the money saved is better not to withdraw at all, but to spend within the system.
When using cashback, the main thing to remember is that saving never lies in the cheapness of goods, but there always is a place to be when nothing superfluous is bought. Even with everyday grocery shopping and watching quarantined movies, you can earn a nice amount, and carefully selected cashback services will delight even the most seasoned customer.
READ ALSO: We optimize spending: five ways to save money during quarantine.