In 2020, 31% of credit card holders1 failed to claim their rewards. Was that you? Don’t let your money go to waste! Make sure you understand the ins and outs of any rewards you may be eligible for so that you can use the benefits to the fullest. Today, we’re going to break down what cash back rewards are and how you can find them on the statements from your financial institutions or credit card companies.
What is cash back and how does it work?
The term “cash back” has a few different meanings. First off, cash back at the store is something other than cash back rewards. When you get “cash back” at a store, you either ask for a cash advance on your credit card or use a debit card to pull directly from a connected account. These cash back transactions can be convenient because they save you a trip to the ATM, but cash back rewards are completely different.
Cash back rewards
Cash back rewards on credit cards are typically rewards received on purchases made with a credit card. There are generally two types of cash back rewards that credit card companies offer. First, there’s a flat-rate percentage. This means you’ll get a percentage reward for all eligible purchases. It’s relatively straightforward.
The other type of cash back reward refers to certain percentages in select categories, like a higher percentage for things such as gas, groceries, or restaurant bills. Sometimes, these special categories stay the same, but other times they may rotate.
How do cash back rewards show up on my credit card statement?
Cash back reward credits will show up on your credit card statement, and credit cardholders may take advantage of different options, including these:
Sometimes, they will be able to roll their rewards into a lump sum payment that they put toward their monthly credit card debt.
Others may be able to save their rewards until they accrue a sizable amount and put the money toward a major purchase. You will see the total on your credit card statement.
Two great ways to earn cash back rewards at MoneyLion
MoneyLion makes it easy for you to get cash back on the things that matter most to you.
Shake ‘N’ Bank
Whenever you make a qualified purchase of $10 or more with a MoneyLion Debit Mastercard® or RoarMoneySM virtual card, you’ll qualify for Shake ‘N’ Bank rewards. Your MoneyLion app will alert you to shake your phone. When you do, you can start earning cash back rewards beginning at $0.01 and up! Eligibility occurs once your purchase is finalized. Yes, it’s that easy!
When can I expect to see my money?
In about five business days. Your reward should be deposited into your active MoneyLion Investment Account.
Online cash back merchants
MoneyLion’s online cash back allows you to earn cash back rewards from the stores you already shop at every day. It’s simple. Choose a merchant category to make qualifying purchases from your favorite stores, like Walgreens, Sam’s Club, DoorDash, and more, through the MoneyLion app.
When can I expect to see my money?
Again, it’s usually in about five business days — in your active MoneyLion Investment Account.
Invest in your future with MoneyLion
Put your money to work and set up a MoneyLion Investment Account today. Sign in to the RoarMoney app, and for as little as $1/month, ($3 for accounts valued over $5,000 and $5 for accounts valued over $25,000) you can start with the cash back rewards that will be deposited into your account. You might be surprised how a little at a time can add up over time.
FAQ
When will Shake ‘N’ Bank cash back show up on my Investment account?
Once the qualifying purchase clears, you should see the cash back reward in about five business days in your account.
How do I know how many cash back points I can earn from an online deal?
Points can vary based on the merchant, types of deals offered by the merchant, and specific purchases. For example, a merchant may offer 3% cash back (3 points per $1 spent) on clothing and a different merchant may offer 5% cash back (5 points per $1 spent) on gas.
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Disclosures
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, MoneyLion does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/.
Rewards are subject to terms and conditions, see here.
Rewards are an optional service offered by MoneyLion
Qualified purchases of $10 or more in a single transaction made with your MoneyLion Debit Mastercard or MoneyLion Visa® Card are eligible for the MoneyLion Shake ‘N’ Bank Cash Back Promotion. Cash Back Rewards begin at $0.01 and are subject to a cap of $120 per transaction. Must be a MoneyLion member in good standing to participate. Any Cash Back Rewards you earn will be deposited into your MoneyLion Investment Account. Your opportunity to receive Cash Back Rewards may expire if you do not successfully complete the Shake ‘N’ Bank activity within a time period disclosed to you in the MoneyLion app. MoneyLion reserves the right to review transactions for eligibility and to discontinue this incentive at any time without notice. Any fraudulent or other suspicious activity will void any rewards points earned and may also result in account suspension or cancellation. Certain exclusions and limitations apply. See MoneyLion Rewards Program Terms and Conditions for more information.
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account is provided by, and MoneyLion Debit Mastercard® is issued by, Pathward®, National Association, Member, FDIC. RoarMoney is a service mark of MoneyLion. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account. MoneyLion is not itself a bank or a FDIC-insured institution and the FDIC's deposit insurance coverage only protects against the failure of a FDIC-insured institution. Pathward, National Association is a FDIC-insured depository institution.
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