Last year, 31% of credit card holders failed to claim their rewards. Was that you? Don’t let free money go to waste! Make sure you understand the ins and outs of your credit card rewards so that you can use their benefits to the fullest. Today, we’re going to break down what cashback rewards are and how you can find them on your bank statement.
Table of Contents
- What is cashback and how does it work?
- Will a cash back transaction show up on my bank statement separately?
- How do cashback rewards show up on my bank statement?
- Cash back rewards should be simple, but most are tricky
- 2 ways to earn cashback at MoneyLion
- Round Up your spare change
- Invest in your future with MoneyLion
What is cashback and how does it work?
The term “cashback” has a few different meanings. First off, cash back at the store is something other than cashback rewards. When you get cash back at a store, you request cash from your bank account at the cashier, but cashback rewards are completely different. This is a benefit that you can take notice of by looking at your credit card statement.
Receiving cash back on a transaction is what can happen when you purchase something at a store with a debit card. You will see a question that asks, “Do you want cash back?” You’ll then choose your amount. These cashback transactions are convenient because they save you a trip to the ATM, which can have fees.
Cashback rewards on credit cards are rewards received on credit card purchases. There are generally two types of cashback rewards that credit card companies offer. First, there’s a flat-rate percentage. This means you’ll get a percentage reward for all cashback rewards. It’s relatively straightforward.
From there, the other type of cashback reward refers to certain percentages for 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 rotate quarterly.
Will a cash back transaction show up on my bank statement separately?
Cash back transactions are added to your transaction total. Let’s look at an example to help this make more sense. Say you purchase $100 worth of groceries, and then you get $20 cash back on the transaction. The transaction would appear on your bank statement as $120 because it would all be lumped together as one withdrawal.
How do cashback rewards show up on my bank statement?
Cashback rewards will show up on your credit card statement, and credit cardholders will use their rewards differently:
- Oftent, they will roll their rewards into a lump sum payment that they put towards their statement.
- Other people will choose to save their rewards until they accrue a sizable amount and put the money towards a major purchase. You will see them on your bank statement when you do this especially if your credit card provider offers other benefits, like cash rewards or PayPal deposits.
Cash back rewards should be simple, but most are tricky
Cash back rewards programs seem straightforward, but often, they are complicated. For example, the category of rewards will usually change over time. One month, it could be cash rewards on groceries, and the next month, it could change so that it’s cash rewards on gas instead.
That can make it tough to keep up! Plus, credit card companies can make rewards difficult to obtain and use, making it frustrating to get the benefit that you rightfully earned.
2 ways to earn cashback at MoneyLion
MoneyLion makes it easy for you to get cashback 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, you’ll qualify for Shake ‘N’ Bank rewards. Your MoneyLion app will alert you to let you know when you can shake your phone, and once you do, you can start earning cash 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 days; your reward should be deposited into your active MoneyLion investment account.
Online cashback merchants
MoneyLion’s online cashback allows you to earn cashback rewards from the stores you already shop at every day. It’s simple, just make qualifying purchases from your favorite stores through the MoneyLion app: like Walgreens, Sam’s Club, DoorDash, and more.
When can I expect to see my money?
Usually in about five days — into your active MoneyLion investment account.
Round Up your spare change
MoneyLion Round Ups make it easy to turn saving into a habit. It’s simple. Just activate your Round Ups function on your MoneyLion Debit Mastercard. Then, every time you make a qualifying purchase, MoneyLion will round up your purchase up to the nearest dollar amount from your RoarMoney account. The Round Ups amount is deposited into your MoneyLion Investing1 or Crypto account2, whichever you choose. From there, you’ll start building either the crypto or investment portfolio for your future.
Invest in your future with MoneyLion
Put your money to work and set up a MoneyLion investment account today. AutoInvest an amount of your choice, and watch your cashback add funds to your account. You can start with the cashback rewards which will be deposited into our $1/month investment account by MoneyLion. You might be shocked how a little at a time can add up over time! Check out our auto-investing program today to get started.