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.
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.