The Rise of Monthly Cashback Programs
In recent years, cashback programs have become increasingly popular as a way to earn rewards on everyday purchases. While credit cards are often associated with cashback benefits, monthly cashback programs have emerged as tap here to play an alternative for those who want to earn rewards without the need for a credit card. In this article, we will review some of the top monthly cashback programs available today.
What is a Monthly Cashback Program?
A monthly cashback program is a type of rewards scheme that offers cash or other benefits on purchases made within a specific time frame, usually a month. These programs are often subscription-based and require users to pay a fee to participate. In return, members earn a percentage of their purchases back as cash or other rewards.
Top Monthly Cashback Programs
Here are some of the top monthly cashback programs available today:
- Ibotta : Ibotta offers up to 10% cashback on purchases from over 275 brands and retailers. Members can also earn cash back on gas, groceries, and other everyday items.
- Drop : Drop offers cashback on purchases at popular stores like Amazon, Walmart, and Target. Members can also earn rewards on dining and travel expenses.
- Rakuten (formerly known as Ebates) : Rakuten offers up to 40% cashback on purchases from over 2,500 retailers, including Macy’s, Sephora, and Home Depot.
- Dosh : Dosh offers cashback on purchases at thousands of stores and restaurants, with no minimum redemption threshold.
- Fetch Rewards : Fetch Rewards offers cashback on gas, groceries, and other everyday items. Members can also earn rewards on dining and travel expenses.
How Monthly Cashback Programs Work
Monthly cashback programs typically work as follows:
- Sign-up and registration : Members sign up for the program online or through a mobile app.
- Tracking purchases : Members link their credit or debit cards to the program, allowing it to track purchases made within the designated timeframe (usually a month).
- Earning cashback : Based on the terms of the program, members earn a percentage of their purchases back as cash or other rewards.
- Redeeming rewards : Rewards are redeemed through the program’s mobile app or online platform.
Pros and Cons of Monthly Cashback Programs
Like any financial product, monthly cashback programs have both pros and cons:
- Benefits :
- Earn cash or other rewards on everyday purchases
- No minimum redemption threshold for some programs
- Easy to use through mobile apps or online platforms
- Drawbacks :
- Fees associated with membership (e.g. $10/month)
- Limited selection of retailers and brands participating in the program
- May not be as rewarding as credit card cashback benefits
Comparison of Monthly Cashback Programs
Here is a comparison of some of the top monthly cashback programs:
| Program | Annual Fee | Average Cashback Rate |
|---|---|---|
| Ibotta | $0/year (free) | 10% average |
| Drop | $5/month (billed annually) | 1-2% average |
| Rakuten | $0/year (free) | 3-4% average |
| Dosh | $0/year (free) | 2-5% average |
| Fetch Rewards | $0/year (free) | 1-3% average |
Tips for Getting the Most Out of Monthly Cashback Programs
To maximize earnings from monthly cashback programs, follow these tips:
- Read terms and conditions carefully : Understand how cashback is calculated and what fees are associated with membership.
- Link multiple credit or debit cards : Increase earning potential by linking multiple payment methods to the program.
- Maximize purchases within the designated timeframe : Earn rewards on as many purchases as possible within the monthly period.
- Monitor and redeem rewards regularly : Stay on top of earnings and redeem rewards before they expire.
Conclusion
Monthly cashback programs offer a convenient way to earn rewards on everyday purchases without the need for a credit card. While fees are associated with membership, the benefits can be substantial for those who take advantage of these programs. By understanding how monthly cashback programs work and following our tips for maximizing earnings, you can make the most out of these rewards schemes.