Ever gotten something at rock-bottom price? When you are shopping, wouldn’t it be nice to get money back on your purchases? It sure is nice to not only get the lowest price possible, but to also get cash back. It feels great to know that you paid next to nothing! If you are not already doing this, then I’d like to share with you a strategy for not only paying the lowest price possible, but also getting cash back on purchases. It is super easy to do. Whether shopping online or in-store, getting cash back means more savings! This is my technique:
I sign up for the store’s newsletter – this way, I get alerts on sales and discounts on the items that I need or want to buy. Often, retailers have special promotions and additional discounts offered exclusively to subscribers. This way, I shop at a time when the item has the lowest price listed.
I sign up with shopping portals. A shopping portal is a website that gives users cash back when shopping through their website. Think of it as a website that is a giant online shopping mall. For example, when you walk into a mall, you go through one door, and inside are several stores. You then head to the store where you want to purchase something, get what you need, then pay, and walk out. So instead of walking into the mall, you go online, and head to the website that is a shopping portal, and from there choose the store you want to buy something from. Shopping portals partner with retailers which offer consumers either cashback, miles or points or other type of rewards on your purchases. In addition to the offers from retailers, shopping portals will also offer specials of their own. For example, you can earn X amount of points or cashback for spending X amount of dollars. Here is an example from Swagbucks:
There are several types shopping portals: Airlines, which offer miles; credit card companies, which offer points, cashback or gift cards, and cashback websites, where you earn a percentage cash back on your total purchase. I usually use cashback websites because I prefer cash back. Since I’ve been doing this for a while, I’ve noticed that Topcashback.com, Mr. Rebates and Rakuten (formerly Ebates) have the most stores, and tend to offer the highest amount of cashback for my shopping. Ibotta is also a shopping portal, but their cashback is not as high. However, sometimes they offer a bonus for shopping online, and when it does, it boosts your cashback payout.
I use a credit card that offers cash back. There are several credit cards that pay cash back on every purchase you make. Check your wallet. Does your credit card offer a rewards program? What much does your cash back credit card offer? Most credit cards give 1% cash back on all your purchase, others give different amounts of cash back depending on your purchase. For example, you may get 2% cash back when you use the credit card at gasoline stations and 1% when you use it at retail stores. I use the credit card that is offering the highest amount of cash back for the category I am buying. Typically, I use Chase Freedom credit card, and take advantage of their quarterly 5% additional cashback bonus program. Every quarter Chase rotates categories which pay 5% additional cashback rewards. This card doesn’t charge an annual fees, so it doesn’t eat up my savings. (Plus they have a current promotion of $150 cashback, more details about it here). The key to saving with a credit card is to use one that has the highest cash back amount.
Most merchandise go on sale for several reasons. Prices tend to drop at the end of seasons, due to overstock merchandise, when new models either come out or after they come out. In most cases, price may or may not drop in the future. I cover my bases to ensure I get the lowest price possible by using a service that tracks merchandise prices. and then get a refund for the price difference. I use to use a Citibank credit card and register my purchase on their Citi Price Rewind program in order to get the price difference back, but unfortunately, this program will be discontinued:
UPDATE: Price Rewind will expire September 22, 2019. You have until then to enter a new claim.
Now I use Waldo money app. Waldo is an app from Waldo Technologies which tracks your purchases, and if the price drops, you get that cash back. It does this automatically after you register with the email where your e-receipts get mailed to. The cash refund is given back to you either by mailed check, mailed gift certificate, credited to your bank or credited to your credit card. The one drawback to using Waldo money app is that in only works with Gmail. So if you don’t use a Gmail account for your e-receipts, you’re out of luck. The app is free is free to use, but gets a 25% commission from the savings they find for you. Its better than nothing though. (Note: I will update this post as I find new price protection plans, leave a comment to request being alerted when I do).
Usually the day after Christmas, prices on just about everything drops. Specially prices on electronics. Say, I am going to buy wireless headphones as a gift for someone. I will be avoiding the holiday crowd at the stores by shopping online from the comfort of my couch by shopping online. I saw the headphones I want at Best Buy. Currently, there are no sales posted for the wireless headphones I want, but I know there will be. Instead of going directly to the Best Buy website, I log in to a shopping portal. Currently Rakuten (formerly ebates) offers the highest rate cashback. So I will log on to ebates, and from there, search for Best Buy. The site will then show me how much cashback I can earn when I buy something at Best Buy, and I then click on ‘Shop Now’ link which will direct me to the Best Buy website. I simply shop as normal, and pay with cashback rewards credit card. That’s it! I will get cashback from shopping through the Ebates portal. After Christmas, the price of the headphones will drop, and I will get the price difference through Waldo money app. See how easy it is?
This saving strategy is fantastic to use, specially around any major holiday shopping events like – Black Friday, Christmas, White Sale – you name it.
Tip: TopCashback runs a lot of specials, offering freebies for new members. Click here to see their latest promotion and snag a freebie!
I am always looking for ways to save, and I love sharing my savings strategies!
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