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A cash back credit card offers rewards for using it in the form of cash. The cash back reward is like a bonus to credit card customers for using their card to make purchases. The cards are simple to understand, and you can use the earned dollars anywhere.
These rewards operate on a percentage basis. When you use your cash back credit card, you'll get a certain amount of cash back for every dollar you spend. And then in some cases, you can earn extra cash back for certain types of spending, such as at grocery stores or gas stations.
For example, if you spend $75 at the grocery store that gives 3% cash back on that type of spending, you've earned $2.25 back.Essentially, cash back is like a discount or rebate, because for every eligible purchase from the card, you're given a small percentage back. While these rewards may seem small, they can add up over time. Then, they can be redeemed to be put toward other purchases, or delivered in the form of a check or prepaid debit card.
When you use a cash back credit card to make a purchase, the issuer gives you back a certain percentage of the purchase amount. Most often, this is 1%, 2% or 3% of the total, but can be as high as 6% or more.
For example, if your card earns 1% on purchases, and you buy something for $100, you'll get $1 back. Or, if your card earns 3% in the restaurant category and you spend $50 out to eat, you'll earn $1.50 back.
You can check your accumulated earnings on your monthly statement or through your online portal account. Then, you can decide how you want to redeem the points, like: