Published on June 25th, 2013 | by Pete0
Making Money from a Cashback Site
Over the course of the last few years the popularity of cashback sites has grown rapidly. These sites provide you with money back every time you make a purchase or sign up to a monthly contract – with some fantastic savings to be had.
At the time of writing you could earn 6% cashback at M&S, £75 for taking out a new insurance policy at Direct Line and 10% off at a range of travel sites including Expedia.
With such fantastic savings to be had it’s easy to see why cashback sites are so well-liked! There are several sites offering this service in the UK but our favourite two sites, and most well known, are Quidco and Top CashBack.
Below we share with you five top tips to help you increase the amount you earn through cashback sites…
#1 Assess your direct debits
If you’re looking to maximise your cashback earnings then the first thing you should do is look through your direct debits and see if any are up for renewal.
In general you will earn the most from cashback sites when you use their services to sign up to a new contract, such as a mobile phone, utility or insurance policy.
For instance, if you’ve not changed your gas or electricity supplier in the last few years you could earn £100 by switching to npower.
#2 Register your cards
If you thought cashback sites were only for online shopping then you’d be wrong.
You can now register your credit and debit cards to earn money when shopping in physical stores. The amount you earn will depend on how much you spend but it only takes 5 minutes and once your card is registered you’ll earn money on your purchases without having to do a thing.
If you were to register your card today you could earn 3% at Halfords, 4.5% at Cineworld and 2% at Debenhams.
#3 Compare the cashback sites
As with all online shopping nowadays it can pay to do a quick comparison search before you make a purchase, and cashback sites are no different.
Quidco and Top CashBack regularly offer different amounts of cashback on your purchases so a quick comparison will ensure you earn as much as possible.
Running a comparison is easy too, Martin Lewis’ Money Saving Expert site has created a free tool to do all the hard work for you, you can use it here.
#4 Earn free money
In some circumstances it’s possible to earn money from cashback sites without having to spend a penny, you just have to complete a certain task.
You can find out about all of these offers on Quidco’s dedicated page called No Brainers and Top CashBack’s No Purchase Offers.
Although the amount you can earn is limited it’s still worthwhile, you could earn £5 for getting a free credit report at Experian, get 5p from Fly.com for simply searching for flights and a massive £15.75 for signing up to a free trial of LoveFilm.
#5 Use a cashback credit card for extra savings
As well as using cashback sites you can also earn money on purchases by using cashback credit cards.
These cards provide you with a percentage of your spending back at the end of the year. American Express offer 5% on all purchases made in the first three months and then 1.25% thereafter.
Just remember to repay the balance in full every month, if not the interest charges will cancel out anything you make in the form of cashback.