Cash back incentives are becoming an increasingly popular way for lenders and financial providers to attract new customers to their products. You can receive a cashback incentive for credit cards, transaction and savings accounts, home loans and financial package deals. Different lenders have different incentives on offer, some requiring you to sign up for new products to qualify.
A cash back incentive is basically what it sounds like—you receive cash back into your account after you apply for a financial product and your application is accepted. Sometimes providers also waive fees or charges with these offers, making them even more attractive to new customers.
A cash back incentive is a great offer because it allows you to spend the money how you like. However, there are usually some things you need to do to be eligible for the cash back. For example with a bank account cash back offer, you usually need to make a certain number of transactions within the first month or so of opening the account. Taking advantage of cash back incentives are another way to help get more out of a product or service and possibly help save money.
Credit cards are one of the most popular products that providers offer cash back incentives with. They are sometimes offered in conjunction with low purchase rates, balance transfer rates or other discounted rates or fees. These offers are usually for a limited time only and require you to apply for the card by a certain date.
When considering these credit cards remember to check the fees and rates before you sign up. A good idea is to calculate the fees and interest you will be paying and decide whether the cash back offer is worth it. Remember to compare your options online before you settle on a card.
The amount of cash on offer with a home loan cashback deal is usually much higher than what you receive with credit cards or other financial product. This is because a home loan is a much bigger commitment, and a bigger ongoing cost overall. Some lenders offer you gift cards worth thousands of dollars or give you cash when you settle.
Remember that selecting a home loan is a big decision and one that will be with you for a significant amount of time. You should consider cash back incentives for home loans as they are intended: a bonus. You need to consider interest rates, fees and the flexibility of the loan to see if it's suitable for your financial needs first.
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