Have you ever heard of the term cashback? Cashback is part of credit card 101 and is a kind of incentive credit card issuers give to their cardholders. However, cashback is different from the rewards or points you earn with your credit card. Normally, you cannot earn both cashback and points from your credit card.
In this article, you’ll learn what credit card cashback is and how it works.
As the name implies, it is cash rebate you get from spending money on certain goods and services each month using your credit card. Cashback helps with reducing expenses, especially if you are a frequent shopper. By taking advantage of cashback offers, you can receive a percentage of your purchases back in the form of cash.
Most cashback credit cards give you a certain percentage of your purchase back in the form of cash, although some cards have different offers for different types of purchases. For example, you might get 1% cashback on all of your purchases, or 5% cashback from groceries and gas. There are also some cards that offer rotating categories, so each quarter you might get 5% cashback on a different category like dining out or travel.
For instance, Metrobank Cashback Visa credit card holders can get up to 8% in rebate when spending on groceries, telecommunication and internet bills, tuition fees, and bookstore purchases. Plus you also get 0.20% rebate on all other purchases.
To qualify for the 8% rebate, you need to spend at least PHP 12,000 on non- grocery, non-telecommunications, non-school, and non-bookstore related purchases. If you don’t reach the minimum spend, you still get 0.2% rebate on all your spend.
Keep in mind though that not all credit cards have a cashback. In fact, most credit cards will either let you earn points or cashback, but not both.
There are a few key benefits of using a cashback credit card.
Most issuers do not charge a fee to redeem your cashback, but it is always best to read the terms and conditions of your card, or ask a representative. Issuers may also have different ways on how you can redeem your cashback, or and majority put acap on the cashback you can earn in a month. For instance, you can earn as much as PHP 1,000 in rebates in a month, and you can redeem your cash rebates in increments of PHP 1,000.
If you’re interested in getting a cashback card, consider applying for a Metrobank Cashback Visa Card! It lets you get up to 8% rebate on groceries, telecoms, school and bookstore purchases when you reach the minimum outstorespend of PHP 12,000 a month. Head to your nearest Metrobank branch or visit https://www.metrobankcard.com/apply and prepare a valid ID and proof of income.
Valid IDs accepted include:
For employed individuals, these can serve as your proof of income:
For self-employed individuals, these can serve as your proof of income:
For foreigners, these can serve as your proof of income:
For depositors of the bank, this can serve as your proof of income:
For existing credit card holders of other banks, please bring:
Apply for a Metrobank Cashback Visa card today and make using a cashback card a part of your credit card habits!