Maximizing cashback rewards is a game many of us play, but not all of us win. While most are familiar with the basics, there are hidden gems in the cashback world that can make your earnings soar.

Here, we unveil some lesser-known methods to truly master your cashback game:

Understand your categories

Most cards offer bonus categories where you earn higher percentages. But did you know that:

• Rotating categories: Some cards offer quarterly rotating categories that require activation. Ensure you’re always in the loop.
• Check for special promotions: Occasionally, credit card companies offer promotional rates or special categories. Stay updated.

Use shopping portals

Many card issuers offer online shopping portals that provide additional cashback or points when you shop through them. Before making any online purchase:

• Comparison shop: Different portals might offer different rates. Always check before buying.
• Activate offers: Some portals have special offers that need to be activated. Don’t miss out.

Double dip with gift cards

Purchase gift cards at places where you earn higher rewards, then use them in places where you earn less. This method can sometimes double your reward rate.

Automate your payments

For recurring bills, set up automatic payments using your cashback card. This ensures you’re earning on every possible purchase.

Optimize with multiple cards

Different cards have different strengths:

• Mix and match: By having multiple cards that offer high cashback in different categories, you can always use the card that offers the highest rate for that type of purchase.
• Mind the cap: Some cards have a cap on bonus category spending. Once reached, switch to another card.

Redeem smartly

The method you choose to redeem your rewards can also impact their value:

• Statement credit vs. deposit: Some cards may offer a better rate if you deposit into a checking/savings account rather than use it as a statement credit.
• Bonus redemption offers: Occasionally, there might be promotions that give extra value to your points when redeemed for gift cards or other items.

Beware of fees

A high annual fee can eat into your cashback:

• Run the numbers: Make sure the cashback you’re earning outweighs any fees.
• Negotiate: Sometimes, a simple call to customer service can result in a fee waiver or reduction.

Monitor limited-time offers

Credit card companies occasionally offer limited-time increases to cashback percentages or sign-up bonuses. Keeping an eye on these can give a significant boost to your earnings.

Engage in loyalty programs

Some cards offer additional rewards or bonuses for continued usage or when certain spending thresholds are reached. This can be an extra incentive to stick with a card long-term.

Stay updated on credit card news

The credit card world is always evolving:

• Join online forums: Engage in communities where members share the latest deals and tips.
• Subscribe to newsletters: There are many online resources dedicated to credit card rewards that can help keep you updated.

Refer and earn

Some credit cards offer bonus rewards for referring friends and family. If they sign up through your referral link, both you and they might get a reward.

Strategically plan major purchases

Often, cards will have a high sign-up bonus if you spend a certain amount within the first few months. Time your card applications around when you’ll be making large purchases.

Go for business cards

Business credit cards often have broader cashback categories like office supplies or advertising, which can be beneficial even for some personal expenses.

Utilize mobile wallet offers

Credit card companies sometimes offer promotions for using their card with mobile wallets like Apple Pay or Google Pay.

Leverage price protection

Some credit cards offer price protection. If an item you purchased drops in price, they may refund you the difference. This isn’t direct cashback from purchases, but it’s a way to get money back.

Register for dining programs

Some credit card companies have dining rewards programs where you can earn extra points or cashback by dining at participating restaurants.

Pay attention to foreign transaction fees

If you’re traveling abroad, use a card that doesn’t charge foreign transaction fees to maximize your cashback.

Consider partnered brands

Some cards offer higher cashback percentages when shopping with their partnered brands or retailers.

Redeem for specific travel offers

Some card issuers might offer a higher cashback value when you book travel through their portal, as opposed to taking a statement credit.

Take advantage of small business promotions

Credit card companies, particularly American Express, with their “Shop Small” initiative, occasionally run promotions that give extra rewards for shopping at small businesses.

Check out third-party partnerships

Some utility companies may have partnerships with credit card companies, allowing you to earn extra cashback when paying bills.

Periodic review of your cards

As your spending habits change and as credit card offers evolve, periodically review your card portfolio to ensure you’re always earning the maximum rewards for your expenses.

Earning cashback is not just about swiping your card. By diving deeper into the nuances of your credit card rewards program and exploring these lesser-known ways, you can maximize every purchase and truly master the art of cashback!

Need help to choose the best rewards credit card in Canada? Great Canadian Rebates can help!

With Great Canadian Rebates, you can compare your credit card options in Canada and pick the best one to suit your needs.

Visit our website today or contact us to explore credit card solutions and take the next step!