Cashback: 5 ways to boost your earningsWhich? explores innovative ways to earn cashback
09 September 2015
The world of cashback is constantly changing. Whether you're using cashback websites, cash back credit cards or some other form of reward scheme, the best offers aren't often around for long.
This means that if you're looking to make the most of cashback offers you need to be on the ball.
Here, Which? rounds up some of the key recent developments that could help you boost your cashback earnings.
Cash back credit card deals coming to an end
One of the simplest methods of earning cashback is via cash back credit cards or reward credit cards. Both let you earn back a percentage of your overall spend, which is either paid onto your card as credit or via in-store vouchers.
However, a number of these deals are being scrapped or altered due to imminent EU regulations putting a cap on the interchange fees that credit card providers can charge retailers.
Tesco Bank recently responded to these regulations by reducing the amount of Clubcard points that can be earned per pound spent on its credit cards at stores other than Tesco. Capital One and Royal Bank of Scotland are among the other providers to have downgraded their cashback deals in recent months.
If you already have a cash back credit card, it's worth checking whether you still have the best deal.
The Which? Money Compare credit card tables let you search hundreds of cards from providers large and small to choose a great deal based on quality of service as well as cost and benefits.
Which? Money Compare table: Reward credit cards - find a great deal
Earn cashback with your current account
TSB recently gave its Classic Plus current account customers the opportunity to earn 5% cashback on their first £100 of contactless spending every month.
The Santander 123 current account also has a tempting cashback deal, offering up to 3% cashback on household bills paid by direct debit.
What's more, a number of banks have recently upped the cash incentive offered to customers who switch to them. Switch to First Direct and you'll now get £150 credited to your account, while switching to Halifax will earn you a £125 cash reward.
Cashback deals associated with current accounts often have terms and conditions associated with them, so it's worth checking with the bank whether you'll qualify before switching.
Find out more: Best current accounts - see which account is best for you
Earn cashback without spending money
Cashback sites pay you a cash reward when you make purchases with their retail partners.
However, there are a few ways to get paid by these websites without even making an online purchase.
Quidco and Topcashback both offer financial rewards to customers who refer their friends to them.
There are also schemes where you can earn money by filling out surveys or getting quotes from comparison sites.
Find out more: How cashback websites work - learn the basics
Earn cashback buying products and services
The real windfalls from cashback sites come when you’re signing up to a service for a period of months or years.
There are plenty of telecoms, insurance and mobile phone providers registered on Quidco and Topcashback, among others. Most will offer you a sizeable chunk of money if you sign up through the links on these websites.
Find out more: Make the most of cashback websites - see our money-making tips
Get cashback by switching banks
For a whopping cash reward, consider combining two of the above tips by switching to a bank registered with a cashback website. Santander, Nationwide and the Co-Operative Bank are among the banks currently registered.
Find out more: How to switch banks - find out how easy it is to switch
- Looking to pocket some extra cash? See our full range of money-making tips
- Find out the benefits of spending money on your credit card
- Got a financial query? Call the Which? Money Helpline
Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.