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Frequent Contributor
Steelersboy
Posts: 343
Registered: ‎06-25-2013
0

Cash back?

Is it just what it says, or is there a catch? If I charge $100 on a card, and say the cb percentage is 2 percent, I still owe $100, right? I would get $2 from the merchant or card company? Or would I only end up paying $98? Sorry if this sounds like a stupid question and thank you!

 
If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the best interest. - Benjamin Franklin
FICO Equifax-741, FICO Transunion-729, FICO Experian-740, Walmart FICO-754
Capital One Platinum|Capital One Quicksilver Cash Rewards|Chase Amazon Visa Rewards|BOA Cash Rewards|Walmart Discover|Sallie Mae MC Goal scores- 760+
Frequent Contributor
b_seeker
Posts: 390
Registered: ‎03-24-2013
0

Re: Cash back?

Typically, CC companies have a rewards balance(Exception: Penfed cash rewards is applied at the statement cut automatically). Typically, when your statement cuts, the cashback you've earned through the month will be deposited into your account(Exception examples: Barclays is when the charge clears, AMEX is a month behind).

 

Then you can either ask for the money you've earned in the form of a check(Carries a minimum balance needed to redeem) or just apply it as statement credit (Sometimes needs a minimum, usually lower than check, to redeem). If they offer points, they usually have other things to redeem like gift cards or products as well.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Cash back?

You would still have to pay $100, unless you choose to apply the $2 cash back towards your balance.

If you tell us which card specifically you are referring to, we can give more exact advice.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Blogger
HiLine
Posts: 2,895
Registered: ‎10-19-2012
0

Re: Cash back?

You pay the charges in full; the rewards will post to your account typically at the end of the billing cycle. When the rewards post you'll have cash credit to apply toward the account balance. 

Frequent Contributor
Steelersboy
Posts: 343
Registered: ‎06-25-2013
0

Re: Cash back?

Bank of America cash rewards.

 
If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the best interest. - Benjamin Franklin
FICO Equifax-741, FICO Transunion-729, FICO Experian-740, Walmart FICO-754
Capital One Platinum|Capital One Quicksilver Cash Rewards|Chase Amazon Visa Rewards|BOA Cash Rewards|Walmart Discover|Sallie Mae MC Goal scores- 760+
Frequent Contributor
Steelersboy
Posts: 343
Registered: ‎06-25-2013
0

Re: Cash back?

So would I have an option to keep the cash?

 
If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the best interest. - Benjamin Franklin
FICO Equifax-741, FICO Transunion-729, FICO Experian-740, Walmart FICO-754
Capital One Platinum|Capital One Quicksilver Cash Rewards|Chase Amazon Visa Rewards|BOA Cash Rewards|Walmart Discover|Sallie Mae MC Goal scores- 760+
Frequent Contributor
Steelersboy
Posts: 343
Registered: ‎06-25-2013
0

Re: Cash back?

Great blog HiLine!

 
If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the best interest. - Benjamin Franklin
FICO Equifax-741, FICO Transunion-729, FICO Experian-740, Walmart FICO-754
Capital One Platinum|Capital One Quicksilver Cash Rewards|Chase Amazon Visa Rewards|BOA Cash Rewards|Walmart Discover|Sallie Mae MC Goal scores- 760+
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Cash back?

Unfortunately, I don't have that card so I'm not sure how the cash back works.

Could someone else who has the card help the OP figure out when the cash back is available and how the OP can use it? Does it have to be in $25 increments, is it available to use immediately, etc.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014

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