What is Cashback?
The first question you may ask is: What is casback? Well when you shop online some of these stores have a sort of referral scheme whereby the person who sent you to the site, gets a small percentage of the money you spent in the online store. This amount can range from 0.1% often upto 10-15% in some cases, where you sign a contract inparticular a fixed amount of money will be given.
Now a Cashback website, is one where you get some or all of the referral money you make when you access your favourite online stores through their sites. Some will take a cut out of your percentage while others charge an annual fee.
What's the best? We think the best is a website called Quidco.
Quidco offer you 100% of your cashback, in return they ask for the first £5 you make through them every year. Cashback is available on thousands of websites, including popular ones such as HMV, Play.com, John Lewis, Currys, Woolworths, Sky Digital and loads loads more.
Summary
Advantages
- You get 100% of the cashback
- A huge number of big name and small name online retailers and service providers are on there
- You really do get the money, it is sent via BACs
- Sending you the money you've earned is FREE, and you can ask for it at anytime regardless of amount!
Disadvantages
- You lose your first £5 annually towards their administration costs. If you don't spend much online each year this could be a seriously large chunk of your earnings.
- One of the biggest online retailers Amazon is not currently on Quidco.
- Not the fault of Quidco, but some retailers Cashback can be incredibly slow.
- On rare occasions transactions do not track.
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