What is Cashback reward program?
When payment is made with [[credit card]], sellers pay small percentage of the transaction to their bank or merchant. Many [[credit card]] companies, especially those in the [[United Kingdom]] and [[United States]], share the commission with the owner of card by giving him money bonus, points that can be exchanged for prizes and discounts once some level of purchases is reached.<ref>{{cite web|url=https://www.investopedia.com/terms/c/cash-back.asp|title=Cash Back|first=Julia|last=Kagan|website=Investopedia}}</ref> A monetary benefit is known as '''cashback''', sometimes pronounced as two separate words in the [[United States]] - ('''cash back''').<ref>{{cite web|url=http://www.greasypalm.co.uk|title=So why use Greasypalm|publisher=|access-date=2021-01-17|archive-date=2017-11-04|archive-url=https://web.archive.org/web/20171104065712/http://greasypalm.co.uk/|url-status=dead}}</ref> Usual cashback amount is between 0.5% and 2% of buyers net spending (purchases minus refunds and tax) as a yearly bonus, which is either added to the [[credit card]] account or paid by [[cheque]], [[cash]] or [[wire]] to the participant.<ref>{{Cite web|last=|first=|date=|title=What is Cashback in simple words?|url=https://gde-cashback.ru/chto-takoe-keshbek-prostymi-slovami/|access-date=June 6, 2021|website=|language=ru}}</ref> Recently, major card issuers have increased cashback amount to 5% for purchases especially in grocery stores and petrol stations. In most cases bonuses like cashback are offered to customers that pay off their credit debt on time every month.<ref>{{cite web|url=http://www.bbc.co.uk/worldservice/learningenglish/radio/specials/1720_uptodate4/page8.shtml|title=BBC World Service - Learning English - Keep your English up to date|website=www.bbc.co.uk}}</ref> ==References== {{reflist}} [[Category:Money]]