How does the cashback work on credit cards and debit cards?
These are useful and collceted by Anne!
Q&A: How does the cashback work on credit cards and debit cards?
When I use my debit card at the store, it asks if I want like , , or cashback. How does cashback work? And how would this cash back procedure work on a credit card?
Should I take a cashback amount when using my debit card? I see other people in line in front of me using their cards and when ask if they want cash back, some of them press no on the key pad.
The following is the answer:
Answer by David G
it takes the money out of your bank account. cashback for a credit card would be a cash advance which charges very high interest.
Answer by Robert
You’ll want to read the fine print. All cards are different.
For example, if you earn 3% cash back on gas, you’ll get back for every 0 spent, etc. Some cards give you a check back, while others give you points that you can exchange for gift cards.
Answer by gomanyes
Cashback only works on debit cards. Basically, if you ask for cashback, the cashier will give you that amount of cash, and add it to the amount that gets taken from your bank account. So for example, if you buy worth of stuff and ask for cash back, then they will subtract from your bank account and give you cash in addition to what you bought.
Cashback is basically a more convenient alternative to going to the ATM. It only works for debit cards, not credit cards.
Give your answer to this question below!
