Cash in with cashback

WHEN it comes to making your money go further, the first port of call is to pare back spending.

- By MARCUS LAWRENCE

That's obviously a great place to start, but there's a great way to save while you spend. If you're not already making use of them, or you're not using them to their fullest, cashback offers can be a revelation.

Generally speaking, cashback is an offer whereby a percentage of your payment is paid back.

This payback is usually applied to a wallet tied to whichever cashback service you used, and may take a few days to clear.

Nevertheless, they're essentially discounts that many people either ignore or don't fully understand - money left on the table!

Let's take a look at the various kind of cashback offers out there, and how you can make the most of them.

Cashback credit card offers

If you have a credit card already, or you're thinking of getting one, look out for ones with cashback offers.

"Cashback credit cards can be a useful tool for generating a little extra money through your everyday spending on things like groceries and fuel," says Amy Knight, personal finance expert at NerdWallet UK.

Some may have cashback in the form of loyalty points, such as American Express's Avios points which rack up with every transaction and can eventually be used to buy airline tickets and more.

Then there are more traditional cashback options, such as with American Express Platinum Cashback and Barclaycard Rewards. Some of these may offer cashback on purchases up to a certain value, while others will have cashback offers for particular retailers.

It's worth exploring the latter to see if a simple change could result in a regular stream of cashback, such as switching to a supermarket where you can get cashback with your credit card.

Of course, it's important to keep your credit card's T&Cs, fees, and your payment plan in mind before committing to using one for cashback.