Money matters with Effie

There's a lot to love about pocketing a couple of bucks each time you make a purchase. But how much do you really save by using cashback sites?

- EFFIE ZAHOS is a money commentator, author and Channel Nine's Money Editor.

The promise behind cashback rewards is simple. Each time you make a purchase via the retailer, the site receives a commission from the retailer, and then the platform shares part of this commission with you through a cash payment. The money goes to your personal platform account, and can be redeemed on future purchases or transferred to your everyday bank account.

How much cash you get back varies between platforms, retailers and even the time of day of the purchase.

The common thread is that there's usually no sign-up fee, so you can stick with one platform or sign up to several to maximise the savings.

Know the upsides – as well as the drawbacks

Like everything in the money world, there are pros and cons to cashback sites.

Let's take a look at three of the more popular platforms to check out how they work.

Cashrewards
App availability and rating: iOS (4.8) and Android (4.7)

Cashrewards claims to have more than two million members and links to over 2000 stores.

At the time of writing, the rewards included up to 4% cashback at Myer, 10% with Woolworths Online, and as much as 33% off the HelloFresh meal service.