what is cashback?
when i pay by debit card at a supermarket, why do they say "do you want cashback"?
what is the minimum and maximum cashback your allowed?
2007-05-05 07:12:34 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
You ask "What is cashback", then go on to ask what the maximum and minimum amount is, which would imply that you already know what 'cashback' is!!
2007-05-05 11:18:02 · answer #1 · answered by mal g 5 · 2⤊ 0⤋
Cashback is when the cashier gives you change (notes) which will then be deducted from your debit card. Cashback is the only situation when you get change from a bankcard transaction in a supermarket.
Cashback is always a multiple of 5 pounds and - as far as I know - the maximum cashback you could get at 99% of the places is 50 pounds. However, if you're lucky and your card is in balance, you may try to get more.
2007-05-05 08:57:10 · answer #2 · answered by B D 2 · 0⤊ 0⤋
Cashback saves going to the cashpoint machine as you can get cash at the same time as you pay via debit card at a retailer and believe it or not some banks will reward you if you use it correctly as it saves them money.
You can take between £5 and £50 in multiples of £5.
2007-05-05 07:56:13 · answer #3 · answered by si3_hopkins 1 · 0⤊ 0⤋
It's like using your ATM at the bank. However, if you say Debit you pay a fee to shop at the supermarket with the card. Better to say "credit" == then the supermarket pays the fee for you to use the card.
Use your own bank to take out money -- usually no fees. Remember, even at only $1 each, if you use an ATM 3-4 times a month, that's $3-4, and $36-$48 per year. Most fees are more than $1 these days, too.
2007-05-05 07:20:10 · answer #4 · answered by bajacobi 2 · 0⤊ 0⤋
When you use a debit card, the card can be used one of two ways debit or credit, for most. Each bank has their own rules, fees, restrictions, etc. that come with each transaction when using your debit/credit card.
When you go to the supermarket or many other retailers the option to get cash back is a convenient one. You'll find that many banks do not charge a fee for this withdrawal nor do you incur any "ATM-like" fees for doing this.
As whether to use debit or credit is specific to each retailer and each bank, and your own preference.
the minimum I believe you can get back is $5, but again that is specific to each merchant/store the maximum varies, I've seen someone get as much $120, but each retailer usually governs that to ensure their registers don't end up low in cash. So you may see signs posted at the register that says maximum of $20 or $50 cash back.
Hope this helps.
2007-05-05 07:30:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They mean would you like cash to be handed back to you. This is basically having cash taken directly from your checking account and given to you on the spot rather than going to the bank. The amount you can get back depends on various factors limits which vary from store to store. I have seen limits anywhere from $10-$200 although most are between $20min-$80max.
2007-05-05 07:21:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
using the supermarket like a cash point machine. no charges.
minimum £5. maximum £50
This in the UK, might be diff in the USA
2007-05-05 07:21:20 · answer #7 · answered by the dougal 2 · 0⤊ 0⤋
Cash back is a offer given by your merchant or any other company who participate you in their profit. I recently joined with shopping website. If i purchase by redirecting through this website then they give me points and on every month that points converted into cash.
2014-04-15 03:57:29 · answer #8 · answered by Cash for Click 2 · 0⤊ 0⤋
Instead of going to a bank, you can get cash taken from your account there and then
2007-05-05 07:16:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋