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Whenever you buy something you get a percentage of the money refunded to you, which means that cashback is a way to save money on the purchases you have already made. You can take this as a discount or incentive.
By using a cashback credit card you get the advantage to earn cash from the money you have already spent either by paying you back a percentage of the money you have spent or by rewarding you with reward points.

If you spend AED 5000 as your annual spend and your credit card offers 1% cashback on all the transactions you have made then you may earn AED 50. But that will only work if you pay off your amount in full every month. However, if you do not do so then the interest rates will probably out with the benefits. You will get a portion of all your spending back in the form of rewards each time you use the card.

Usually, a cashback credit card is divided into three categories. Here’s how to you will know which group a card belongs to, as well as what you should think about inside each category :

1. Flat-Rate Cash Back Credit Cards – These credit cards provide a single cashback rate that applies to all purchases.
2. Tiered-Rate Cash Back Credit Cards – Tiered-rate cash back credit cards may allow you to earn extra cashback on certain transactions. These cards give you more cashback in some areas while giving you a flat rate on everything else.
3. Rotating Category Cash Back Credit Cards – These cards typically offer higher cashback in categories that rotate every quarter. From year to year, the rotating categories may vary.

Charges and fees incurred for a cashback credit card are as follows :

• Interest Fee
• Annual Fee
• Foreign Transaction Fee
• Late Payment Fee
• Cash Withdrawal Fee

Cashback credit cards allow you to earn money from your purchases by either paying you a percentage of what you spend or rewarding you with reward points. They’re only useful if you pay off your bill in full each month and don’t exceed your credit limit. Otherwise, the cost of interest will surpass the benefits.

The percentage of cashback varies from one card to the next. The majority of credit cards offer cashback ranging from 0.5 percent to 5%. When banks run promotions, they may provide larger cashbacks, which can range from 10% to 50%.

1. 1. Age- Above 21 Yrs of age
   2. Emirates Id
   3. Passport Copy
   4. Salary / source of income

Cashback credit cards can be a good option if you pay your credit card balance in full every month. This is since you are being compensated for spending money you would have spent regardless. But it is not a good choice if you don’t always pay off your credit card account in full.

Some of the advantages of Cashback Credit Card include :

• Cash Prizes
• Most cashback credit cards don’t charge an annual fee.
• Many companies provide sign-up bonuses.
• Provides benefits of Shopping

• Determine which spending category gives you the most rewards and make those purchases with your Card.
• Keep an eye on the spending category that pays you the most money, especially if you have a Bonus Category Cash Back Card because it changes frequently.
• Make sure your Cash Back Credit Card bill is paid in full. Paying only the minimum amount due will earn you interest, which will fully outweigh any cashback advantage you could receive.
• And never delay your payments. There’s no use in paying late fees because it nullifies any gain that cash backs provide.
• Choose a credit card with a low or no annual fee. Paying a hefty yearly fee is pointless if you wind up earning less than the card’s cost etc.

Your cashback benefits can be redeemed in a variety of ways, such as a statement credit, check, or direct deposit into a bank account, for travel, gift cards or products, or as a contribution. The number of options you have and the restrictions you must meet before you may redeem varies per card and issuer.