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This holiday season is shaping up to be more generous in nature than last, at least according to consumer insight research firm Gallup’s predictions. They forecast that Americans will spend, on average, $1,014 on Christmas and other holiday gifts. That’s up from 2023’s $923 holiday budget.
And although it might be better to give than receive, there’s nothing wrong with earning a little cash back for your holiday generosity.
How Cash-Back Apps Work
Cash-back apps reward consumers by giving them rebates on purchases or coupons to use when shopping for certain items or at specific retailers. Some apps offer points, similar to credit cards, which can be redeemed later for cash or discounts on future purchases.
While most apps work for a variety of purchases, both in-store and online, some partner with specific retailers. But every app works slightly differently, sometimes in the rewards they offer, sometimes in the items or retailers. Some apps require you to upload receipts — so it’s important to keep good records.
How To Make the Most of Cash-Back Apps
To minimize the cost of holiday shopping, or maximize the amount of gifts and goodies, it’s essential to plan ahead.
It’s also probably a good idea to use more than one app. Some are best for groceries, others best for gifts, still others cater to gasoline or travel.
Five Popular Cash-Back Apps
The first order of business is to get a good read on what your holiday traveling, entertaining and gift-giving plans will look like, and find the apps that best reward them.
Ibotta
Ibotta has a full range of retailers in virtually every category, like Home Depot, Best Buy, Albertsons, Costco, K-Mart, Dick’s Sporting Goods and many, many more. Cash-back offers typically range from 1% to 5%, although there are some even more valuable offers.
Once you download the app, you have a choice of whether to sign up for a Loyalty Account, which allows Ibotta to log your purchases electronically and reward you without a receipt. You’ll also have to add the deal to your list prior to shopping. Otherwise, you can upload your receipts to be rewarded.
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Fetch
The nice thing about Fetch is there’s not much planning or searching involved: Users earn points for every purchase, no matter the retailer. Once a purchase is made, just scan the receipt and earn points.
Rewards can be redeemed in the form of a gift card at a retailer of your choice, for cash sweepstakes or even for charitable contributions.
Upside
If you’re into cold hard cash being directly deposited into your bank account, Upside might be the app for you. Once you download the Upside app and create an account, you can search for a cash-back offer nearby. Next, you shop, make a purchase with a credit or debit card, and then redeem your savings — cash back — to your bank account, PayPal account or a gift card.
Honey
Available as an app or browser extension– for Chrome, Safari, Opera, Edge and Firefox — Honey searches more than 30,000 websites to find coupon or discount codes. A PayPal company, Honey applies the discount automatically once you shop and find an item for purchase.
The app also has a Droplist, in which you place items you’d like to buy. If a discount becomes available, Honey alerts you.
Dosh
For those who want to do minimal hunting and planning, Dosh might be the cash-back app solution. After downloading the app and connecting your credit card and bank account, Dosh scans your transactions and automatically credits your cash-back rewards to your Dosh account.
Once you earn $25 or more in rewards, you can transfer your cash to your bank, Venmo or PayPal account.
Stacking Rewards
If you have a credit card that pays you rewards or cash back, there is a good chance you can “stack” your rewards. As long as the app allows you to use your credit card, it could be a great way to double up on rewards.
It might be a little extra work to ensure this is possible, but it might also allow you to give — and receive — even more this holiday season.
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