The Unity Payments blog has long documented the fact that there are many benefits to accepting credit cards and debit cards in your store. However, it should be highlighted that your plastic-friendly ways provide customers with numerous benefits too. We’re not just talking about the fact that, by accepting credit, you provide consumers with their preferred method of payment. We’re also referring to the fact that you help people to save money!
How do cash back credit cards work?
Cash back credit cards are all the rage because they provide consumers with added value to their purchases. These cards enable their users to earn points which can be redeemed as cash. Simply put, cash back credit cards save consumers money.
“In the credit card agreement for a cash back card, the issuer will specify the rewards based on specific purchases; it is expressed as a percentage and can vary depending on what you buy,” explains Ratehub.ca, “For example, the Scotiabank Momentum VISA Infinite gives you 4.00% cash back on gas and groceries but only 1.00-2.00% cash back on all other purchases. If you usually pay for gas and groceries with cash, it could literally pay to use a cash back credit card instead.”
What other benefits come with cash back credit cards?
Naturally, there are many different cash back cards to choose from. It’s important to look into the ones that best suit your needs. As we noted, many cash back cards provide additional perks for spending on gas and groceries. If you do a lot of driving and/or have to feed a large family, many cash back cards would work excellently for you. Not to mention, as Holly D. Johnson points out on TheBalance.com, many cash back cards offer sign-up bonuses.
“Like travel rewards credit cards, many cash-back credit cards offer a sign-up bonus if you meet a minimum spending requirement within the first few months,” she writes, “These bonuses can be worth hundreds of dollars.”
Do cash back cards offer purchase protection?
As noted, there are many different benefits to cash back cards other than just earning points for your spending. Many offer such perks as purchase protection. They can help you in the event of a lost, stolen or damaged item. As always, it’s important to read the fine print.
“Some cash-back credit cards (as well as many travel rewards credit cards) offer benefits that can safeguard your purchases or save you money,” informs Johnson, “These perks include a lowest-advertised-price match, extended warranties, return guarantees (or a refund if a store won’t accept a return), cell phone protection, and more. Not all cards offer these features. Read your card’s benefits guide for a detailed breakdown.”
Does your business accept credit cards as methods of payment?
At Unity Payments, we proudly offer Canadian merchants a variety of high-quality POS terminals to choose from. You can easily and securely accept credit card and debit card payments with the Newland 910, the Ingenico Desk 5000 or the Ingenico Move 5000. To learn all about your options, please don’t hesitate to call us at 1-800-661-3761. You may also email us at email@example.com.