Cashback Credit Cards

What is Cashback?

Cashback means that you get money back on everything you purchase with your card. A cashback credit card does not place restrictions on the types of products or services you buy or where you shop, whether it’s in a physical store or online, you earn money back regardless. Additionally, it is often possible to have the cashback paid directly into your bank account instead of being deducted from your credit card statement.

Do You Get Cashback on All Purchases?

This depends on which card you use, but in many cases you earn cashback on all purchases of goods. However, some credit cards do not offer cashback when you shop with competing partners or specific merchants.

Before applying for a new credit card, you should check whether the card provides cashback on all purchases or if there are any restrictions.

Combine Cashback Credit Cards with Other Memberships

You can combine cashback credit cards with loyalty programs and memberships to maximize your savings. For example, you can use a Circle K EXTRA membership to get a discount on fuel, while paying with a Bank Norwegian Visa to earn an additional 0,5% cashback on fuel purchases. This combination allows you to benefit from both membership discounts and cashback on the same transaction.

Greater Savings with Multiple Cards

You can benefit from having several credit cards that offer the best advantages across different categories. For example, you might choose one credit card that provides travel perks, a fuel card for discounts on petrol, and a third card that offers cashback on everyday purchases. This way, you maximize the overall benefits each card provides.

However, think carefully before applying for multiple credit cards. Choose cards that match your spending habits and provide the greatest savings on what you spend the most money on. If you have good financial control, using multiple credit cards can help you save money across different types of purchases.

Is Cashback Really Worth It?

Cashback is one of the most attractive benefits of credit cards. As shown in the examples above, it’s possible to save a significant amount of money. However, that doesn’t necessarily mean it is always profitable.

There is a risk that your spending may increase in the pursuit of earning more cashback, leading you to buy things you don’t actually need. Even a small increase in monthly spending can quickly eliminate the savings gained from cashback.

Our best advice: Choose a cashback credit card that rewards purchases you already make, don’t change your spending habits just to earn cashback.

What Is the Difference Between Cashback, Discounts, and Bonuses?

There are several credit card benefits that may seem similar. Cashback, bonuses, and discounts all help you save money when paying with your card, but they work in different ways.

Cashback vs. Bonuses
Cashback and bonuses share some similarities, as you earn a certain percentage back on your purchases.

However, bonus points often come with stricter rules regarding how they can be used, such as being limited to travel, gift cards, or specific partners.

With cashback, you usually have more flexibility and can use the money however you like.

Discounts
Discounts are typically direct price reductions applied at the time of purchase. In some cases, they may also appear later as a reduction on your credit card bill.

In short, cashback offers the most flexibility, bonuses can provide higher value in specific categories, and discounts give you immediate savings at checkout.

Tips for Earning Extra Cashback

• Choose cards that match your spending habits
  Get credit cards that offer cashback on the goods and services you use most frequently. For example, if you travel often, choose a travel credit card with both travel perks and cashback. If you drive a lot, opt for a card that gives cashback at the fuel stations you use most. There’s nothing wrong with having multiple credit cards to maximize benefits, provided you can manage them responsibly.
• Use browser tools and apps to track offers
  If you find it difficult to keep track of all deals and discounts, several cashback programs, such as re:member Reward and Trumf, offer browser extensions that notify you when you visit a website where you can earn cashback.
• Pay on behalf of others
  If you pay for friends or family and get reimbursed later, you can earn cashback on their purchases as well, effectively increasing your rewards.
• Combine different programs and discounts
  You can stack multiple programs for greater savings. For example, as a Trumf member, you can scan your Trumf card to get grocery discounts, and then pay with Trumf Kredittkort to earn an additional 2% cashback or more.

Summary

By using a cashback credit card, you can earn money back on everything you purchase. Over the course of a year, this can amount to several thousand kroner in savings. If you also manage to combine cashback with other card benefits, your total savings can be even higher.

Ultimately, it’s important to choose a card that aligns with your spending habits.