Get up to 20% cashback on Thursday from retailers like Home Depot, Macy’s and Amazon

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You can get paid for shopping on Thursday – if you use your credit cards properly.

Online shoppers searching for offers on the RetailMeNot discount and coupon code site during this 24 hour window can receive generous cash back offers that are double or triple what many reward credit cards are available. RetailMeNot christened this Cash Back Day and hundreds of stores, including Amazon AMZN,
+1.21%,
Destination TGT,
-2.37%,
Home Depot HD,
-1.02%,
Macy’s MACY,
+ 0.87%,
Disney dis,
+ 3.14%
and CVS CVS,
-0.75%,
offer rewards for purchases made on their websites on November 7th. The money will then be transferred to the buyer’s Venmo or PayPal account next month or given away as a gift card.

This is how it works:

  • You’ll need to log into your RetailMeNot account or sign up for a free account and log in.

  • Browse the offers on the Cash Back Day page and click on the offer that you like. You will be redirected to the store’s website where you can shop and make your purchases.

  • Once approved, cashback rewards will be sent to your RetailMeNot wallet (typically 45 days from the date of purchase) and can be redeemed through PayPal, Venmo, or for a gift card.

Offers include 20% cashback on Home Depot decor and furniture and 20% cashback on Snapfish prints and products. Buyers can get 10% cashback from Macy’s, Best Buy BBY.
+ 0.36%
and Adidas ADDYY,
+ 1.51%.
And JCPenney US: JCP
offers $ 15 cashback for purchases of $ 150 or more. Considering that the average for a cash back reward card is just over 1%, with some like the new Apple Card offering 2% on everyday purchases, consumers have the option to cash in the rewards on Thursday.

Related:Here’s everything Apple doesn’t tell you about its new credit card

Retail experts told MarketWatch that the most savvy shoppers can play the system by combining these Cash Back Day rewards with the bonuses from their reward credit cards. And people can use this strategy all year round.

“It is a simple additional step to click through one of these cashback portals [which also include Rakuten, which was formerly eBates, and BeFrugal] to a website that you would have visited anyway, that is how you earn the bonus points, ”said Ted Rossman, industry analyst at Bankrate.com. “And when it comes to paying, you want to pay with the right rewards credit card. It’s a nice double dip opportunity. ”

Kimberly Palmer, the personal finance expert at NerdWallet, cites the Amazon Prime Rewards Card as a perfect example. These cardholders receive 5% cashback on all Amazon purchases. So when you shop at Amazon on Cash Back Day, you earn 5% cashback on your card and another 5% to 6% through RetailMeNot, which doubles your rewards. Or the Target Red Card gives buyers a 5% discount on Target, which they can combine with a further 1% on Cash Back Day.

“You have the option to potentially stack these rewards so you can stretch your budget even further, and that’s really powerful for the consumer,” she said.

But while Cash Back Day rewards are more generous than usual, the event comes with a few caveats that buyers should be aware of.

First, the cashback bonuses only apply to purchases made online through RetailMeNot – so you won’t get them if you go straight to the Amazon or Sephora websites. Also, these cashback offers are only available on November 7th, so you will have a limited time window to receive these bonuses. This means that a hot ticket item that you have your eye on now may later be available at a better price, even after you consider RetailMeNot’s cashback reward.

And you won’t get the money back right away. In fact, you’ll have to wait around 45 days – which means those premium dollars probably won’t end up in your account until the weekend before Christmas, which is also when Hanukkah begins this year. In other words, you can’t expect to use the Cash Back Day money on your Black Friday or Cyber ​​Monday purchases later this month. You may not get it in time to do your Christmas shopping. RetailMeNot’s shopping and trending expert Sara Skirboll says this late payday is an opportunity for shoppers to “save money early and then get their payoff just before Christmas for any last-minute and after-vacation needs.”

Also, beware of the impulse buying urge. “Even if you get 10% cashback, you’re still hooked on the other 90%,” said Rossman. A recent report by Bankrate found that 40% of American adults made an impulse buy in the past month and 20% in the past week – and that survey was conducted in August. “This impulse buying concept is charged around the holidays,” he said. “You can get in trouble at events like this. But if you only buy what you need, you can get a good discount. ”

“The best way to really take advantage of this and other cashback opportunities is to make a list in advance and only buy based on that list,” Palmer agreed. “Then if you choose the cashback, it’s a bonus and you can stretch your budget instead of going over budget.”

And when you use a credit card for cashback bonuses, you need to withdraw that balance in full every month. “If not, the interest you pay easily outweighs the money you make,” added Palmer.

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