Cash-back credit cards allow you to earn money back on your purchases. The vast majority do so from a rewards program. Learn more about them below.
Credit cards with cash back
Credit cards with money back or cashback cards are financial tools. They work by accumulating programs of points and bonuses offered for each purchase.
In other words, each time you pay with the card, you may accumulate points and bonuses, which you may reclaim by different methods. Each bank or credit institution has the power to modify the return percentages for purchases made.
Cashback programs in Mexico
There are a variety of cashback cards on the market. For the program considers a refund, it must offer cardholders the possibility of investing without restrictions. It should even allow you to get it in cash.
In Mexico, there are options for consolidated cashback programs. Each offers rewards for every purchase made. See what cash-back credit programs exist in the following sections.
Citibanamex – Reward Points
Rewards points are the Citibanamex cash-back program. It functions by accumulating points for each purchase, except for monthly purchases without interest.
To register, you must fill out a form on the institution’s website. The program is compatible with the different Citibanamex credit cards.
Banregio – Cash Back
Cash Back is the current name for the In rewards program. With it, you do not accumulate points; instead, you receive reimbursement percentages directly. Rates vary according to the plastic used.
Refunded pesos accumulate on the same credit card. Pay in establishments is only a matter of checking the data on the back of the card.
Reimbursements range from 0.75% to 7.5%, depending on the plastic assigned to the cardholder. You can visit an ATM, review account statements, or enter electronic banking to check your balance.
HSBC – 2now
HSBC’s 2now cash-back credit cards have become one of the most potent credit products in the Mexican market.
Its main advantage is that it allows you to use the rewards or refunds from the same plastic. Thus, it is possible to spend it at any sale or withdraw cash from ATMs is possible.
Best cashback cards
After learning about the available programs, it is time to mention the available cash-back credit card options. Continue reading and find the different options:
HSBC 2Now
It is a cashback card with no annual fee. Among its benefits, it is possible to mention that it allows processing five additional cards, in the same way, without an annuity. It is one of the most powerful on the market, offering up to 2% cash back for any purchase.
Thus, if you want a greater understanding, the value of the reward would be equivalent to twenty pesos for every 1,000 invested. After 72 hours, the refund will reflect and will remain valid for up to 12 months. At the end of the period, they will automatically disappear from the credit account for refunds.
Each month, it is possible to accumulate the amount of one thousand pesos. Therefore, if monthly purchases exceed fifty thousand pesos, rewards will only count for that amount, and the excess is not valid.
Those who wish to obtain this card must be citizens, have a good credit history record, and have monthly earnings of at least fifteen thousand pesos.
Costco Citibanamex
It is a program aimed at Costco customers interested in increasing the benefits for purchases in the establishment. It has an annual cost of 450 pesos, not including VAT, and covers eight additional cards.
This plastic is valid worldwide. Therefore, rebates apply inside or outside Costco. These specifications make users use it as the main card, not simply for in-store purchases.
Competition in the card market is quite intense. The card even offers rewards of up to 3% per year on purchases in Costco. In contrast, those purchased outside reach up to a 2% reimbursement. Another Costco card feature is the time of refund. It happens only in December.
To apply for this card, it is necessary to show proof of an income greater than seven thousand pesos per month.
Citibanamex Gold
The Gold card is among the most popular. In part, it is because it is easy to acquire. It has a minimum expense of seven thousand pesos per month. Those who own it pay 1,141 pesos per year, not including VAT.
The card manages the Premia Points program. However, it is possible to translate the operation into pesos. So, 0.7% is the minimum percentage to earn per reward, or what would be seven pesos for every thousand invested in purchases.
Rewards accumulate on a debit card. You may claim them by withdrawing cash from Citibanamex ATMsor investing in various purchases.
Which is the best credit card with cashback?
There are different credit card options with cash back. It is necessary to verify the requirements of each one and adapt them to the needs to choose the best option. For this, it is essential to consider finances and economic possibilities.
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