Just imagine that you made a purchase in a store, and part of the money you spent was returned to your account. This is cashback in simple terms. The meaning of the word “cashback” comes from the English “cash back” — that is, “return of money.” It’s like a little bonus for buying something. Usually, cashback is calculated as a percentage of the amount spent, so the more you buy, the more you get back.
How can this improve your budget? Well, it’s like getting a discount on what you’ve already bought. For example, if you spent 1000 hryvnias and have a 5% cashback, you will get back 50 hryvnias. This money can be a nice addition to your savings or cover some small expenses. It’s a small thing, but nice, right?
Very often, cashback is offered by banks through their cards or various services during online shopping. The idea is to encourage you to buy specifically from them. So, if you choose wisely where and what to buy, you can save a bit or even earn something. It’s like making your purchases a little smarter!