A third of Moneywise.co.uk users may be missing out on what’s essentially free money by not using cashback websites when shopping online.
Our latest poll results, in which 1,062 people voted, reveal that 28% of Moneywise users have never tried using cashback websites, while 5% have never even heard of these sites.
Cashback sites effectively act as a middleman – users search within the cashback website (as a free user) for the retailer or service provider they’re after, a cashback rate will then be displayed, usually as a percentage. You then click to be redirected to the online shop, simply buy as normal, and the cashback is paid a few months later.
Sometimes cashback payments aren’t paid because of tracking problems that results in the cashback failing to reach your account , so don’t think of the money as guaranteed. But if you’re shopping online anyway then it’s a great way to earn a bonus on top.
Moneywise is publishing a guide to cashback on the site shortly, as well as in our May magazine – subscribe to our free newsletter to be kept up to date.
However, six in 10 (60%) savvy Moneywise readers have clocked on to the benefits of cashback sites – 24% say they solely use TopCashback, 21% use Quidco, 11% use a combination of either Quidco, TBSeen or TopCashback, and 4% use a different company to the three we mentioned in our poll.
Just 7% of Moneywise users have tried cashback sites, but didn’t like them. However, in this scenario, if you only tried one cashback site it’s worth giving another company a go instead.
See the full poll results below (click on the pie chart to enlarge).