As a local start-up, ShopBack takes a popular overseas cashback rebate model and brings it to Singapore. The idea is really simple – go to ShopBack website and click on the link that brings you to your desired retailer.
For example, I shop almost every other week on RedMart and was really glad to see them back on ShopBack’s listing. To add to my delight, their significant 9% cashback is nothing to laugh at.
How Does ShopBack Work?
For example, by clicking on their customized link button (e.g. Get 9% Caskback) it basically tracks and makes sure that you visited the retailer via their website. Important to note is that this only works on desktop/laptop website. Mobile browser is a big no-no.
Clicking on the Shop Now button brings my to the retailer of my choice and I simply proceed to do your usual shopping. It will work its magic automatically.
After I’m done, give it a couple of minutes and the transaction will automatically update itself on the ShopBack website. After the transaction clears, the cashback rebate will sit in the “Pending” bucket. After a pre-determined threshold duration, it will automatically be moved to “Redeemable” – a minimum of $10 for eligible payout.
I’ve been sitting on this post for quite a while after a reader highlighted it to me, and I have been patiently accumulating cashback since October for payout. As of now, I have $8.81 pending, $5.54 redeembale and $30.00 bonus payout.
By itself, Shopback already give a pretty enticing offer with really huge cashbacks. The fun really begins when we start CHAINING all these wonderful online savings together!
Money Saving Combo Example
Let’s say I spend $50 shopping for groceries at RedMart, which basically unlocks free delivery for me. Then, let’s try to cut it down to the bare minimum.
Shopping at RedMart =$50
Since I have a couple of credits left in RedMart, let’s use it to reduce the price since it will expire anyway.
Credit use = $20
Delivery discount = $1
Thus, I will have to pay $29 at checkout. Because I’m using ShopBack to “land” at RedMart, I’m eligible for cashback of 9%. Furthermore, I’m using my credit card to pay for my purchase. It gives my 1.2% cashback.
ShopBack 9% cashback = $2.70
Credit card 1.2% miles rebate = $0.30
Woohoo. Adding all up gets me a $24 off, a mouth watering 48% discount. If you don’t have RedMart credits, what happens is that you will end up earning more ShopBack cashback rebate.
Actual payment = $26
In conclusion, ShopBack is a really a straightforward cashback scheme – what’s not to like?! Use it together with Black Friday Sale today to get the best deal!
Turtle Investor 3rd Annual Giveaway
More Than Index Investing
Be notified of new blog posts right from your inbox!
All you need to do is subscribe 😉