Cashback funds from sites like Ibotta, Retail me Not, Rakatun, etc. Can you make more out of the funds?

[mdurette]

What do you do with the cashback that you accumulate? I realize that most probably take out as cash, its free money. But, has anyone found a way to make more out of it?

I have been stock piling these funds on the various sites for a while and I need/should cash them out. Obviously this is 100% free money, but can it be churned into more?

Just a random thought of mine. Example in theory: Can I cash out $100 Ibotta Petsmart gift card. Then use that give card to make a $100 purchase and then get 16% back off that purchase? (6% base and 10% bonus via Ibotta right now)

If you have ever turned CB money into "more" tell me how you did it?

 

[alyssa810]

I have a capital 1 savings account and I transfer all my funds from Ibotta, Rakuten, Coupons.com etc. to that to earn a little interest. It's not much but it's still more than letting the money sit in the apps. For Ibotta, I cash out whenever I hit $20 in rewards.
I think some of the apps don't give cash back on purchases paid for with gift cards, only the actual amount you pay (I can't remember if it's Ibotta or Rakuten that does this). I think I had been burned by this in the past.

 

[MrsPete]

I cash out at $25 and always for Walmart cards (which translates into groceries).
I don't let money build up because I fear these places could go out of business without warning.

The idea of "spending smart" and getting more rewards is appealing, but I haven't done it myself.

 

[dez1978]

You could always cash the $ into your paypal then go buy whatever and pay with paypal thru RMN or which ever CB site you use. Thats what I usally do. I never get actual GC with any of those earnings except for the occasional Visa gc, bc that gets used like a normal credit card.

 

[Anthony1971]

Remember $600.00 in PayPal for sales or services and you get a 1099misc and have to claim on your tax return. Although you are supposed to pay taxes no matter the amount including gift cards.

 

[Narnia_girl]

Some people choose to get Amex points with Rakuten rather than cash. Depending on the current offer the value of Amex points can be higher than the cash value. I do not have Amex so I have not done this, but I've read several other points blogs where this is discussed.