Banking
Cashback
Also known as: Cash Rewards, Cash Credits
A percentage of the purchase amount credited back to the credit card account or as statement credit.
Detailed Explanation
Cashback is a direct reward where a percentage of spending is credited back to the card account or provided as statement credit. Typical cashback ranges from 0.5% to 5% depending on spending category and card type. Some cards offer higher cashback on specific categories like groceries, fuel, or online shopping.