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In reference to a mortgage, cash back can be given to a borrower on the day of completion of the mortgage. It is usually a percentage of the actual mortgage amount.
IE. I want to buy a home and I don't have a down payment. I take a Cash Back mortgage which lends me the 5% down for a period of time, such as 5 or 7 years. I pay a slightly higher rate of interest during that time because I have received
money over and above what I need for the mortgage.
This is done all the time, but only if the credit score is over 650
This information is relevant in Canada.
++ It has another meaning in the UK: "Cash Back" is frequently offered in supermarkets when paying for purchases by card, and means simply withdrawing cash against your own account, on that card, with the shop giving you the physical money.
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What is the cash back fee for this transaction?
The cash back fee for this transaction is 3.
Which business credit card offers cash back?
There are many different credit cards that offer cash back. Some of the credit cards that offer cash back are Simply Cash from American Express and Ink Cash from Chase.
What is the process of earning and receiving cash back through a continuous loop?
The process of earning and receiving cash back through a continuous loop involves making purchases using a cash back credit card, earning a percentage of the purchase amount back as cash rewards, and then using that cash back to make more purchases, thus creating a continuous cycle of earning and receiving cash back.
What are the benefits of a cash back offer?
A cash back offer can benefit you if you purchase the product often. If you get cash back you can use that money on things such as bills or treat you to something nice.
Does HSBC offer credit cards with cash back rewards?
No, HSBC does not offer credit cards with cash back rewards. While their credit cards do offer cash back, it is not a reward and one can be charged a hefty interest fee when requesting cash back.
