Eli5 What is meant by cashback on credit cards?

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Eli5 What is meant by cashback on credit cards?

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You buy something for $100, and if your card offers 1% back then you’ll see a rewards balance of $1.00 for that purchase in your account. Typically you can apply the rewards balances toward your bill, deposit them to your bank account, sometimes you can redeem them for gift cards or travel rewards.

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