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Ibotta gift cards are a new way to earn cash back on your purchases.
This would be instead of using a reward credit card because you can only use a debit card to buy Ibotta gift cards.
Reward credit cards earn between 1-5% at retailers and restaurants, so when you can earn more, that is ideal.
Under normal circumstances, if you can pay your balance in full, I advise using a reward credit card on all your purchases.
Why not get something back for each purchase?
With Ibotta gift cards, you can earn up to 10% at some restaurants and retailers again.
I think it is this high because they are trying to promote the new program.
In any case, as long as they are offering higher rates, why not get up to 10% back instead of only 1-5%.
This does not require any extra effort either.
I just got 8% back today at Chili’s.
Ibotta gift cards are not available to all savers yet, so make sure it is offered on your account.
If they change the rates to around the reward credit card average, I would go back to using credit cards.
Also, know that the program only works with 100 stores and not all rates are as high as 10%.
Most are higher than reward credit card averages.
You should check to see if your restaurant or retailer is offering higher than your reward credit card.
If you don’t have a reward credit card or can’t get one, then this would be great.
Here is all the information you need to quickly get started.
What are Ibotta Gift Cards?
Ibotta gift cards are a way to pay for products and services at over 100 restaurants and retailers.
You get instant cashback on your purchase that goes to your Ibotta account.
This is a new program, so again all Ibotta users may not be eligible.
The program was formerly known as “Pay With Ibotta.”
Honestly, I never paid attention to that, so I think they simplified it to just buying gift cards.
Don’t confuse buying gift cards with redeeming gift cards on Ibotta.
Redeeming gift cards with Ibotta is what you do with your Ibotta balance.
This is the equivalent of buying a regular gift card.
Basically, Ibotta gives you cash back for buying a gift card.
The cash back gets instantly added to your Ibotta account again.
Sample stores:
- Chipotle 7%
- Chili’s 8%
- Subway 10%
- Banana Republic 10%
- Gap 10%
- Panera Bread 10%
- Petsmart 10%
How To Get Started Using Ibotta gift Card
1. Add your payment method
- Go to Account page
- Select Gift Cards
- Select Payment methods
- Select Add debit card
2. Choose a retailer
Choose a retailer or restaurant.
Those are the two types of gift cards.
3. Choose the amount
You can choose less than your purchase, the exact amount of your purchase, or more than your purchase.
4. Review and charge
In this step, you just make sure your purchase is accurate and pay.
5. Use the gift card
Now, your gift card will be under your account setting.
I bought my gift card just before I paid for my Chilis order.
It had a QR code that no one understood.
The cashier just entered the numbers though.
It was simple.
Why can you only use a debit card with Ibotta gift cards?
You can only use a debit card to buy Ibotta gift cards again.
Ibotta says that since credit card companies charge businesses like Ibotta a fee, this is how they are able to give you cash back.
Important Things To Note
- You must use a debit card.
- Link your debit card first.
- Know your cashback will be deposited within 24 hours.
- You can either enter exact amount of your purchase or choose a larger amount over time.
- Gift cards don’t expire.
- You can send a gift card to someone else.
- Read terms and conditions.
Summary
Ibotta gift cards are a new program, not open to all savers.
Normally, I would always recommend a reward credit card if you pay your balance in full.
Reward credit cards offer between 1-5% on restaurants and retailers.
Ibotta gift cards can earn up to 10%, but note that all participating merchants don’t offer that much.
Who would get 5% back when they can get 10% back with no extra effort?
Keep in mind that you need $20 to cash out with Ibotta.
The gift cards are pretty easy to use again.
Have you used Ibotta gift cards?
Did it save you money?