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The easiest way to understand the meaning of the word" Cashback " is by looking at its translation.
Bitcoin, the open encyclopedia "cashback" is a word consisting of two English words: in Uzbek, it means "money", "back", more precisely it means "return". That is, Cashback is a partial refund of money to its owner for any purchase.
The scheme of Return is as follows:
It's very simple! In very simple words, Cashback is a discount received after the purchase, and this discount is obtained after it, and not at the time of purchase.
Cashback appearance and history of development
Cashback programs were invented in the second half of the last century, their homeland was the USA and European countries (mainly Great Britain). Initially, Cashback was actively used to attract customers in the banking industry. The person was the owner of a credit card or debit card and was using it. And the Bank, as a "thank you", returned a small percentage to the client. Typically, up to 90 years Cashback was around 1-1, 5%.
In the 1990s, US banks for the first time offered their cardholders an unprecedented Cashback size – 5%. Such a location can only be purchased in supermarkets, pharmacies, and pharmacy stores.
Now Cashback has covered almost all spheres of trade in Uzbekistan. It is becoming difficult to find an organization that does not offer bonuses or points to its customers.
Many people suspect that in the calculation of Cashback there are suspicious actions in the actions of banks. One hundred percent answer is this - there is no lie and can not be because it is a crime. The Bank determines only the terms and describes them in detail in the contract. Carefully read the papers to avoid unpleasant surprises. Usually, the list of terms takes 3-4 pages, while studying it takes 5 minutes of your time.