What's the Best Rewards Program?

Updated, 11/06

This question can be answered in a lot of different ways. It all really comes down to what's most important to you.

Which programs pay the most for shopping? Which programs pay their shopping rebates in cashback percentages (easy to understand and to compare between programs), and which pay in points (hard to convert to cashback percentages, and can be devalued if they raise the number of points it takes to buy their gift cards)?

Which programs will cut you a check, and which pay by PayPal (typically faster)? Would you rather have your earnings in a gift card?

How long does it take to access your rebate earnings? Days? Months?

Which sites have bad reputations -- for instance, bad reports with the Better Business Bureau?

All of these factors are important, but you may value one aspect of a rewards program more than another, which is why there is no one clear answer to, "What's the best rewards program?"

To see how some of the most popular programs stack up against one another, in as concise a manner as possible, I came up with two charts to help: the 2006 Shopping Rebates Comparison Chart, which lists how much each program pays for shopping at some of the big online stores (after converting those points programs' points to percentages)... and my Rebate Program Snapshot, which summarizes many of the important facets discussed above and also includes some background history and buzz on the programs as well.

In addition, some programs give you opportunities to earn aside from just earning rebates by shopping. You may also want to consider this when choosing a rewards program. Some examples:
1. Earn by reading emails and clicking one or more links. Sites that offer this include BondRewards (2.5c per email, maybe one a week), MyPoints (4c per email, depends on your profile but maybe one a day), FreestyleRewards (4c per email, one or two a week), and QuickRewards.net (1c per email, one a day).
2. Earn by correctly answering one or more daily trivia questions. These sites include CreationsRewards (1/2 a cent), Milesource (1.5c), and QuickRewards (1c to random correct respondants).
3. Earn by clicking links on the reward program's site. Rewards programs offering this include CreationsRewards (about 1c daily), Freeride (unsure of the daily amount - it varies), Milesource (about 7.5c daily), and QuickRewards.net (about 9c daily).
4. Earn for completing surveys. MyPoints occasionally offers these onsite (4c each) or by email (about 8c for attempting but not completing one; 40c for completing it). Daily surveys are available on QuickRewards.net and QuizPoints.com, but they are offered through the same site and you can only be credited for completing one at either site each day (QuickRewards pays the most for these, at 75c; QuizPoints pays 60c).
5. Earn for signing up for newsletters or entering contests (no credit card required). Many sites offer these and the amount you can earn varies widely by offer and by program. Rewards programs that offer these include CreationsRewards.net, Freeride, FusionCash.net, MyPoints, Pointpool, QuickRewards.net, QuizPoints, and SearchCactus.
6. Earn for free or low-cost trials that do require a credit card (and paying to continue the service, or calling to cancel). These are offered through all the sites in #5 plus FreestyleRewards.
7. Referring other members (usually only paid when the member shops or completes some other offer). Almost all programs have something like this in place.

I'm often asked, "Which programs are YOUR favorites?" I shop through many of the programs, but I do have three favorites, and I'll tell you why:

1. Ebates.com: I joined Ebates in May of 2000. As they've grown, over time, their rates gotten better and better, and they are very, very reliable with their payments. Six weeks after the quarter ends, if you have over $5 in your account, you get a check. Actually, they'll pay you by PayPal if you prefer, but call me old-fashioned -- I still like getting that check in the mail. With 800 total merchants (they have almost everywhere I shop) and great promotions like Double Cashback Tuesdays (where they double their rebate on orders from one merchant), Ebates is an all-around great rewards program. (New members get a $5 bonus when they join and place their first order, too.)

2. Jellyfish.com: These guys have a different financial model, and I would only butcher it if I tried to explain it here, but let's just say they have a closer relationship with their merchants and are able to arrange not only great shopping rates but also lower prices on some specific items that you'll only find if you use their comparison shopping function on their site. Their $10 minimum to cash out (by check or PayPal) concerned me a little at first, until I saw how much I was earning in rebates from this program. They also have a reverse auction on weekdays called their Smack Deal of the Day (more on that here).

3. QuickRewards.net: Fewer members means they work harder for your business. QuickRewards.net started in June of '03, and I've seen it grow tremendously since then, but without the marketing dollars of the "big boys," QuickRewards has remained one of the best kept secrets in rewards programs. Their rates are good, but not the best. They outshine all the other programs in two aspects, though: superior customer service (same day, courteous, and helpful answers to emails, meeting or beating their competitor's rates on request, adding specific merchants on request -- sometimes the same day, finding coupon codes for you on request, etc.) and incredibly fast processing of your shopping rebates (they credit your account and allow you to cash out in days). And, perhaps my favorite feature: request your earnings to PayPal with no minimum balance required, and you're usually paid the same day. Or you can save up your earnings for gift cards.

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Updated, 11/06.