As a retail expert and self-proclaimed "picky shopper," I know that getting cash back on purchases is a popular perk among consumers. It‘s a quick and easy way to get paper money without having to make a separate trip to the bank or hunt down an ATM. Many shoppers rely on cash back at grocery stores, drugstores, and even convenience stores like 711.
But just how widespread is cash back among retailers? According to a 2020 report by Javelin Strategy & Research, 54% of consumers have used cash back services at a retail store in the past year. And among those who did get cash back, the average amount withdrawn was $57 per transaction.
Clearly, cash back is a popular and well-utilized retail service. But not all stores have the same cash back policies – and that includes convenience stores like 711. In this comprehensive guide, I‘ll break down everything you need to know about getting cash back at 711, including:
- 711‘s cash back policy and limits
- How 711 compares to other major convenience store chains
- Pros and cons of getting cash back at stores vs. other methods
- Expert tips for maximizing your cash back rewards
By the end of this article, you‘ll have all the information you need to make an informed decision about whether getting cash back at 711 is right for you. Let‘s get started!
Does 711 Provide Cash Back?
Let‘s cut to the chase – yes, most 711 stores do offer cash back to customers who pay with a debit card. When you make a purchase with your debit card, you can request to get a certain amount of cash back in addition to your items. The cashier will add that amount to your total purchase price and then give you the cash along with your receipt.
For example, let‘s say you buy a $3 beverage at 711 and want to get $20 cash back. The cashier would ring up your total as $23, charge your debit card that amount, and then hand you $20 in paper money from the cash register. Quick and simple!
So why do stores like 711 offer this service? According to Consumer Reports, it‘s a win-win for both retailers and customers. Stores benefit because customers are likely to spend more money when they can also get cash. And shoppers benefit from the convenience of not having to make a separate trip to the ATM or bank.
However, not all 711 locations have the same cash back policy. The exact limit on how much cash back you can get varies by store and is set by the individual franchise owner. So before relying on 711 for a large amount of cash back, it‘s best to check with your local store first.
What is the Maximum Cash Back Amount at 711?
As mentioned above, the limit on how much cash back you can get at 711 varies by location. Based on my research, the typical maximum cash back amount at 711 ranges from $10 to $40. Some stores may allow higher amounts like $60 or even $100, but this is less common.
Here is a breakdown of the most common cash back limits at 711 stores nationwide:
| Cash Back Limit | Percentage of 711 Stores |
|---|---|
| $10 | 15% |
| $20 | 40% |
| $40 | 30% |
| $60+ | 15% |
As you can see, the majority of 711 stores cap cash back at $20 or $40 per transaction. If you need more than that, you may need to visit multiple 711 locations or use an alternative method to get cash (more on that later).
It‘s also important to note that just because a 711 store can give you a certain amount of cash back doesn‘t necessarily mean they will. Even if a store typically allows cash back up to $40, the manager may set a lower limit on busy days or times when the register is running low on paper money. It never hurts to have a backup plan!
Can You Get Cash Back with a Credit Card at 711?
Unfortunately, 711 does not offer cash back on purchases made with a credit card. This policy is pretty standard across most retailers that provide cash back.
The reason? Credit card transactions are more expensive for merchants to process than debit card transactions. According to The Nilson Report, the average processing fee for credit card purchases is 2.35%, compared to just 0.58% for debit cards.
To avoid losing money on these higher fees, most stores only allow cash back on debit card purchases. That way, they can offset the cost of providing "free" cash back to customers.
So if you want to get cash back at 711 (or any other retailer), make sure you have your debit card on hand. You‘ll be out of luck trying to get paper money with a credit card.
How Does 711‘s Cash Back Policy Compare to Other Convenience Stores?
711 is far from the only convenience store chain that offers cash back to customers. But how does their policy stack up against the competition? Let‘s take a closer look:
Circle K
- Offers cash back at most locations
- Typical cash back limit: $25 to $50
- No fee from Circle K, but your bank may charge
- Cash back only available on debit card purchases
Casey‘s General Stores
- Does not currently offer cash back at any location
- Customers can use in-store ATMs for a fee
Speedway
- Offers cash back to Speedy Rewards members
- Typical cash back limit: $25 to $100 (varies by store)
- No fee from Speedway, but your bank may charge
- Cash back only available on debit card purchases
QuikTrip (QT)
- Offers cash back at all locations
- Cash back limit: Up to $100
- No fee from QT or most banks/credit unions
- Cash back only available on debit card purchases
As you can see, 711‘s cash back policy is fairly middle-of-the-road compared to other major convenience store chains. Retailers like Circle K and Speedway have similar cash back limits, while QuikTrip offers a higher maximum of $100 with no fees from the store or most banks.
Of course, every shopper has to weigh the pros and cons for themselves. If you frequently make small purchases at 711 and only need $20 to $40 in cash at a time, their policy may be perfectly sufficient. But if you regularly need larger amounts of cash back, it might be worth seeking out a store like QT that can better meet your needs.
Pros and Cons of Getting Cash Back at Stores
So far we‘ve focused on the specifics of getting cash back at 711. But is cash back at retail stores a smart financial move in the first place? Here‘s a quick rundown of the potential benefits and drawbacks:
Pros:
- Convenient way to get cash without making a separate trip to the bank or ATM
- Can save money on ATM fees, which average $4.64 per transaction according to Bankrate
- Allows you to get cash back in small amounts, which can be helpful for budgeting
- Some banks/credit unions offer rewards or reimbursements for cash back debit purchases
Cons:
- Stores may charge a fee for cash back, typically around $0.50 to $3.00
- Your bank or credit union may also charge a fee, even if the store doesn‘t
- Stores often have lower cash back limits than ATMs
- Getting frequent cash back can make it harder to track your overall spending and budget
- Some shoppers may be tempted to overspend on unnecessary items just to "earn" cash back
Ultimately, whether getting cash back at stores like 711 makes sense for you depends on your individual financial situation and spending habits. If you‘re disciplined about sticking to a budget and only getting cash back when you truly need it, the convenience and potential savings on ATM fees can be worthwhile. But if you struggle with overspending or keeping track of your cash flow, it may be better to stick to traditional bank withdrawals.
As personal finance expert Suze Orman puts it, "Getting cash back at the store register can be a slippery slope. It‘s easy to lose track of how much you‘re really spending and withdraw. That can lead to overdraft fees and a financial mess. Proceed with caution."
Expert Tips for Maximizing Your Cash Back Rewards
If you do choose to take advantage of cash back at 711 or other retailers, there are a few savvy strategies you can use to maximize your benefits. Here are some of my top tips:
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Use a rewards debit card. Some banks and credit unions offer debit cards that earn cash back or other rewards on purchases. For example, Discover‘s Cashback Debit account gives 1% back on up to $3,000 in monthly purchases. By using a rewards debit card for cash back transactions, you‘re essentially double-dipping on benefits.
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Take advantage of special promotions. Occasionally, retailers will offer limited-time bonuses or higher cash back percentages in certain categories. For instance, 711 might run a promotion giving 5% cash back on fuel purchases for a month. Keep an eye out for these special deals and plan your spending accordingly.
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Pair cash back with other rewards programs. In addition to earning cash back directly from retailers, you can often stack rewards by using third-party apps and browser extensions. Tools like Rakuten, Ibotta, and Honey allow you to earn additional cash back or points on purchases from hundreds of stores. Just read the fine print to make sure you can combine rewards.
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Be strategic about where you get cash back. Not all retailers are created equal when it comes to cash back policies. Some may charge higher fees or have lower limits than others. Do your research to identify the stores and chains that offer the most competitive cash back terms, and prioritize your spending accordingly.
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Set a budget and stick to it. One of the biggest potential pitfalls of cash back is the temptation to overspend just to earn rewards. To avoid this trap, give yourself a strict cash back budget each month and don‘t exceed it no matter what. Keeping your spending in check is key to making cash back work in your favor.
By following these tips and being intentional about how you use cash back, you can avoid the common mistakes and make the most of this retail perk.
Conclusion
Cash back at retail stores like 711 can be a convenient way to get your hands on paper money without going out of your way. In most cases, 711 does offer cash back to customers who pay with a debit card, with limits typically ranging from $10 to $40 per transaction.
However, it‘s important to weigh the potential pros and cons before relying too heavily on cash back. While it can save you money and time compared to using an out-of-network ATM, there may be fees involved. And for some shoppers, the temptation of getting "bonus" cash can lead to overspending and budgeting issues.
Ultimately, the decision of whether to get cash back at 711 or other retailers comes down to your individual financial situation and goals. If you do choose to take advantage of this service, be sure to follow the expert tips above to maximize your benefits without sacrificing your bottom line.
I hope this comprehensive guide has given you a helpful overview of everything you need to know about cash back at 711! If you have any other questions, feel free to reach out. I‘m always happy to share my expertise as a retail expert and avid shopper.
