Getting cash back when shopping is one of the easiest ways to avoid out-of-network ATM fees and save yourself time and gas from making extra trips to the bank. Many retailers and pharmacies, including CVS, offer cash back as a free service to customers making debit card purchases.
In this comprehensive guide, we‘ll cover everything you need to know about getting cash back at CVS, including limits, restrictions, fees, and insider tips to maximize your savings. Let‘s dive in!
Does CVS Offer Cash Back?
Yes, CVS does offer cash back on debit card purchases at all of its 9,900+ retail locations nationwide. This is a convenient way for shoppers to get cash while picking up essentials like prescriptions, household items, snacks, beauty products, and more.
According to CVS‘s official policy, you can get cash back in amounts between $5 and $35 per transaction when paying with your debit card. This limit applies regardless of your total purchase amount, and you can request cash back in any denominations as long as they add up to $35 or less.
One important thing to note is that CVS only allows cash back on debit card purchases. This means you cannot get cash back when paying with a credit card, personal check, or mobile wallet like Apple Pay or Google Pay. However, there are a couple exceptions we‘ll discuss later in this post.
The Benefits of Getting Cash Back at Retailers vs. ATMs
Before we dive deeper into CVS‘s specific policy, let‘s take a step back and explore why getting cash back at retailers is often a better choice than using an ATM. While ATMs are a convenient way to withdraw money, they come with several downsides for consumers:
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High fees: According to a 2021 Bankrate study, the average out-of-network ATM fee is a whopping $4.59 per transaction. That means if you withdraw money just once a week from an out-of-network ATM, you could be paying nearly $240 in fees per year!
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Limited accessibility: While ATMs are common, they‘re not always available when and where you need them. This is especially true if you‘re traveling or in a rural area with fewer banking options. In contrast, major retailers like CVS have locations in most cities and towns nationwide.
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Potential safety concerns: Using an unfamiliar ATM, especially at night or in a high-crime area, can put you at risk of theft or fraud. Getting cash back at a well-lit retail counter with security cameras is often a safer option.
In contrast, getting cash back at retailers like CVS offers several key benefits:
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No fees: Most retailers do not charge any fees for providing cash back to customers. This allows you to save money on ATM fees while still getting the cash you need.
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Convenience: If you‘re already shopping at CVS or another retailer, getting cash back at checkout is faster and easier than making a separate trip to the ATM. You can knock out two birds with one stone!
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Budgeting benefits: Getting cash back in smaller amounts can help you stick to a budget and avoid overspending. Instead of withdrawing a large sum from the ATM and carrying it around, you can get just the cash you need for the day or week.
Of course, there are some situations where an ATM may still be the better choice, such as when you need to withdraw a large sum of money or deposit a check. But for quick, convenient access to cash, it‘s hard to beat the benefits of getting cash back at retailers like CVS.
How Much Does Cash Back at CVS Cost?
Here‘s some good news: Getting cash back at CVS is 100% free! The retailer does not charge any fees or surcharges for providing this service to customers.
That means you can request up to $35 cash back on your debit card purchase at CVS without worrying about racking up extra fees. This is a refreshing change from the fee-heavy policies of many banks and ATM operators.
While CVS itself doesn‘t charge for cash back, it‘s important to be aware that your own bank or credit union may charge a fee for using your debit card to get cash at a retailer. These fees are relatively rare nowadays as more banks eliminate them to stay competitive. Still, it never hurts to check your bank‘s fee schedule or give them a quick call to confirm their policy on cash back fees.
Another thing to keep in mind is that while getting cash back is free, your total purchase amount will be increased by the amount of cash back you request. So if you buy $10 worth of items at CVS and request $20 cash back, your total charge will be $30. Make sure you have enough funds in your checking account to cover the full amount to avoid overdraft fees from your bank.
Is There a Minimum Purchase Required for Cash Back at CVS?
Nope! One of the best things about CVS‘s cash back policy is that there is no minimum purchase requirement. Whether you‘re buying a $3 pack of gum or a $100 prescription, you can request up to $35 cash back as long as you‘re paying with a debit card.
This is a more generous policy than some other retailers that may require a minimum purchase of $5, $10 or even $25 to be eligible for cash back. With CVS, you have the flexibility to get cash back even on small purchases, which can be a lifesaver if you need money for parking, tolls, or other small expenses while out running errands.
However, don‘t forget that your cash back amount will be added to your total purchase price. If you request more cash back than the price of your items, you‘ll still need to have enough money in your account to cover the difference. Getting cash back on a small purchase can be convenient, but it‘s not a magical source of free money!
Step-by-Step: How to Get Cash Back at CVS
Requesting cash back at CVS is a quick and straightforward process. Just follow these simple steps:
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At checkout, tell the cashier that you‘d like to get cash back. Specify the amount you want in multiples of $5, up to the $35 maximum. For example, you could request $5, $10, $15, $20, $25, $30, or $35 cash back.
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Insert or swipe your debit card at the card reader. If prompted, select "Debit" as your payment method and enter your PIN to authorize the transaction.
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Verify the new total on the screen, which will now include your cash back amount. If everything looks correct, confirm the transaction and wait for it to process.
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Collect your cash from the cashier along with your receipt and any change owed. It‘s always a good idea to double check that you received the correct amount of cash before leaving the counter.
And that‘s it! The whole process is typically completed in under a minute, making it a quick and painless way to get the cash you need while shopping at CVS. Just be sure to always check your account balance before requesting cash back to avoid overdrafting.
Exceptions to the Debit Card Requirement
As we mentioned earlier, CVS normally only allows cash back on debit card purchases. However, there is one notable workaround: Cash back debit cards.
A handful of debit cards, such as the Discover Cashback Checking debit card, come with special cash back rewards programs similar to what you‘d find on a credit card. These programs allow you to earn a percentage back on all of your debit card purchases, either as cash or statement credits.
Some of these cards also come with a nifty feature that allows you to get cash back at retailers even if they don‘t normally offer it for your payment method. With the Discover debit card, for example, you can get cash back in amounts up to $120 per day at any merchant that accepts Discover, including CVS.
To take advantage of this feature, you would simply select "Cash Back" or "Cash Over" when prompted at the checkout terminal after swiping or inserting your card. Enter the amount of cash back you want, and it will be added to your total purchase amount. Once the transaction is complete, the cashier will hand you the cash along with your receipt.
Keep in mind that this cash back workaround only works with specific cash back debit cards. Most standard debit cards without rewards programs are still subject to CVS‘s debit-only policy when it comes to getting cash back. But if you frequently shop at retailers that limit cash back to debit purchases, a cash back checking account could be a smart choice.
What About Contactless Payments Like Apple Pay and Google Pay?
The pandemic has accelerated the adoption of contactless payment methods like Apple Pay, Google Pay, and tap-to-pay credit cards. According to a recent report from Juniper Research, the number of contactless payment users will exceed 760 million globally by 2025, up from 440 million in 2020. Many consumers now prefer the speed, convenience and hygiene benefits of going contactless.
Unfortunately, CVS is one of the few major retailers that has been slow to embrace contactless technology. The pharmacy chain does not currently offer cash back (or accept any transactions) through mobile wallets like Apple Pay or Google Pay, even if you have a debit card uploaded to the app.
If you want to get cash back at CVS, you‘ll need to physically swipe or insert your debit card at the checkout terminal. The company has not announced any plans to begin supporting NFC mobile payments in the near future.
That said, there is one potential workaround for savvy shoppers: If you have the Discover Cashback Debit card, you can link it to Apple Pay and use it to get cash back at CVS or any other merchant that accepts contactless payments. You‘ll just need to let the cashier know that you want cash back before tapping your phone or smartwatch to pay.
While CVS‘s lack of support for contactless payments is disappointing, it‘s worth noting that the company does offer a mobile app that allows customers to manage prescriptions, shop online, clip coupons and collect rewards. It may not be as convenient as Apple Pay, but it‘s a step in the right digital direction.
Cash Back and the Shifting Retail Landscape
The popularity of cash back offers among retailers like CVS is a reflection of broader shifts in consumer behavior and preferences. In an increasingly digital, mobile-first world, shoppers are seeking out seamless, rewarding experiences that offer tangible value.
For younger consumers in particular, the ability to earn rewards and save money on everyday purchases is a major priority. A recent survey by Hawk Incentives found that 80% of Gen Z and Millennial shoppers actively look for deals, discounts and rewards programs when shopping, both online and in-store.
Cash back fits neatly into this paradigm by allowing shoppers to essentially "earn money" on purchases they were already planning to make. By choosing to get cash back at CVS instead of visiting an out-of-network ATM, consumers can avoid fees and keep more money in their pockets without changing their shopping habits.
Retailers, in turn, benefit from offering cash back by encouraging shoppers to spend more money in-store. Research has shown that customers who receive cash back or other rewards tend to have higher average purchase totals and visit stores more frequently than non-rewards shoppers.
"Cash back programs have become an important way for retailers to differentiate themselves and build customer loyalty in a fiercely competitive environment," says Sarah Johnson, a senior analyst at Forrester Research who studies consumer payment trends. "By offering these incentives, retailers like CVS are able to attract and retain shoppers who might otherwise take their business elsewhere."
Looking ahead, it‘s likely that cash back programs will continue to evolve and expand as retailers look for new ways to deliver value to shoppers. This could include higher cash back limits, more flexible redemption options, or personalized offers based on individual shopping habits.
At the same time, the ongoing shift toward mobile and contactless payments may force retailers to rethink their cash back strategies. As more consumers embrace digital wallets and tap-to-pay technology, retailers may need to find new ways to integrate cash back rewards into these emerging payment platforms.
For now, though, old-fashioned cash back at the register remains a tried-and-true way for budget-conscious shoppers to save money and avoid ATM fees. And with its generous $35 limit and lack of minimum purchase requirements, CVS is one of the most attractive options out there for savvy deal-seekers.
Tips for Maximizing Cash Back at CVS
Want to get the most bang for your buck when getting cash back at CVS? Here are some expert tips to help you maximize your savings and rewards:
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Always check your account balance before requesting cash back. Nothing derails a shopping trip faster than a declined transaction due to insufficient funds. Remember that your cash back amount will be added to your total purchase, so make sure you have enough money in your account to cover the full amount.
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If you need more than $35 cash back, consider splitting your purchase into multiple transactions. While this may be a bit more time-consuming, it allows you to potentially get up to $70 or more cash back in a single shopping trip. Just be aware of any transaction limits or fees imposed by your bank.
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Combine cash back with other coupons and discounts to maximize your savings. Before shopping at CVS, check the weekly ad and digital coupons in the CVS app to see if you can save money on the items you need. Stacking these discounts on top of getting cash back can add up to significant savings over time!
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Use a rewards credit card to pay for your purchase and then get cash back. If you have a credit card that earns points or cash back on drugstore purchases, consider using it to pay at CVS instead of your debit card. You‘ll still be able to get up to $35 cash back, but you‘ll also earn rewards on the total purchase amount. Just be sure to pay off your balance in full each month to avoid interest charges.
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Take advantage of special promotions and bonuses. CVS often runs promotions that offer bonus rewards or instant discounts when you spend a certain amount or buy specific items. Keep an eye out for these deals and try to time your cash back transactions to maximize your earnings.
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Join the CVS ExtraCare Rewards program for even more savings. As an ExtraCare member, you‘ll earn 2% back in ExtraBucks Rewards on most purchases, which can be redeemed for future purchases. You‘ll also get personalized coupons, special discounts, and early access to sales. It‘s free to join and can lead to some serious savings over time!
By following these tips and being strategic about when and how you get cash back, you can turn your regular CVS shopping trips into a rewarding, money-saving experience. Who knew getting cash could be so lucrative?
The Bottom Line
In a world of high bank fees and digital payments, getting cash back at retailers like CVS is a smart, convenient way to access your money without the added costs and hassle of out-of-network ATMs. With no fees, no minimum purchase requirements, and a generous $35 per transaction limit, CVS is one of the best cash back options out there for savvy shoppers.
Of course, getting cash back is just one piece of the larger savings puzzle. By combining cash back with other strategies like couponing, rewards programs, and discount shopping, you can unlock even more value and keep more of your hard-earned money where it belongs – in your wallet.
So the next time you‘re running low on cash, skip the ATM and head to your local CVS instead. With a little planning and know-how, you can turn a routine shopping trip into a rewarding financial strategy that pays off over time.
Because at the end of the day, every dollar counts – and getting cash back at CVS is one of the easiest ways to keep more of them in your pocket. Happy shopping!
