I wanted to share a few simple ways to earn passive income that require no initial investment and minimal effort. Though the earnings may be small, the convenience of easy passive income makes it worth considering.
1. Cashback Rewards Cards
Cashback rewards cards are a type of credit card that offers cash back or rewards to cardholders for making purchases. These rewards are typically a percentage of the total amount spent, and they can be redeemed for cash, statement credits, or other rewards such as merchandise or travel. Some cashback rewards cards offer higher rewards for purchases made in certain categories, such as groceries or gas. They usually have an annual fee and an interest rate, which should be considered before applying. Additionally, it’s important to pay off the balance in full each month to avoid paying interest on the purchases.
List of rewards credit cards with features:
- Chase Sapphire Preferred: This card offers 2x points on travel and dining purchases and 1x points on all other purchases. It also includes a sign-up bonus of 60,000 points after spending $4,000 in the first 3 months. Cardholders can also transfer points to a variety of travel partners.
- Citi Double Cash Card: This card offers 2% cash back on all purchases – 1% when you make the purchase and 1% when you pay it off.
- Capital One Savor Cash Rewards Credit Card: It offers 4% cash back on dining and entertainment, 2% at grocery stores, and 1% on all other purchases. Additionally, it has a one-time $300 cash bonus after spending $3,000 in the first 3 months.
- Wells Fargo Propel American Express® Card: This card offers 3x points on dining, travel, gas stations, rideshares, and transit, and 1x points on all other purchases. It also includes a sign-up bonus of 20,000 points after spending $1,000 in the first 3 months.
- American Express Gold Card: This card offers 4x points at US supermarkets (up to $25,000 per year, then 1x), 3x points on flights booked directly with airlines or on amextravel.com, and 1x points on all other purchases. It also includes a one-time $100 statement credit after you make your first eligible purchase within the first 3 months.
It’s important to note that these are just a few examples and that there are many other rewards credit cards available with different features and benefits, so it’s important to research and compares different options to find one that best suits your needs and spending habits.
2. Cashback Sites
Cashback sites are websites that offer cash back or rewards to users for making purchases through their site. They work by partnering with retailers to offer cash back or rewards to users who click through their site to make a purchase. Some popular cashback sites include:
- Rakuten (formerly Ebates): This site offers cash back on purchases made at over 2,500 online retailers. Users can also earn cashback by shopping in-store using the Rakuten app.
- Swagbucks: This site offers cash back on purchases made at over 1,500 online retailers, as well as rewards for taking surveys, watching videos, and searching the web.
- Honey: This browser extension automatically applies coupons and finds the best cash-back offers at over 30,000 online retailers.
- TopCashback: This site offers cash back on purchases made at over 4,000 online retailers.
- Ibotta: This app offers cash back on purchases of grocery items, electronics, clothing, and more. Users can also earn cashback by completing surveys, watching videos, and referring friends.
It’s important to note that the cashback rates and selection of retailers vary between sites. Also, some sites may have a minimum amount of cashback earned before you can withdraw the money, and some may have a limit of how much cashback you can earn per day/month/year.
3. You Will Get Paid To Have An App On Your Phone
There are a few ways to earn money by having an app on your phone. Some examples include:
- Survey apps: There are a number of survey apps that pay users for completing surveys or providing feedback on products and services. Some popular survey apps include Survey Junkie, Swagbucks, and InboxDollars.
- Market research apps: Some market research companies offer apps that pay users for providing information about their mobile usage habits, including which apps they have installed and how often they use them.
- Location-based apps: Some apps pay users for allowing them to track their location. For example, apps like Field Agent or EasyShift pay users for visiting specific locations, taking photos, or completing tasks.
- Lockscreen apps: Some apps like Slidejoy or Fronto pay users to display ads on their lock screen.
- Micro-tasking apps: Some apps like Amazon Mechanical Turk, or Microworker pay users for completing small tasks, such as data entry or image tagging.
Some apps are: