Detroit Deal Diva

For the last couple of weeks, I had been kicking the idea around about doing some sort of series.   I wanted  to cover a subject that I  that I  felt confident I could provide some useful insight on. I had several topics in mind, but the one that I kept coming back to was rebates and rewards. One of  the ways that I  try to make shopping  pay for itself  is by submitting for rebates or  taking advantage of reward programs.   This is my inaugural post for my “Rebate Rundown” series. This series will include tips on finding rebates, making money from your rebates, plus much more. 

Let’s start at the beginning.  What is the difference between a rebate and a reward?  Simply put, a rebate is a  refund (either partial or full) for the purchase of goods or services.    A reward program offers you various items for purchasing goods or services.  Rebates are usually monetary in nature while a reward can include anything from coupons, to store credits, to various gifts and prizes.  Whatever you call it, I like getting something extra for spending my money.

I follow a basic criteria when deciding if I am going to submit for a rebate. One or all  must apply before I will make an effort to fulfill the rebate requirement (s).

1. Is it a rebate for an item that I normally purchase?
2. Can I fulfill the rebate requirement with nominal or no out-of-pocket (OOP) cost and turn a profit?
3. It it a “Try Me Free”  offer. 

I always submit  for any available rebates on items  that  I normally purchase.  If you are going to spend the money anyway, why not get some of your money back.  That is just common sense.  For those of you that think submitting for rebates is a hassle, I will debunk that theory in a future ” Rundown”. I will say this though, by not requesting your rebate you are essentially giving your money away.  

Often you can combine a good sale with  manufacturer coupons, and store coupons/rewards to get products super cheap or for free.  When there is  also a rebate available,  you can actually make money.  Just recently Proctor and Gamble had rebate  that gave you back $20.00  when you purchased $50.00 worth of Olay  products.   Using the following deal  at Target I was able to make a $7.84 profit by submitting for this rebate:

• purchased (9) Olay Regenerist Facial Cleansers for $5.99/ ea
• used (9) $5.00/1 coupons from the P&G Year of Savings coupon booklet     
• Total Cost=$53.91 + 3.25 in tax
• Total OOP=$12.16
• Total Rebate=$20.00
• Profit=$7.84

Not only did I make a profit, but I actually love the product.  Drugstores  usually offer the best opportunities to make money from rebates.  Between their store coupons and  various reward programs (Extra Care Bucks at CVS), Register Rewards at Walgreen and Single Check Rebates/ Up Rewards at  Rite Aid) there are always opportunities to turn great deals  into money-making deals.

Finally, “Try Me Free” offers guarantee you all of your money back when you purchase a specific item.  I do not submit for all “Try Me Free” rebates because it still requires an upfront OOP cost and it is not always a prudent purchase.  If it is an item that I can actually use and/or  the upfront OOP cost is reasonably low then, I will definitely purchase the item.  Using a coupon with a  “Try Me Free” offer always makes the rebate a money maker.

Please be mindful that this is the criteria that I use. By no means is it all-inclusive. This is only meant to be a  guideline to assist you in deciding if it is worth it for you to submit for a particular rebate.  Getting part of your money or even all of your money back is great, but making a  a profit is always my ultimate goal when requesting a rebate.

Next time I’ll Rundown  “How to Find Rebates.”