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These days, plenty of different businesses and financial products allow you to accumulate rewards that, when redeemed, provide you with various benefits, such as in-store discounts, free insurance, and travel perks. But for those looking to put extra cash in their pockets on a monthly basis, the Canadian cash back app Paymi could be the option you’ve been looking for.
Founded in Toronto in 2018, Paymi is an online rewards platform that’s partnered with CIBC, along with dozens of popular retailers, like Lululemon, Starbucks, and SportChek. They offer their own in-house app on the App Store and Google Play or if you prefer, you can log into their website and make transactions from your desktop or laptop.
Currently, Paymi is free to use and allows you to earn cash-back rewards by shopping online with your debit or credit card. Although CIBC is their primary financial partner, you can sign up with an account from most of Canada’s banking institutions, as well as multiple credit or debit cards. In fact, flexibility is part of what makes Paymi great.
Fortunately, signing up for Paymi is a relatively simple process. It’s even easier to make purchases and redeem cash-back dollars. Here’s what you have to do:
Start by applying for a Paymi account using your email address. During the sign-up process, you may have to provide various personal details, such as your name, age, gender and address. This allows Paymi to get a better idea of your shopping habits, as well as which demographic you fit into.
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Next, connect a payment source, like your debit or credit card. While you have to enter your banking credentials to register, you are allowed to use a credit card from another provider. Otherwise, you can connect your account to 17 different financial institutions, including:
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You can collect cash back by shopping at the Paymi store or with one of their partners. Either way, you could earn up to 10% cash back (sometimes more) on eligible purchases. Normally, it takes about 1 – 2 days for your dollars to show up in your account.
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Once you’ve earned at least $2.00 in Paymi cash-back dollars, you can request for your funds to be transferred straight to your bank account via Interac e-Transfer. Keep in mind that if you withdraw under $25, you’ll have to pay a withdrawal fee of $1.25 (anything over that amount is free).
Find out how to transfer money to a bank account.
Remember, Paymi’s primary financial partner is CIBC. So, if you shop on the CIBC website or use a CIBC debit/credit card to make purchases with Paymi, you could be eligible for some extra rewards, such as double cash-back dollars on select items.
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Not to mention, Paymi is partnered with tons of different stores and businesses that you can earn cash back with, including but not limited to:
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Before you sign up for any type of rewards app or website, it’s important to weigh the pros and cons of their platform. Here are the main advantages of using Paymi:
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If you’re about to join a rewards platform, another essential thing to do beforehand is to research their business and make certain they’re legitimate. No matter how professional a website or mobile app may look, there’s always a chance that the company is looking to scam or overcharge you for a “deal” that doesn’t offer up any worthwhile rewards.
This is especially important when you consider the amount of personal and financial information that you normally have to provide to obtain rewards from one of these platforms. So, it’s best to go with a longstanding business that has a good reputation.
Thankfully, while Paymi is a relatively new rewards platform, their partnership with CIBC showcases their credibility and allows them to provide the following security measures:
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Although Paymi is currently identified as a startup company, they’ve quickly gained popularity among Canadian consumers, particularly since they partnered with CIBC. If you’re looking for a convenient and free way to earn points or if CIBC is your main bank, Paymi could be a great option for you.
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