Earn Cash Back With Paymi

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Earn Cash Back With Paymi

Written by Bryan Daly
Fact-checked by Caitlin Wood

Earn Cash Back With Paymi

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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.

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Who Is Paymi?

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. 

How Does Paymi Work?

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: 

Become A Member

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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Connect Your Card Or Bank Account

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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Shop In-Store Or Online And Earn Cash Back

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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Redeem Your Cash

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).

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What Types Of Retailers Can You Earn Paymi Cash Back With?

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:

Clothing & Footwear Retailers

  • Adidas
  • H & M
  • Lululemon
  • SportChek
  • Zara

Food & Beverage Locations

  • Burger King
  • Mary Brown’s
  • Revive Superfoods
  • Starbucks
  • Swiss Chalet

Travel Companies

  • Contiki
  • Cruises.ca
  • Insight Vacations
  • Lion World Travel
  • Trafalgar

Home & Comfort Businesses

  • Best Buy
  • Dyson
  • eBay
  • Staples
  • Walmart

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What Are The Advantages Of Using Paymi To Earn Cash Back?

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: 

  • It’s Free – One of the best things about Paymi is that memberships are free. All you have to do is create your account and, if necessary, download the app. You only start spending and saving money once you begin making purchases. 

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  • Low Minimum Threshold – As mentioned, you need a minimum of $2.00 in your Paymi account to redeem and withdraw your cash-back dollars, unlike other rewards platforms, where you sometimes have to earn around $20 or more. 
  • It’s Easy to Use – Another great thing about Paymi is that their website and app are both very user-friendly. Simply create your membership, connect a payment method, make the right purchases and redeem your cash-back dollars.
  • You Might Earn Double Cash Back – If you use your Paymi membership to shop on the CIBC website or buy items with your CIBC credit or debit card, you can earn double the cash-back dollars that you would from a normal purchase.

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  • The Bonus Benefits – Don’t forget, you’re allowed to use multiple credit or debit cards when making purchases on Paymi, which means you could be eligible for further rewards, such as discounts, travel points and even more cash back. 
  • It’s Cash in Your Bank Account – Unlike other rewards platforms, which only pay you in gift cards or in-store points and discounts, Paymi automatically stores your cash-back dollars and transfers them to your bank account upon request.  

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Is Paymi Safe For Customers? 

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. 

Full Transparency

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:

  • Data Safeguards – Paymi doesn’t gain access to your banking login details and they can’t withdraw money from your account. Plus, they don’t store your credit card or banking information on file. By signing up, you’re only authorizing them to download your “read-only” transaction data so their system can track and identify eligible purchases. Paymi and CIBC are committed to keeping your data safe. 

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  • Authentication – Paymi uses Multi-Factor and Two-Factor Authentication, which helps them prevent unauthorized parties from accessing your account. In fact, the sheer lack of access that anyone (other than yourself) is granted to your account is part of what makes their platform so secure. That’s why their cash back payments are always offered by e-Transfer, rather than direct deposit. 
  • Secure Encryption – Paymi uses 256-bit bank-grade encryption to keep your data totally safe. Once again, their partnership with CIBC only adds to their security. However, it’s always best to practice safe online banking when making purchases or redeeming cash-back dollars. Change your passwords frequently and don’t give away any information by phone, text, email or direct message. 

Paymi FAQs

Does Paymi offer a referral bonus?

Yes. When you sign up for Paymi, you should get an optional referral code that you can give out to a friend or family member. If they also create a Paymi membership using your code, you’ll automatically receive $5.00 in bonus cash.  

What happens to my cash if I return something on Paymi?

If you end up returning an item that you purchased via Paymi, the cash-back dollars you earned from it will be automatically deducted from your account. When you make a partial return on a large bill, you will still receive cash back for the portion that you kept. 

Can I access my Paymi account through their website?

Yes, even though their mobile app can be more convenient, you can use the Paymi website to register and log into your account from the comfort of home. Afterward, you just have to connect your card to make purchases and redeem cash-back dollars.

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Final Thoughts

Although Paymi is currently identified as a startup company, but 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. 


Rating of 5/5 based on 1 vote.

Bryan is a graduate of Dawson College and Concordia University. Bryan has been working for Loans Canada for five years and covers a wide range of topics, including credit improvement, debt management, and all things related to personal finance. In his spare time, he maintains a passion for editing, writing film and television screenplays, staying fit, and traveling the world in search of the coolest sights our planet has to offer. He aims to pursue the craft of professional writing for many years to come.

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