Mufti Faraz gave a thought provoking example in our first class about cashbacks, particularly the ones you get through the bank if you pay a monthly fee. I never thought about this and I usually get my cashbacks through Quidco on retail purchases and I always thought of them as a discount.
Would the cashback you get from a bank in exchange for a monthly fee be considered riba? I am seeing it as Riba tbh, please advise.
The cashbacks offered to retail customers for doing business with the retailer through these cashback websites however is unclear to me, what would you say about them?
Finally, I have a credit card with Amex that offers cashback on purchases. I always pay my account in full and never allow the interest to kick in. What is your opinion on this type of cashback? I will ask about the permissibility of having an interest bearing credit facility in another thread insha’Allah