If you’ve watched Shark Tank, you may have caught CoinOut’s memorable appearance on the show. This highly-rated cashback app has carved out its unique niche in the competitive rewards space. If you’re passionate about maximizing savings on every purchase, the CoinOut app has likely caught your attention.
However, before hitting that download button, you’re smart to seek out a comprehensive CoinOut review that covers how it operates and whether it delivers real value. This detailed guide provides everything you need to evaluate whether CoinOut deserves valuable real estate on your smartphone. Let’s dive in!
How Does CoinOut Work?
CoinOut made its television debut on Shark Tank in February 2018, where it captured investor Robert Herjavec’s attention and secured his backing. Following this exposure, the app’s user base expanded rapidly.
The app functions as both a receipt-scanning cashback platform and digital wallet, available for both iOS and Android devices. After downloading, you’ll register using your phone number to get started.
The app rewards you with cash back on purchases made both online and in physical stores, with specific details for each method outlined below.
Additional earning opportunities exist through the “Badges” section, where you complete various offers. For instance, signing up for Robinhood through CoinOut adds $10 to your account balance. The referral program also provides $1 for each friend who joins using your unique referral link.
Most earnings appear immediately in your account, though certain merchants may require up to 90 days for processing.
Withdrawal options include direct deposit, PayPal transfer, or Amazon gift cards.
Direct deposit withdrawals undergo a 5-business-day review period, followed by an additional 2-3 days for bank processing. PayPal and gift card withdrawals also require five days for CoinOut’s review, but once approved, PayPal transfers are immediate while gift cards arrive via email.
In-Store Receipts
Earning cash back on in-store purchases requires simply scanning your receipt through the app. Each receipt can only be uploaded once for rewards—duplicate submissions risk account suspension.
Receipt uploads must adhere to these specific guidelines:
- Upload within two weeks of the transaction date
- Include store name, total amount, and itemized purchases with prices
- Must be clearly readable
Upon uploading in-store receipts, your reward amount displays instantly, with values varying per receipt.
These receipt types are ineligible for cashback rewards:
- ATM Receipts
- Lotto Tickets
- Credit Card Slips
- Money Orders
- Pictures of only barcodes or Q.R. codes
- Coupons
- Receipts not in English
- Receipts that do not have products included
- Receipts not from your own purchase
E-Receipts
Online shopping enthusiasts can also capitalize on e-receipt rewards through CoinOut.
Online cashback works two ways: shop directly through the app like other cashback platforms, or forward your e-receipt to receipts@coinout.com.
Online transactions earn specific percentage cashback rates that vary by retailer. Forward e-receipts on the same day as your purchase, with CoinOut accepting up to 8 daily submissions. Remember to register your email through the survey link sent after submitting an e-receipt.
The Pros Of Using The CoinOut App
Understanding how CoinOut operates sets the stage for exploring its key advantages.
No Minimum Payout For Direct Deposit Or Gift Card
Unlike many cashback apps that impose minimum payout thresholds, CoinOut eliminates this barrier for direct deposit and gift card withdrawals. Even PayPal withdrawals only require a modest $10 minimum—significantly lower than most competitors. This means faster, more frequent payments without waiting to accumulate large balances.
Fewer Limitations On Cashback Rewards
While most cashback apps restrict rewards to specific items, spending amounts, or approved retailers, CoinOut breaks these barriers by accepting virtually any receipt from any store. This includes local “mom and pop” businesses unique to your area. The freedom to earn rewards regardless of where you shop or what you buy represents a significant competitive advantage.
You Can Shop In-Person And Online
Many cashback apps limit rewards to either in-store or online purchases exclusively, but CoinOut embraces both shopping methods. This dual approach maximizes your earning potential across all purchasing channels.
The CoinOut Application
The app prioritizes functionality over flashy design, making receipt scanning remarkably straightforward. While it may not win design awards, its simplicity serves users who value efficiency over aesthetics. For those who appreciate no-frills functionality, CoinOut delivers.
More Than One Way To Earn
Beyond receipt-based cashback, CoinOut diversifies your earning potential through badge completion (special offers) and friend referrals. Multiple income streams within a single app enhance overall earning potential.
Customer Support Is Responsive
Both App Store and Google Play Store reviews consistently praise CoinOut’s customer service for being responsive and helpful. When issues arise, users can count on reliable support.
The Cons Of Using The CoinOut App
Every app has drawbacks, and CoinOut is no exception. Here are the key limitations to consider.
You Can’t Link Your Cards
The requirement to manually upload receipts or email them represents the app’s primary inconvenience. Users who prefer automatic card-linking features found in other apps may find this manual process tedious.
Slower Payout Than Other Apps
While some competitors process payments within 24-72 hours, CoinOut requires up to 5 days for review (potentially longer for direct deposits). Users seeking rapid payment processing might prefer faster alternatives.
Lower Pay Than Other Apps
Although CoinOut accepts virtually any receipt, it doesn’t offer fixed percentage rates like most cashback apps. Instead, payments are randomized and typically lower than competitors’ structured reward systems.
Is CoinOut Worth It?
Despite modest payout amounts, CoinOut delivers something valuable: rewards on nearly every purchase without restrictive requirements. Unlike other cashback apps that limit earning opportunities, CoinOut empowers you to monetize everyday purchases without being influenced to buy specific products or brands you wouldn’t normally choose.
While CoinOut won’t generate substantial income, it transforms routine spending into consistent savings opportunities. In personal finance management, every dollar saved contributes to your overall financial health.
Are There Other Cashback Apps Like CoinOut?
The cashback app market offers numerous alternatives, though CoinOut’s minimal earning requirements make it distinctly user-friendly.
For additional options, Ibotta provides another receipt-uploading platform with typically higher payout rates.
Those preferring automatic card-linking should explore Rakuten (formerly Ebates), which offers extensive retailer partnerships, established credibility, and exceptional customer support.
Additional popular cashback platforms include:
The beauty of cashback apps lies in their compatibility—you can maximize earnings by using multiple platforms simultaneously!
Wrapping Up: CoinOut
Armed with comprehensive knowledge about CoinOut, you can make an informed decision about its value proposition. CoinOut excels as a straightforward money-saving tool that prioritizes accessibility over maximum earnings. While payouts may not match higher-paying competitors, the reduced restrictions create more frequent earning opportunities. Consider using multiple apps to maximize your overall cashback potential. Regardless of your choice, prioritizing savings remains fundamental to sound financial management. Start saving today!
