If you’ve seen Shark Tank, you might have seen CoinOut make an appearance. CoinOut is a highly-rated cashback app that has differentiated itself from the competition. If you love saving money when you shop, you might have thought about downloading the CoinOut app.
Before you download it, though, you’re looking for a CoinOut review to give you all the details of how it works and whether it’s ultimately worth it. Below you’ll find everything you need to know about CoinOut to help you decide if the app is worth taking up space on your phone. Keep reading to find out!
How Does CoinOut Work?
As stated previously, CoinOut made a debut on the T.V. show Shark Tank in February of 2018. CoinOut became a success on the show when investor Robert Herjavec decided to invest in it. After that, its popularity took off.
As for how CoinOut works, it acts as a receipt scanning cashback app and a digital wallet. The app is available on both Apple and Android. Once you have downloaded it, you will need to register by providing your phone number.
You can receive cash back on both online and in-store purchases. More details about each of these will be covered below.
You can also make money by completing various offers under the “Badges” section. For example, you get $10 to your CoinOut account if you sign up for Robinhood. Lastly, you also get $1 for every friend that you refer to the app that signs up through your referral link.
While your earnings will usually show up right away, it can take up to 90 days for some merchants.
You can cash out via direct deposit, PayPal, or Amazon gift card.
When you cash out with direct deposit, it takes up to 5 business days for CashOut to review it. Once they have processed it, it takes another 2-3 days to get to your bank. To cash out via PayPal or gift card, it takes five days for CoinOut to review the cashout, but once it is processed, you’ll automatically receive the money. If you go with a gift card, you’ll receive that in an email.
To earn cash back on in-store receipts, all you need to do is scan your receipt onto the app. You may only upload a receipt once to receive cashback. If you upload the same receipt more than once, your account may be blocked.
There are also a few other guidelines you’ll need to follow you when you upload a receipt:
- The receipt must be uploaded within two weeks of the date of the transaction.
- The receipt must display the store name, the total bill amount, and the receipt line items with prices.
- The receipt must be readable.
When you upload an in-store receipt, you’ll instantly see your reward amount, and it will vary with each receipt.
The following receipts do not receive cashback:
- ATM Receipts
- Lotto Tickets
- Credit Card Slips
- Money Orders
- Pictures of only barcodes or Q.R. codes
- Receipts not in English
- Receipts that do not have products included
- Receipts not from your own purchase
If you are a big fan of online shopping, you’ll also want to know how to get cash back from your e-receipts.
To get cash back on online shopping, you can shop through the app as you would any other cashback app or email your e-receipt to email@example.com.
With online transactions, you’ll get a specific percentage cashback, depending on the retailer. You will need to forward emailed receipts on the day of purchase. CoinOut is currently accepting up to 8 per day. You also need to make sure that you register your email through the survey link you receive via email after sending an e-receipt.
The Pros Of Using The CoinOut App
Now that you know how the CoinOut app works, you’ll want to know its pros. Read on for more details.
No Minimum Payout For Direct Deposit Or Gift Card
Many other cashback apps have a minimum payout amount that you need to reach before you can cash out. With CoinOut, you don’t need to worry about that unless you use PayPal. And even if you do decide to cash out via PayPal, the minimum payout amount is only $10, which is still less than a lot of other cash back apps. Therefore, with CoinOut, you’re going to get paid more often and more quickly.
Fewer Limitations On Cashback Rewards
Most other cash back apps want you to purchase a certain item, a certain amount, or from a certain store. CoinOut is unique because the company will give you cashback on basically any receipt from any store. They’ll even provide you with cashback on “mom and pop” stores that may only be available in your city. Being able to earn money back, no matter where you shop or what you purchase is a huge advantage!
You Can Shop In-Person And Online
Some cashback apps only provide cashback on in-store purchases or online purchases, but CoinOut offers cashback on both. Therefore, this gives you even more versatility on the purchases for which you can receive cashback.
The CoinOut Application
The application is easy to use. After all, all you need to do is scan your receipt. It isn’t necessarily the most aesthetically pleasing, but because of how simple it is to earn cash back, the app itself is simple. For those who like simplicity, CoinOut is for you.
More Than One Way To Earn
While most of your earnings are likely going to be coming from your cashback earnings, you can still earn “badges” (i.e., complete offers) and make money by referring friends. Having more than one way to earn is a plus!
Customer Support Is Responsive
CoinOut has high ratings in both the App Store and Google Play Store with many positive reviews surrounding customer service being responsive and helpful. Therefore, if you have a problem, expect CoinOut to be there for you.
The Cons Of Using The CoinOut App
Now that you know the pros, it’s time to review the cons.
You Can’t Link Your Cards
One of the main cons is that you have to upload receipts or email them to get your cashback. For those who prefer apps that allow you to link your credit or debit cards, this might not be the most convenient option.
Slower Payout Than Other Apps
Some apps take 2-3 business days to send your payment. Some even pay you within 24 hours. CoinOut can take up to 5 days (or longer with direct deposit) to receive payment. For those who prefer a quicker turnaround time on receiving payment, you might want to go with another app.
Lower Pay Than Other Apps
While CoinOut does offer cashback rewards on pretty much any receipt you upload, there is no set rate like with most cashback apps where you’ll earn a certain percentage every time. Therefore, the payment amount is randomized and usually lower than other apps.
Is CoinOut Worth It?
While CoinOut might not pay you a ton, you can still get paid something (rather than nothing) on most receipts. That isn’t typically the case with other cashback apps. Again, you’ll usually have more purchase requirements to earn the cashback. With CoinOut, you are more in control of what purchases you make. Therefore, you can make money from your everyday purchases without being swayed to buy a specific product or brand that you might not have otherwise bought.
While you might not get rich using CoinOut, it’s still worth saving money on your purchases. When it comes to your personal finances, every penny counts.
Are There Other Cashback Apps Like CoinOut?
Now that you know more about CoinOut, you might still be wondering if there are other cashback apps that you can use. Luckily, there are tons of cashback apps out there. However, CoinOut is unique because there are fewer earning requirements than other apps.
If you want options, though, Ibotta is another app where you’ll need to upload a receipt to get cashback. You’ll also likely receive higher pay on this app.
If you want an app that will let you link your credit card and that still has excellent cashback deals, give Rakuten (formerly known as Ebates) a shot. This company has been around longer and has thousands of retailer partnerships. They also have excellent customer service.
Other popular apps/websites where you can receive cash back are as follows:
Fortunately, you don’t have to only use one cashback app. You can use multiple!
Wrapping Up: CoinOut
Now you know if CoinOut is for you or not. Ultimately, CoinOut is an excellent way to save some money while you shop. While you might not make as much as you would using other apps, you also don’t have as many restrictions, making it easier to earn more frequently. You can also always use more than one app. Either way, saving money is an integral part of taking care of your personal finances. Now, go, save away!