If you’re a personal finance fanatic, you’re probably constantly looking for ways to make money and save money. Getting cashback on your daily purchases is an excellent way to save money, and the app, Dosh, lets you do that. Since its founding in 2016, Dosh has paid out $25 million to around 3 million of its users. Of course, you like the sound of that, but you still want to know more before downloading it (no one wants to take up more space on their phone than necessary).
You want to how the Dosh app works, what the pros and cons are of using it, and how it compares to other apps. You’ve come to the right place. This Dosh review will give you all of the information you need to know.
What Is Dosh And How Does It Work?
Dosh is an American app that provides you with cashback on your food, drink, and shopping purchases. Downloading the app is free. Once you have downloaded the app, you will need to add your credit card or debit card.
From there, you can use your linked card to make purchases at the retailers and restaurants that have partnered with Dosh.
Cashback percentages range from 2-10%. You will need to accumulate $25 in cashback before cashing out. And when you make a purchase, you will get your cashback earnings in your Dosh account automatically.
You can cash out via Venmo, PayPal, or direct deposit. Payments may take from 3 to 5 business days (which doesn’t include holidays) to credit to one of those accounts. If you prefer, you can even donate your savings to charity through the app!
What Is The Best Credit Card To Link To Dosh?
To get the most out of using Dosh, you should link the credit card you use the most. That way, you are getting money back on as many purchases as possible. Additionally, if you have any rewards or travel credit cards, even better. That’s double the cashback! However, if you want to, you can also add multiple cards to the Dosh app.
Dosh App Pros
Before making your decision to download and use the app, you’ll want to know the advantages of using the Dosh app first. Read on for more on this.
The Dosh cash back percentages can be quite high. Additionally, you get a $1 sign-up bonus and $5 for every friend that you refer to the app. If you refer many friends to download the app, you can make even more money!
The Dosh app is a great way to save money on your everyday purchases. However, you shouldn’t use the Dosh app as an excuse to make purchases you wouldn’t otherwise make. That would result in you spending more unnecessarily, which defeats the purpose of saving money while you spend.
Unlike other apps that require you to upload receipts to get your money, you don’t have to do that with Dosh. Everything automatically happens when you link your card. This makes the process of getting your savings more convenient.
You Can Shop Online And In-Person
Some apps only allow you to shop online. Dosh will enable you to save money from shopping online and in-person, which gives you more versatility in using the app and getting cashback.
The application is easy to use and is split into two categories: “Food & Drink” and “Shopping.” There is also an in-app map that shows you what cashback deals are near you.
Cashback On Travel
Another aspect of Dosh that makes it stand out against other apps is getting cash back on hotels when you travel. If you are someone who likes to travel and would benefit from getting money back on your hotel purchases, this is the app for you. Sometimes you can find cashback deals for upwards of $170!
Donating To Charity
Using Dosh is an excellent way for you to donate to charity with the money that you save. After all, you won’t be spending a penny of the hard-earned cash that you get through your regular job. You get extra money to give back, simply from making purchases that you already make!
Additionally, if you are someone who itemizes your tax deductions, this is just another deduction for you to make! More money for you!
Dosh App Cons
Now that you know the advantages of using the Dosh app, you’ll also want to know the cons. Read on for more details.
It Can Take A Long Time To Get Paid
You need to make $25 in earnings to cash out with Dosh. That might not sound like a lot, but if you make an average of 5% cashback on all of your purchases, you would need to spend $500 to get $25 back. It could take a while before you get your payout if you are not someone who shops a lot.
Additionally, it can take up to 90 days to cash out the earnings that you receive from specific retailers. The long wait time is because 60-90 days is the typical return period for retailers. And these retailers want to make sure that you don’t return purchases that you are supposed to earn cashback on.
Limited Cashback Offers
Compared to other cashback apps that have been around longer, there aren’t as many cashback offers available. It will depend on your location, though. For instance, most of the shopping cashback deals in my area are for Costco’s and Sam’s Club. Unless you do most of your daily shopping at either of these two, it wouldn’t make sense to use the app for retail shopping in this case.
With that said, there are a lot of food and drink options!
Remember, the deals in your area will be different and might be more suitable for your daily purchases and lifestyle.
You Need To Link A Card
For some, needing to link your credit/debit card to the app might be a deterrent. While the app does use bank-level encrypted security, some may still be uneasy about this idea.
Who Should And Shouldn’t Use The Dosh App?
If you are someone who already shops a lot at the retailers and restaurants listed in the Dosh app, you should use Dosh. You’ll save money on purchases you already make regularly.
However, if you aren’t regularly making purchases with the companies they have partnered with, it doesn’t make sense to spend extra money just to get the cashback.
Those who like to frequently eat out or stay in hotels should also use the app. Restaurants and hotels are where you can find the most variety of cashback deals as well as the highest rates.
However, if you are someone who doesn’t eat out a lot and you’d prefer getting cashback on groceries that you buy in places other than Sam’s Club and Costco, Dosh might not be for you.
Additionally, Dosh (or any cashback app) is not for those who tend to impulse buy or that tend to carry credit card balances. If you are one of those two types of people, using Dosh would be counterproductive and could hurt your finances in the long run.
If you tend to impulse buy, Dosh might end up being another incentive to spend more money than you make. And if you allow interest to accumulate on your credit card purchases, that is what credit card companies want. You’ll, once again, end up spending more than you save. Interest adds up and can end up being more than you save on the cashback.
Now you know if you fit the bill for who should use Dosh. If you realize that Dosh isn’t the cashback app for you, you may be wondering if there are other cashback apps available for you to use instead. While there are many other rewards apps and apps that pay you to shop out there, the app(s) that are right for you will depend on what kind of shopper you are.
If you are looking to earn cashback on groceries, you should go with Ibotta or other apps like Ibotta. For more variety of choices in cashback deals, check out Rakuten (especially useful for clothing). If you are someone who would prefer to upload receipts (meaning you don’t want to link your card), you can give Checkout 51 a shot.
A few other popular apps/websites where you can get cash back are:
Wrapping Up: Is Dosh Worth It?
Now you know all that there is to know about Dosh. Dosh is an excellent way to make cashback on purchases as long as you are already making those purchases. Even if it takes a while to get the money, it’s better than not saving money at all. Depending on where you live, the cashback deals available to you may vary. But if you aren’t opposed to linking your credit card, it’s worth downloading the Dosh app to see if those deals complement your daily purchase needs. Now, go Dosh it up!