If you’re the type of person who is looking for ways to save money using cashback apps and various other forms of couponing then you may want to check out an app called CoinOut.
Over the years I have reviewed a variety of cashback apps, couponing websites, and other fun and easy ways to earn extra pocket change doing things that I normally do on a day to day basis.
As I was scouring my social media feed this morning this app appeared several times and this intrigued me to do some further research on this to see what it had to offer and how everything worked.
In the following review, I’ll be sharing my personal experience that I’ve had using this app so far and showing you how much you can really earn.
If you’re the type of person who loves to save money and you’re a penny pincher then you’ll want to stick around and continue reading this review in its entirety cause I’ll be sharing some pretty exciting info with you guys today.
I’ll be detailing this review in the following sections to make it easier for you guys to navigate this review
Let’s get started, OK?
CoinOut App Review
Name: CoinOut App
Download Link: Coinout.com
Type Of App: Cashback
Owner/ CEO: Jeffrey Witten
Price To Download: Free
Overall Ranking: 4.2/ 5 Stars
What Exactly Is The CoinOut Cashback App?
CoinOut is a smartphone app that’s available for Android and Apple smartphone devices that gives you the ability to earn pocket change from a variety of receipts from everyday purchases you make.
Think of this more like a digital wallet for you to store your loose change that you get back from the grocery store, fast food restaurants, gas station, Starbucks, and many other places that you shop on a day to day basis.
If you guys happen to watch the ABC show Shark Tank then you may recognize Jeffrey from the appearance he made on the show back on February 18, 2018, where he first introduced this revolutionary app to the entire world.
To date, there are already thousands of people using this app and the popularity of this app seems to be spreading like wildfire.
There are also hundreds of merchants already on board with this and many more that I’m sure will follow suit as the popularity of this app continues to grow.
It’s estimated that Americans toss away as much as $62 million in loose change each year.
It’s pretty crazy to think that pocket change could add up to this much and just the thought of this is pretty mind-blowing, to say the least.
Wouldn’t you guys agree?
Also, did you guys know that 89% of Americans still use cash instead of credit cards?
What a better way to take this loose change and turn it into a digital currency that you can use in a variety of different ways.
How It Works & What You’ll Need To Get Started
Getting started is easy and this only requires 2 things
A smartphone device and a phone number, that’s It!!
Once you download the app and enter a valid phone number you’ll be able to create your account which takes less than a minute to get everything set up.
From there you’ll be presented with a screen similar to the one you see below
You can cash out and receive your cashback rewards in 2 ways and I’ll be listing these for you guys below!!
While paying with either cash or credit/ debit card you can either enter your phone number at the time of the transaction at participating retailers or you can wait till you get home and scan your receipts manually.
To do this, simply tap the scan button you see above and make sure that your receipt is lined up with the yellow lines.
In order for you to receive credit for your receipts, you need to make sure that the following information is legible.
- The store name
- Time & date of the transaction
- Total bill amount
As long as this information is included in your scan you should see the funds added to your account immediately after scanning your receipt and you should hear a cha-ching cash register sound verifying the funds were added to your account.
Your receipts can be up to 2 weeks old and you’re limited to scanning 5 to 10 per day at this point in time but I’m sure this number will be raised in the near future.
They also accept e-receipts as well and at this time you can upload 4 of these per day.
In order for you to receive credit for these types of receipts, you’ll need to send them to firstname.lastname@example.org and this needs to be done the same day of the purchase.
What are e-receipts you may ask?
These are receipts from online purchases that you get while shopping online.
The amount that is deposited into your account is totally dependent on the retailer as many retailers will pay more than others.
In my own personal experience that I’ve had with this app so far, the ones that tend to pay the most are Burger King, Subway, and Starbucks.
These usually range anywhere from 3 to 5 cents, but I was able to earn a whopping 61 cents back from my Starbucks receipt and I think this is absolutely awesome.
Wouldn’t you guys agree?
How Do You Get Paid?
In order for you to get paid, you’ll need to first fill out your profile and verify your phone number using a 6 digit pin number which will be sent to your phone via a text message.
You’ll then simply need to enter this pin number into the box where it asks you to enter the verification code sent to your phone.
From there you can select to have your earnings deposited into your bank account or receive it in the form of a gift card.
Once you cash out it usually takes anywhere from 24 to 48 hours to process your transaction and you should see this money deposited into your bank account within 2 to 3 business days.
Like other cashback apps of this nature that require you to link your card to the app to receive your rewards, CoinOut uses a third party company called Plaid to connect to your bank and log you in using a secure and encrypted connection.
What this means is that if this app were to ever get hacked then your personal banking information wouldn’t be at risk since CoinOut doesn’t have access to this information.
If you choose the gift card option instead you’ll be asked to verify your email address first before requesting a gift card.
Gift cards usually take 24 to 48 hours to process and once these are processed your gift card will arrive in your email inbox that you used to register your account within a few short hours.
At the current time of me writing this review, Amazon is the only participating retailer that you can receive a gift card from at this time.
However, I’m sure that there will be many other merchants available for you to pick from as more merchants opt-in to participate in this cashback app.
Also, there is no minimum balance or payment threshold that you need to reach prior to cashing out and this is one of the things that I really like about this app compared to other apps of this nature.
Other Ways To Earn With CoinOut
Besides scanning receipts, there are also a few other ways to earn with this app and I’ll be listing these opportunities with you guys below.
Like other cashback apps, they have a referral program that allows you to earn 50 cents for each person who joins through your unique referral link and scans their first receipt.
There are no requirements that your referrals will have to meet other than scanning their first receipt for you to have these earnings credited to your account and this is another thing that I particularly liked about this app.
My Closing Thoughts On The CoinOut Cashback App
If you’re the type of person who does a considerable amount of shopping on a daily basis and spends a decent amount of money on eating out then why not put some of this money back into your pocket?
What have you really got to lose?
I have just downloaded this app the other day and I have already earned nearly $1 back from scanning receipts on stuff I buy on a day to day basis.
To me, this is like free money and you would be quite foolish not to take advantage of this opportunity.
While I know this may not seem like a lot to you guys, this can add up pretty quickly and before you know it you’ll have accumulated $5 to $10 for receipts that you would normally throw away anyway.
This is like throwing money into the trashcan or littering up your car with so why wouldn’t you do this?
If you’re a couponer and you’re looking for an easy way to put some of that pocket change back into your wallet then I think you owe it to yourself to check this app out for yourself to see what it can do for you.
However, if scanning receipts and earning pennies on the dollar isn’t something you’re interested in doing and you’re looking to earn some life-changing money doing something you’re passionate about then perhaps you should look into Wealthy Affiliate instead.
This is where you’ll learn how to build a website based on a hobby of yours and learn how to promote products from places like Amazon, Target, BestBuy, Gamestop, and many others just to name a few.
Other than that, I really hope this CoinOut cashback app review has given you guys an inside look at what this app is all about and whether or not its worth your time.
If you have any additional questions for me or would like to share your experience with this app please feel free to leave this for me in the comments below.
Until Next Time
~Your Friend, Scott~