Cashback apps have become very popular among those who want to save money on their daily purchases.
There are different cash back apps, but the main one offers rewards to those who upload their receipts. You purchase something, upload the receipt, and receive your cashback.
CoinOut is one of the most popular receipt scanning apps that provide rewards and cashback.
What makes it unique is that you can get rewards when you submit receipts from any store. The platform was featured on Shark Tank too.
This CoinOut review covers how it works, how much money you can make, pros, cons, and whether it is legit.
What is CoinOut?
CoinOut (Android) is a platform that offers users cashback when they upload their receipts. The CoinOut app is free to download on iOS and Android devices.
The app concept is straightforward, as it rewards you with a cashback when you shop and snap a picture of your receipt.
The app also works as a digital wallet and helps you keep track of your spending and change.
The CoinOut company was also featured on Shark Tank in 2018, and this has increased the number of users on the platform since then.
How Does CoinOut Work
CoinOut is a pretty easy cashback app to use. As long as you’re at least 18, in the United States, and have a smartphone with an internet connection, you can get started with earning money whenever you upload the receipt.
The CoinOut signup process is pretty straightforward. First, you need to download the mobile app on your Android or iOS device.
Then, submit your phone number to the platform. CoinOut will send you a verification code when you do this, and it is compulsory to verify your number.
Also, using a fake phone can cause you to be banned later on.
Shopping for groceries, clothes, and whatnot is a part of our everyday lives, which is why there are so many opportunities to earn money on CoinOut.
You can upload your in-store and online receipts by scanning them with the app. The receipt must not be more than two weeks old.
How Do I Make Money on CoinOut?
There are different ways to make money on CoinOut, asides from scanning receipts. You can earn CoinOut rewards like cash and gift cards by doing any of these.
Here are the different ways to make money on CoinOut:
CoinOut now allows its users to upload e-receipts by forwarding them to their email.
You must send the e-receipt the same day you made the purchase, and you can only upload eight receipts per day.
The online cashback portal also allows you to receive automatic rewards from retailers like Walmart and eBay.
Participate in Sweepstakes
CoinOut also organizes sweepstakes as another way to make money.
Partners and popular brands sponsor these contests, and you can get rewards when you purchase specific products.
You can also receive rewards when you shop the most from a specific brand.
Register for the Newsletter
You can increase your winning opportunities by signing up for the CoinOut newsletter.
The newsletter will inform you of weekly cashback and special events that reward you with money.
Use Homepage Badges
You will notice badges on the app’s homepage that include rotating bonuses and partner offers, rewarding you with extra cashback.
Some badges will give you double cashbacks on your next receipt, while others will unlock unlimited receipt uploads.
You can also look out for limited-time offers and offers from their partners.
CoinOut has a referral program to earn money whenever you refer friends. The referral amount constantly changes, so you can’t expect a fixed reward.
But usually, the referral reward will be between $0.50 and $0.75. It gives you the chance to win free money.
What Receipts Earn CashBack on CoinOut?
It’s important to know what receipts earn cashback on CoinOut so that you can intentionally make money.
A receipt cannot be uploaded more than once, or your account will be blocked. Also, it must have the following features:
- Store name.
- Date of transaction.
- Receipt line items with prices.
- Total bill amount.
- The receipt must not have been uploaded previously.
If a receipt is too long, fold it to show only needed information. And if the receipt picture is unclear or unreadable, you won’t receive your cashback.
What Receipts Don’t Earn CashBack on CoinOut?
Although CoinOut barely has any limits on the receipts you can upload from retailers, some receipts don’t earn cashback on the cashback platform.
- Previously uploaded receipts.
- Lotto tickets.
- Parking slips.
- ATM receipts.
- Credit card slips.
- Money orders.
- Pictures of electronic receipts.
- Receipts not in English.
- Pictures of receipts on QR codes, devices, coupons, and barcodes.
- Handwritten receipts.
How does CoinOut Payout Rewards?
CoinOut offers your cashback rewards through different channels. These include direct deposit, PayPal cash, and Amazon gift cards.
There is no minimum withdrawal requirement when using CoinOut, but this is only when you’re using direct deposit and Amazon gift cards.
You don’t have to wait to get a particular amount of money before you can withdraw. You can get your cash or turn them to gift cards easily.
But if you want to use PayPal, you need a minimum of $10 in your account before you can withdraw.
The CoinOut gift cards are from various retailers, especially Amazon.
Pros of CoinOut
- It is easy to download the app and start earning.
- There is no minimum withdrawal amount except with PayPal.
- There are multiple withdrawal methods.
- There are different ways to earn money, asides from scanning receipts.
- Almost every type of receipt from all retailers is eligible.
- There is a referral program available.
Cons of CoinOut
- There is a low earning potential.
- A limited number of gift cards are available.
- The referral program has weak rewards.
Is CoinOut Legit?
Yes, it is. CoinOut is a legitimate and real platform for earning money. Keep in mind that it doesn’t offer a lot of money, but it’s a good way to earn money on the side in your free time.
On Trust Pilot, CoinOut has a poor rating, but this is probably because it only has about 27 reviews as of this writing. It has a 1.8 rating, with 78% of the reviews rated bad.
On Google Play, CoinOut has a 3.6 rating from almost 30,000 reviews.
Most of the reviews are five rated, with many positive reviews. From this, you can be assured that it is a legit money-making platform.
Is CoinOut Safe?
Yes, it is. CoinOut is a safe platform. It also uses an impressive amount of encryption, as high as some Fintech apps, so you can expect your personal information to stay safe and secure.
Is CoinOut Worth It?
It depends on what you’re looking for. Although it has a very low earning potential, it is still a good way to earn a little money whenever you make your daily purchases.
As you buy your groceries and more from your favorite retailers, you can earn a little bit of money on the side.
It also takes a little bit of time to upload your receipts, and you can withdraw money whenever you want.
Cash Back Apps Like CoinOut
If you don’t want to use CoinOut, many other alternatives offer you rewards for receipts and cash backs while shopping.
Drop is a popular free app that offers you rewards whenever you shop at your favorite stores and complete certain tasks.
These include playing games, completing surveys, referring friends, and finding deals. You can redeem points in gift cards.
Receipt Hog is another cash back app that rewards you when you upload receipts from your purchases.
It also offers rewards when you complete surveys and participate in sweepstakes. Points earned can be exchanged for PayPal cash and gift cards.
Caddle is a discount and survey app that rewards you when you complete tasks, participate in surveys, and collect offers.
You can withdraw a minimum of CA$20 or more through electronic mail.
Receipt Pal is another receipt scanning and cashback app like CoinOut. It rewards you 25 points for every uploaded receipt and 1000 points as the signup reward.
It also has a referral program and games that earn you money.
Those who want to earn money through their purchases can also do so with Ibotta.
Fetch Rewards is a good alternative to CoinOut, as it also offers you gift cards and cashback when you upload receipts from grocery, shopping, and restaurant purchases.
It rewards points and allows receipts from thousands of retailers. Once you have 3,000 points ($3), you can redeem gift cards.
Learn more in this Fetch Rewards review.
Although CoinOut won’t make you rich, it’s a pretty good way to earn money while going about your daily purchases and making the most of your receipts.
It also helps you keep track of your spending and is an easy app to get started with.