CoinOut is a rewards app that allows users to earn money by scanning receipts and sharing purchase information . It was featured on ABC’s Shark Tank and later acquired by IRI Worldwide, a market research company. While the app is considered legitimate, its effectiveness as a substantial money-making tool is debated, and some users have reported issues.
Here’s a summary of what reviews indicate about CoinOut:
- Easy to Use: Many users find the app straightforward, and scanning receipts is generally a quick process.
- Low Payout Threshold: Users can cash out their earnings for as little as $3, making it accessible even for infrequent use.
- Variety of Earning Methods: Beyond scanning receipts, CoinOut offers other ways to earn points, including completing surveys, connecting email and retailer accounts (Amazon, Walmart, etc.), and participating in features like CoinFrenzy.
- Legitimate Payouts: Reviews suggest CoinOut does pay out rewards, either through PayPal or gift cards to various retailers.
- Low Earnings Potential: Most users report earning very little from CoinOut, perhaps a few dollars per month, even with consistent use and maximizing earning opportunities.
- Slow & Buggy App: Some users experience slow performance, app crashes, and difficulties uploading receipts.
- Potential for Account Blocking & Unresolved Issues: There are instances of accounts being blocked, especially after the first redemption, and some users report difficulty resolving problems with customer support.
- Lack of Clarity & Transparency: Users express frustration with the lack of clear explanations about earning rates, tier system requirements, and the purpose of some requested data/permissions within the app.
- Changes in Earning Model: Some older reviews mention a change from a direct cents-per-receipt system to a points system, with some users disliking the shift and finding it harder to earn as much as before.
If you’re looking for apps that offer better earning potential or a more streamlined experience, consider exploring these alternatives:
- Fetch Rewards: A popular option for scanning grocery receipts and earning points for gift cards.
- Ibotta: Offers cash back on specific grocery purchases and can be quite lucrative for consistent users.
- ReceiptPal: Similar to CoinOut, it allows you to submit any receipt for rewards, with each receipt typically earning around $0.06.
- Pogo: Automatically earns you points for linking your credit cards and location data, redeemable via PayPal or Venmo.
In conclusion, CoinOut can be a simple way to earn a small amount of extra cash by scanning receipts. However, be aware of the low earning potential, potential for app issues, and lack of transparency regarding data usage and rewards structure. You might find better returns with alternative receipt-scanning and cashback apps available in the market.
How is CoinOut doing after Shark Tank?
Thanks for asking. In March, 2021, the company was acquired by IRI Worldwide for an undisclosed amount. As of June 2021, they had $12 million in annual revenue. Jeff stayed on at the company until April, 2022. He now advises and invests in start-up companies.
Is it safe to connect my email to CoinOut?
We care deeply about your privacy and would like to tell you a bit more about how it works: When you enter your login information to connect to your email or retailer account while in the CoinOut app, your password never leaves your device. It is not sent to our servers and we cannot access it directly.