The CoinOut app is a reward app that allows users to earn money by scanning receipts and performing other tasks.
Here’s how CoinOut generally works:
- Earn rewards for receipts: Users can earn rewards by taking pictures of paper receipts from any retailer in the US or by connecting eligible email and retailer accounts (like Amazon, Walmart, etc.) for automatic e-receipt collection.
- Coins and Levels: The app uses a virtual currency called “Coins,” where 1,000 Coins are equivalent to $1. The number of Coins earned per receipt (ranging from 10 to 50) depends on the user’s “level,” which can be increased by submitting more receipts and connecting accounts.
- Additional earning opportunities: CoinOut offers other ways to earn Coins, including completing surveys through “Missions” and participating in the “CoinFrenzy” game.
- Redeeming rewards: Users can redeem their Coins for various rewards like Amazon gift cards, PayPal, or Venmo once they reach the minimum threshold, which is as low as 3,000 Coins.
Pros
- Easy to use: The app’s interface is user-friendly and requires minimal effort to scan and submit receipts.
- Low payout threshold: Users can cash out for as little as $3.
- Works for any retailer: Receipts from any US retailer are accepted for earning rewards.
Cons
- Low earning potential: Most users realistically earn small amounts, with estimates suggesting up to $3 a month or around $36 annually for consistent use.
- Delayed credit for receipts: Unlike some competitors, CoinOut takes up to 72 hours to verify receipts and credit Coins.
- Level updates are monthly: Even if requirements are met earlier, level upgrades are processed only once a month.
Yes, CoinOut is a legitimate rewards app that pays users for their receipts. However, it’s essential to understand that it also functions as a data broker, and may share personal information with third parties, [according to Side Hustle Nation].
Several other receipt-scanning and cashback apps offer similar functionalities, including:
- Fetch Rewards: Offers points for scanning grocery receipts, redeemable for gift cards.
- Receipt Hog: Another receipt-scanning app, where users can potentially earn around $25 annually.
- Ibotta: Provides cashback offers, primarily for groceries, and requires users to select specific products before scanning receipts.
- ReceiptPal: Awards points for receipts, with an estimated annual earning potential of $10-$25.
- Pogo: Gives points for sharing location and credit card transaction data, cashed out via PayPal or Venmo.
Choosing the right receipt app depends on individual preferences regarding earning methods, reward options, and potential privacy concerns.
Does CoinOut really pay?
Yes, CoinOut is legit. You get cash back for submitting pictures of your receipts. While your payout isn’t going to be huge, you can make up to $3 a month or $36 a year, depending on how much you shop. It’s not a huge amount of money, but your time investment to take pictures and upload is very minimal.
Is CoinOut successful after Shark Tank?
Yes, CoinOut has been quite successful after its appearance on Shark Tank. It gained significant exposure from the show and has since grown its user base and revenue.