The CoinOut app is a reward app that allows you to earn rewards for submitting receipts from your purchases.
Here’s a breakdown of how it works
- Receipt Scanning: You can earn rewards by snapping photos of your paper receipts from various retailers within 14 days of purchase.
- Online Order Rewards: CoinOut also offers automatic rewards for online purchases when you connect your email and retailer accounts. You’ll earn Coins for each online order and bonuses for linking accounts.
- Missions: Completing tasks like surveys in the “Missions” tab allows you to earn additional Coins.
- Reward Levels: There are five reward levels, and the higher your level, the more Coins you earn per receipt and online order.
- Redeeming Rewards: You can redeem your earned Coins for rewards like Amazon gift codes, PayPal, Venmo, or Your Choice gift cards. The minimum for a reward can be as low as 3,000 Coins.
- Coin Value: 1,000 CoinOut coins are worth $1.
- Data Collection: CoinOut collects and analyzes your purchase data from receipts and online orders, which is then used by the company and resold to brands for market research and consumer behavior insights. CoinOut states that personal information is removed from the transactions before this data is used or resold.
- Receipt Submission Details: Paper receipts need to contain specific information, including the store’s name, date and time of purchase, items with pricing, and the total amount to be valid. There’s also a limit of 5 receipts from the same retailer within a 24-hour period.
- Earning Potential: Some reviews indicate that the payout for receipts can be relatively low, with some estimates suggesting a potential earning of up to $3 a month. Others claim higher earnings, with some estimates suggesting up to $200 per year for dedicated users.
- Reviews and Customer Service: User reviews on platforms like the [App Store] and [Trustpilot] are mixed, with some users reporting positive experiences and others expressing frustrations regarding issues with receipts being deemed invalid and difficulties with customer support. The Better Business Bureau gives Coin Out Inc. an F rating based on customer complaints.
- Privacy: While CoinOut states that your password for linked accounts never leaves your device and is not stored on their servers, it’s important to be aware of their data collection practices and the sharing of anonymized purchase data with third parties.
Does CoinOut really pay?
Let’s do it! CoinOut is a legit rewards app that pays you to upload pictures of your shopping receipts. While the payouts are pretty low, the app is easy to use and lets you cash out at just $3.
How does the Coin Out app work?
From my experience, CoinOut lets you earn rewards just for submitting receipts of your purchases. You can do this by scanning a paper receipt from a recent purchase or by connecting eligible email, Amazon, Instacart, Walmart, Starbucks, and Kroger accounts for automatic e-receipt collection. The more you submit the more you can earn!
Is CoinOut from Shark Tank still in business?
From my experience, Coin Out was acquired by IRI on May 4, 2021 .