- A recent Business Insider article quoted JP Morgan’s analysis that by the middle of this year, 99 per cent of Americans will be worse off than they were before the COVID-19 pandemic
- Saving money has become a top priority for many and one of the most effective ways to achieve this, is by capitalizing on discounts and cash-back offers on everyday purchases
- Cash-back apps operate on a simple premise: they provide users with a portion of their spending back in the form of cash rebates or rewards
- By leveraging these apps, consumers can earn cash back or rewards on items they were already planning to buy, effectively stretching their budgets further
For many people, it is harder than ever to keep up financially. But the good news is more ways than ever are available to save money.
A recent Business Insider article quoted JP Morgan’s analysis that by the middle of this year, 99 per cent of Americans will be worse off than they were before the COVID-19 pandemic.
In this climate, saving money has become a top priority for many and one of the most effective ways to achieve this, is by capitalizing on discounts and cash-back offers on everyday purchases. Given how technology has advanced, numerous apps have emerged with the intent to help consumers save money.
Let’s get into how these cash-back and promo deal apps work and explore five of the most popular choices out there.
How cash back apps work
Cash-back apps operate on a simple premise: they provide users with a portion of their spending back in the form of cash rebates or rewards. Users typically shop through these apps, which partner with retailers and earn a commission for driving sales. A portion of this commission is then passed on to the consumer in the form of cash back. This model incentivizes users to shop through the app, benefiting the app developers and the consumer.
Now, let’s explore five popular cash-back and promo deal apps:
1. Rakuten
Rakuten, formerly known as Ebates, is a leading cash-back app that partners with more than 2,500 retailers. Users can earn cash back by shopping online through the Rakuten portal or by using the Rakuten browser extension. Rakuten offers a straightforward user interface and often provides generous cash-back rates. However, it is worth noting that payout frequency is quarterly, and some users report occasional delays in receiving their cash back.
2. BeFrugal
BeFrugal is another cash-back app that offers competitive rates and a wide selection of partner retailers. In addition to cash back, BeFrugal provides users with access to exclusive coupons and deals to maximize savings. The app boasts a user-friendly interface and provides various payout options, including PayPal and gift cards. Even so, some users say they have experienced issues with tracking cash back on certain transactions.
3. Pogo
Pogo sets itself apart by offering cash back not only on online purchases but also on in-store transactions. Users link their credit or debit cards to the app and earn cash back automatically when they shop at partner retailers. Pogo’s seamless integration with in-store purchases makes it convenient for users who prefer traditional brick-and-mortar shopping experiences. Despite this, the selection of partner retailers may be more limited compared with other cash-back apps.
4. Drop
Drop is a distinct cash-back app that rewards users for everyday spending on their linked debit or credit cards. Users select their favourite retailers from Drop’s list of partners and earn points automatically when they shop at those stores. Points can be redeemed for gift cards to popular retailers, effectively providing users with additional savings on future purchases. While Drop offers a convenient way to earn rewards passively, some users may find the redemption options somewhat limited.
5. Mr. Rebates
Mr. Rebates offers cash back on online purchases from a wide range of retailers, including popular brands and niche stores. The app features a user-friendly interface and provides timely payouts via cheque or PayPal. Mr. Rebates also offers exclusive coupons and deals to help users maximize their savings. On the other hand, a number of users have reported some delays in tracking cash back and receiving payouts.
Money saved = money earned
Cash-back and promo deal apps present a fantastic opportunity for people to save money on their everyday purchases. By leveraging these apps, consumers can earn cash back or rewards on items they were already planning to buy, effectively stretching their budgets further. With so many options available, explore different apps and find the ones that best suit your shopping habits and preferences.
For more ways on how to save money, be sure to check out our “15 Simple ways to save money for real.”
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
