There are numerous money saving apps for iPhone and Android. Most of the popular apps are related to grocery shopping (Ibotta, Fetch Rewards just to name a few) or online shopping cashback apps such as Ebates and TopCashback.
I’d like to introduce you to Coin Out – a new FREE app that allows you to make money from ALL your receipts.
Yes, I mean it – ALL the receipts, from ANY store, merchant, gas station, museum, restaurant, coffee shop – ANY place!
I saw this app mentioned in a comment in one of the Facebook forums and decided to check it out. Is CoinOut Legit or a scam, I wondered. How does Coin Out work? What is their business model? How does CoinOut make money if they can pay you money for any receipt? I did the research and you can find all the answers below.
Here is my full Coin Out review with all the details you need to know before you download it.
Coin Out Review – Quick summary:
||An app that gives you cash for ANY scanned receipt|
|Rating||😀 😀 😀 😀 😀 9.5 out of 10. Give it a try!|
| Minimum Cash Out
||$10 with PayPal. No minimum for other options|
|Payout Options||Direct deposit, PayPal, Amazon Gift cards|
|Pros||♥ Any receipt is eligible
♥ Very fast scanning
♥ New fun features added from time to time
|Cons||♠ Sometimes there are technical issues
♠ The cashback per receipt is small
Is Coin Out Legit App Or Another Scam?
CoinOut was founded by Jeffrey Witten, Columbia University graduate in law and finance.
Jeff’s initial idea was to help people who like using cash but hate carrying the change in their wallets. Collecting the coins in some type of piggy bank is not really a solution, as it becomes more and more difficult to find a place that can accept such a big amount of coins without a fee.
The second part of the new app was scanning receipts from any store for small cashback.
With this idea, Jeffrey participated in Shark Tank show on February 18th, 2018 and made a deal with Robert Herjavec, selling 15% of the equity for $250,000. The deal was mentioned as a great success on several financial websites, like Forbes.
Probably, the digital change wallet idea turned out not sustainable, as it is not offered anymore, but CoinOut moved on and focused on the receipt scanning feature, knowing that the users base is a valuable asset that can be leveraged in many different ways. In October 2018 new cash back feature was launched, competing with EBates and similar websites.
The company is in the process of development and is constantly adding new offers and ways to make money.
CoinOut’s rating in the iTunes store is 4.7 based on more than 3,100 reviews. It’s an absolutely free and legit app.
How Does Coin Out Work?
Now, let me explain to you exactly how does CoinOut work and how to maximize your earnings with this awesome app.
First, you need to download the app from the link below. It only takes a few minutes.
The next step will be to provide the required information and get the verification code in the text message.
Now you can start scanning receipts. The app itself is very intuitive and easy to use. Here is how the main screen looks like:
You see how simple and clean it is? You can manage your settings using the icon in the top left corner.
What Receipts Are Accepted By Coin Out?
Coin Out accepts almost ALL the receipts of ANY kind with very few exceptions (see in the next section). The only requirement is for the receipt to show the date of the transaction, the store name, the total amount and line items with prices. The scanned picture must be clear and readable for the app to process the receipt.
Personally, I have uploaded different kinds of receipts:
– Grocery store receipts
– Gas station receipts
– Museum tickets
– Retailers receipts
– Restaurant receipt
Your scanned receipts can be found later in the app, just in case you need them for any reason.
What Receipts Are NOT Accepted By Coin Out?
There are few receipt types that are not eligible to receive cash back from CoinOut:
– Receipts from ATM
– Lottery tickets
– Credit Card Slips
– Money Orders
– Barcode pictures or QR pictures
In addition, any doubled receipts wouldn’t get cash back.
How To Scan Receipts With Coin Out?
You only can take one picture of your receipt. If it’s too long to fit one shot, just fold it in a way that keeps the important information showing up. From my experience, this app is the fastest for scanning, as you only make one shot and you don’t need to answer any additional questions. Just a few seconds after you scan the receipt, you see how much you have earned. Super fast and simple.
Here is a short video showing you how to use CoinOut app with long receipts :
If you have any e-receipts from online shopping, you can get cashback on them as well. Just forward the receipt to email@example.com and add your mobile number in the text. Make sure you send the email the SAME day of the purchase, otherwise you won’t get any credit.
More Ways To Make Money With Coin Out
In addition to scanning receipts, Coin Out offers other fun ways to earn money. To learn more, you can sign up for “Earn More CoinOut” newsletter or check the “Coupons” section in the app and see the updated offers and bonuses.
Cash Back for online shopping
In October 2018, Coin Out added a new feature – cash back for online shopping at selected stores. The main offer is up to 11% cash back at Walmart. I’m sure more offers will come soon.
Coin Out Gold
These are bonuses granted daily to randomly selected uploaded receipts.
Coin Out Badges
The latest addition to Coin Out app are the badges, that you can see on the main page, like this:
What are CoinOut badges? They are additional benefits that may change from time to time. For example, the badges on the image above are:
1. The badge for Special Trivia game.
2. +$1 Badge that can be activated when your balance is over$20. Activate and get a $1 bonus.
3. VIP Badge gives unlimited withdrawals for 1 week if you complete 2 CoinOut online cash back transactions.
4. 2x Cash Back Badge. Get double in-store receipt bonuses for 1 week once you complete any CoinOut online transaction.
There is also a +4 receipt badge that gives you 4 extra receipts per day for one week.
CoinOut is very creative and frequently adds new fun badges.
Promotion of the Week
Upload a receipt from a featured store or type of merchant (for example, pharmacy or coffee shop) and get an entry into the Friday giveaway.
CoinOut on Social media
You can follow Coin Out social media accounts (Facebook, Instagram, and Twitter), check for the news and comment on specific posts for a chance to win Friday giveaway. It can be a T-shirt, pop-socket or just some cash added to your account balance.
Play Trivia with CoinOut
Coin Out runs weekly Trivia contests with $200-$400 pot to be split between the winners. The bonus is added on Fridays.
The latest fun addition to Trivia is hiding a secret word within the app. You’ll get a clue in the newsletter, like “it’s a candy”, and will have to find the word and enter it correctly in one of the Trivia questions. The word can be hidden in one of the badges or other pages in the CoinOut app.
Coin Out Partner’s Offers
Coin Out cooperates with other companies, like Stash Investment and Chime Bank, and offers special bonuses for the users who sign up for the partner’s offers. You’ll be able to see these offers in the app or in the Newsletter.
Coin Out Referral Program
You can get your personal referral link through “Share and Earn” button in the app or share the app with your friends via Facebook, Twitter or email. The referral bonus is currently $1. Actually, it was only $0.5 when I just started with this app, then went up to $0.75 and now $1. It’s nice to see an app that raises the bonus.
How Much Money Can You Make With CoinOut?
It’s not going to replace your regular job, of course, but for many people, as for myself, every dollar counts. Why not get a few bucks with a fun and almost effortless app?
You can upload several receipts every day, there is no official limit, but the company says it can vary from daily.
The amount of cash back per single receipt is also unknown up front. The CoinOut policy is to set up a daily range of minimum and maximum amounts and then draw a random number from this range for each uploaded receipt. The amount doesn’t depend on the store, total balance or other data from the receipt.
From my personal experience, the cashback for a single receipt is usually between $0.01 to $0.20. Your total earnings will depend on how many receipts you have and manage to upload.
CoinOut – Payout options
You have 3 payout options with CoinOut: Direct deposit into your bank account, PayPal and Amazon Gift Card.
The minimum amount is $10 for PayPal. No minimum for the other two options.
As this is a new app, I’d recommend to cash out frequently and not accumulate large amounts in your account. Unfortunately, there is no guarantee that the app will be proven as a long-lasting success. It happened in the past, that even very promising apps had to shut down. Enjoy CoinOut, but better keep your money close.
Here is payment proof of my cash out of $9.62 via PayPal:
Coin Out Security – Is it safe to use CoinOut?
When you open an account, Coin Out uses multi-factor verification, including 6-digit code sent as a text message to your registered mobile phone.
The funds in your account are held by Coin Out at an FDIC insured bank account. The funds never expire.
The company doesn’t retain any personal identifiable information.
What Are The Cons? CoinOut Complaints
As it’s a relatively new app, it happens that a new version has technical issues after app’s upgrade. I’ve read in the CoinOut users Facebook group that the app can be suddenly stuck with a black screen or produce blurry screenshots. Sometimes the receipts are not processed immediately and you need to rescan several times.
Personally, I didn’t encounter any issue during the time I use the app.
How Does CoinOut Make Money?
How can Coin Out afford to pay cash back for any receipt and stay a completely free app?
My understanding is that the current business model of Coin Out is to partner with several companies and offer their services to Coin Out users. I assume that these partners pay for the referrals and may also refer their clients to Coin Out.
Coin Out Support
If you have any issue, you can contact firstname.lastname@example.org. I’ve got a prompt and helpful response from the support team every time I’ve asked a question.
CoinOut is a FREE, easy to use and legitimate app that allows you to scan any receipt and get paid.
It works fast and provides even more fun ways to make money.
I think Coin Out App is moving in the right direction and will add more interesting features in the future. It’s worth getting it now so you’ll be able to check the new offers as soon as they are added.
Feel free to share this post with your friends on social media – let them know about CoinOut and join the fun.
If you are already into scanning receipts, don’t forget to check out additional apps:
Fetch Rewards – Get cash back for Any grocery store receipts and for purchasing participating brands.
What is your favorite money saving app? I’ll be glad to hear from you in the comments below.
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