CoinOut App Review: Is this Receipt Scanning App Scam or Legit?

Posted On May 1, 2020 By admin With Comments Off

CoinOut offers to do that very thing, and in a simpler way than most other receipt-scanning apps. In this CoinOut review, we’ll see if that’s the case.

CoinOut is an app available from both the App Store and Google Play. They were even featured in an episode of the popular show Shark Tank.

The way it works is simple. You take photos of your receipts after you shop somewhere. Then they give you a randomized reward. It’s that easy!

You might be wondering why they would pay you for something like this. Shockingly, this company isn’t interested in selling your information or anything like that. Instead, they make their money through advertising to its users.

They use the purchase data to show you more relevant offers in the app. The app has several popular partners where people can shop to earn more rewards. You can also fill out feedback forms to earn more.

Are you someone who only shops online? That’s no problem. The app also accepts online shopping orders. All you have to do is open up the site you want to shop at within the app and it will handle the rest.

Features

CoinOut (official website) presents itself as a simpler alternative to other receipt scanning apps like ReceiptPal and Fetch Rewards. That said, it does pack a few interesting features along with it.

The app offers the ability to track your visits by keeping your receipts stored for later viewing. If you’re the kind of person who can never find those pesky receipts, this comes in handy.

CoinOut also features new ways to save, weekly tips and pointers on how to make the most out of your money.

Do you like to get gifts? CoinOut also has a Surprise Bonus system, which gives out gifts on a weekly basis to those who scan their receipts regularly.

Plus, CoinOut promises that it won’t share your data with a third party. Their analytics all take place on their end, so no information goes out.

There is no minimum required earnings to cash out when you are transferring your money to your bank or a gift card. (There is, however, a $10 requirement for PayPal transfers.)

There is a referral program. You can get your referral link from the app in the “share and earn” section. Referral amounts change every now and then. You will earn for every verified referral.

Uploading Receipts

One interesting thing about this service is that they award you for any receipt you submit, regardless of where it came from. However, there are some important rules you want to keep in mind so that you get your instant credit.

Receipts must:

Have the merchant’s name displayed somewhere on it
Show the date, which should be within two weeks of the upload
Show all the items purchased
Show the total you spent

There are a number of receipts they don’t accept, such as:

ATM
Bank slips
Lotto tickets
Credit card slips that display no product items
Money orders
Pictures of barcodes or QR codes
Coupons
Handwritten receipts

User Reviews of CoinOut

One of the best ways to decide if an app is worth joining is by checking what its users have to say. They will be able to easily point out the common complaints or benefits that you wouldn’t see on the app’s page. Here are some reviews I found about CoinOut.

“I love coinout. Easy money,” said a Reddit user.

“Coin app is practically zero effort since they take any receipt that shows what you bought (so no credit card slips with just an amount). A few cents at a time adds up,” said another Reddit user.

“I’ve got anywhere between 1 cent to 15 cents per receipt, usually they give 3 cents or below. I think they limit you to 5 receipts per day. They accept pretty much any receipt, so if you’re already using receipt apps, might as well be using Coinout as well,” said this Reddit user.

On the Google Play store, the app has over 16,000 reviews. These average out to a rating that is nearly five stars out of a five.

Likewise, on the Apple App Store, the average rating is 4.7 stars out of five. This comes from over fifty thousand ratings.

Pro and Con list

Everything has its good points and its bad points, and CoinOut is no exception.

Some of the finer things I’ve noticed about CoinOut are:

It’s a nice way to passively save money.
Receipt tracking makes keeping track of expenses a breeze.
It’s got an easy-to-understand app layout, which is no small thing.
They won’t share your data, which in this day and age is a rarity.

Some drawbacks to the app are:

If you accidentally upload the same receipt more than once, your account can be suspended.
The minimum cashout is $10, which can take some time to get to.

So is CoinOut Worth It?

This is a receipt scanning app I would highly recommend people join. It’s so easy to use, highly recommended by its users and gives out a decent payout for something so simple. Plus, you can use it with other receipt scanning apps to maximize your earnings.

If you are interested in signing up for more receipt apps, check out this handy list we made of all the ones you can find on Google Play and the Apple App Store.

If you use the app, I’d love to hear your CoinOut review and whether or not you still use it. Please feel free to comment below.

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