Remember the days where your parents would sprawl out the weekly snail mail ads and search for their coupons. Scrap paper everywhere and an envelope filled with little savings.
Who has that kind of time to spend an entire portion of your day clipping coupons?
Enter the cashback app. The efficient cousin to coupon clipping for products you actually want and need. Use a cashback app from your phone (or computer) with no scissors required. To get a better understanding of how they work, let’s get down to the nitty gritty details of cash back apps.
What is a Cashback App?
A cashback app is an application used on your phone or computer that tracks your purchase through a portal. Generally, most cashback apps are used in 1 of 2 ways. Either by logging into the application and redirected to your intended merchant site. Or buy taking a picture of the receipt and uploading to the app.
Similar to coupons, in that they keep more money in your pocket, but cashback apps work a little different. With cashback apps, you receive the cashback after the transaction takes place. Depending on the specific cash back app, the way in which you’re given your cashback can vary. Coupons, on the other hand, save you money on the front end.
Although saving money upfront with coupons may sound more ideal, skimming through junk mail and clipping coupons like it’s 1995 is (sorry grandma) outdated.
How Do I Use Cashback Apps?
For most mobile cashback apps, you can find them available on itunes or the google play store. If you’re using a computer – maybe you’re doing your big Christmas shopping haul- log into the desktop website of the application.
Want to know step by step on how to use a cashback app? A RoarMoney account from MoneyLion makes steps for earning cash back simple.
Download the MoneyLion app
Get a RoarMoney account
Select the Rewards tab on the app
Find applicable merchants
Click “Activate Deal”
Tap the “Shop Now” button
Shop within the app or window that opens
Purchase during the eligibility window with your MoneyLion Debit Mastercard or RoarMoney virtual card.
Earn points for every dollar you spend based on the merchants offer.
Redeem points in increments of $25 (equal to 2,500 points) directly deposited into a MoneyLion Investment account.
What Makes a Great Cashback App?
When looking for an app to earn you cash, find one that caters to your needs and actually makes you money. For example, one of our favorite features with a RoarMoney account is the Shake ‘N’ Bank feature.
After you use your MoneyLion Debit Mastercard or virtual card on purchases over $10, you’ll be prompted to shake your phone (yes, shake) to activate rewards. Your reward amount will be a surprise each time and can win back as much as the full amount of your purchase, up to $120. Now that’s banking with you in mind!
Convenience
This feature is pretty self explanatory. Sure, there are great apps out there that have a little more work involved with great rewards. But, the odds of you consistently using them are slim. The more work it takes to actually use the app, the less like likely you’ll do it.
With MoneyLion your banking, cashback app, and investments are all rolled into one convenient app that actually notifies you when you’re eligible for cashback.
User Friendly
Is the app easy to navigate? Do you have to go through 5 steps for a qualified purchase? Are all of the features available only on the desktop and not the app?
Also, is the app aesthetically pleasing or is it giving you anxiety because it’s too busy? All of this matters when it’s an app that is intended to be used daily.
Applicable to Your Needs
Although saving money is smart, buying things you don’t use makes zero sense. Browse through the app, see if the products and stores available are applicable to you. Only use the app if you find that it would benefit you in your everyday purchases.
How Do I Receive the Cashback?
Some cashback apps pay you back via check, direct deposit, gift cards and other forms of payment. Cashback rewards from your RoarMoney account goes right into your MoneyLion investment account. Because we all know that as soon as you get that money, you’d probably use it. With the MoneyLion way, we help you earn money from everyday purchases that gets invested back into your future.
Are Cashback Rewards Taxable Income?
Most cashback rewards are viewed as rebates or coupons, not income so no need to keep track or claim your cashback on your taxes.
There are some instances where cashback could affect taxes but they only come into play if you are a business owner or are trying to reduce your annual income by claiming items as equipment on your tax form.
For example if you purchased a vehicle for your business that cost $10,000 but received $1,000 cashback from the dealership, you could only put the purchase price as $9,000 on your taxes as opposed to the full $10,000 price you paid upfront. Be sure to consult a tax advisor for official guidance as needed.
Earn Money While Spending Money
Capitalizing on the benefits of a cashback app is nearly effortless, once you’ve figured out how to use them consistently. But, not all apps are created equal!
That’s why MoneyLion created its rewards program. We offer multiple ways to earn cashback like earning points through everyday purchases using your MoneyLion Debit Mastercard, cashback of the month and our Shake ‘N’ Bank feature. Want to start earning from the best rewards program around? Download the MoneyLion app today!
You may like
Community Posts
Similar Posts
Disclosures
MoneyLion users with an active RoarMoney account are automatically eligible for this promotion. Please see the MoneyLion Cashback Promotional Calendar for the monthly promotional categories or specified merchants and cashback available. Use your Money Debit Mastercard or RoarMoney virtual card for qualified purchases in the category specified for each month between 12:01 a.m. on the first day of the month and 11:59 p.m. on the last day of the month to earn the cashback percentage specified on each transaction charge, up to the maximum monthly cashback available. Qualified purchases are purchases for goods and services made in the specified category for that month minus returns and other credits and do not include balance transfers, cash advances, loan proceeds, ATM transactions, finance charges, fees, interest charges, gambling transactions, peer-to-peer transfers from services such as PayPal, Cash App, or Venmo and unauthorized/fraudulent transactions (as determined by MoneyLion). MoneyLion does not determine which category code a merchant uses to classify itself and will not be responsible for any merchant code determination made by a merchant. Qualified purchases must be authorized during the applicable month to qualify for cashback. MoneyLion is not liable for transaction processing delays caused by merchants or any third-party vendors. Any cashback you earn will be credited to your RoarMoney account on or about the 10th day following the month in which you earned cashback. If your account is not in good standing at the time that the cashback credit would be made, you will forfeit the reward. MoneyLion reserves the right to cancel or modify the terms of this promotion or terminate a member’s eligibility at any time with or without prior notice. This offer is neither sponsored nor endorsed by Pathward, N.A.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Rewards are subject to terms and conditions, see here.
Rewards are an optional service offered by MoneyLion
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.