Cashback Apps – What Makes A Great Cashback App?


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with coupons may sound more ideal, skimming through junk mail and clipping coupons like it’s 1995 is (sorry grandma) outdated.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.  

  1. Download the MoneyLion app
  2. Get a RoarMoney account 
  3. Select the Rewards tab on the app
  4. Find applicable merchants 
  5. Click “Activate Deal
  6. Tap the “Shop Now” button
  7. Shop within the app or window that opens
  8. Purchase during the eligibility window with your MoneyLion Debit Mastercard or RoarMoney virtual card. 
  9. Earn points for every dollar you spend based on the merchants offer.
  10. 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!  


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!

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