You’re going to spend money. Why not save a bit of that money, too?
That’s what Ibotta, the cashback app made in 2011, is trying to convince people of. It’s working, and it’s helping tons of people out. The company is now valued at over $1 billion and has saved its customers around $700 million since its creation.
So, that begs the questions: what is Ibotta? How does it work? And should I make it my new favorite app?
Let us help you. Today we’re going to let you in on another secret on how to elevate your life beyond the 99%.
What is Ibotta?
CEO Bryan Lynch formed Ibotta in the early 2010s with help from Netscape founder and investor Jim Clark.
With the popularity of smartphones growing at the time, Lynch thought he could make a business model where his company could act as a middle-man of sorts between customers purchasing products from a variety of stores and those stores selling to customers.
Everyone wins with this business model:
- Customers save money by getting cashback on purchases.
- Stores make money by customers purchasing items from their stores.
- Ibotta makes money by stores paying them for referrals, among other ways.
Although it may seem like regular stores lose out more than anyone since they pay for Ibotta referrals, customers are still driven to spend more money at these locations.
How Does Ibotta Work?
Ibotta works by either purchasing items through online stores in the app (which can be downloaded on both Android and Apple devices) and getting rebates or discounts through the app, or by uploading receipts to see if any items you’ve purchased can get discounts.
It’s a simple process. And there’s no need to ask where to get quarters either, as the app sends your money to you directly via PayPal.
What Can You Earn Cash Back On?
This is a loaded question with a simple answer: A lot of things!
Ibotta claims to work at over 500,000 store locations in the United States, and many online companies work with the app, too. Ibotta even started a gift card program where you could load your account credit onto a gift card of your choice.
Whether you want to shop for groceries at Giant, or if you want to purchase shoes online at Nike.com, there’s no end to the options you have. If only we could use those rebates to get free internet, utilities, and other ways to lower your bills, right?
Oh wait, you can! Sort of. As long as you get your rebate cash into your bank account, you can do whatever you want with the money you’ve received.
It’s awesome to get cash off for groceries and other purchases. You’re going to purchase food anyway, so why not use Ibotta?
It’s a really simple app to use. You sign up, create an account, and then either upload receipts or checkout with the app.
Lastly, a ton of retailers have affiliations with the company. More options are always better for the consumer.
There are some cons to consider when using Ibotta. While there is no catch to using it, you may find yourself trying to spend more to get additional discounts, which in turn will result in you paying more in the long run. Using budget templates can help with keeping your spending on track.
Smaller brands will not typically have an affiliation with the app, making more rural users struggle to find options.
People have never been in love with Ibotta customer service either, and like many apps, it tracks your location and tracks data when you use it. So people who find security important may not be a fan of the app.
Is Ibotta legitimate
Yes! Ibotta is as legitimate as an application can be. It works, and tons of people are using its services. Over 35 million people use the app, and they are typically happy with using it. It may only save you a few cents per order at times, but it can add up.
How do you get the money from Ibotta?
After you submit a receipt, the money will show up in your account within 24 hours. You can cash out once you reach a threshold of $20. You can get that sent to your PayPal connected to your Ibotta account or purchase a gift card directly from the app.
Does Ibotta charge a fee?
Ibotta does not charge a fee. There is a slight caveat, however. If your account has had no redeemed offers in the last 180 days, Ibotta will take away $3.99 per month afterward. That’s the only “fee” though.
Ibotta Review: Is It the Right Cash Back App for You?
The answer to this question seems kind of obvious. If you’re going to make a purchase, why wouldn’t you use a cash back app?
The best part is that if you can’t find the retailer you’re shopping at on Ibotta, you can always download a different one and switch between them for your purchases.
Saving money has never been this easy.