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Who doesn’t want to save some extra cash when shopping for groceries every week? With Ibotta, you can receive cashback for purchases both online and in-store when shopping with over 300 merchants!
However, is the app really worth it and does it really live up to the hype? Scroll below for our detailed Ibotta review.
What is Ibotta?
Founded in 2012, Ibotta offers a free browser plugin and a free mobile app that pays cashback to customers when shopping at a list of over 300 physical stores, and 500 online stores. Customers need to upload their receipts on the mobile app to apply for cashback, and can even claim various offers available on the app.
While Ibotta is most famous for providing cashback on grocery purchases, customers can also receive cashback at pharmacies, movie theatres, liquor stores, gas stations, and some restaurants using Ibotta. Since its inception in 2012, Ibotta has paid a staggering $1 billion to customers in cashback to date.
How Does Ibotta Work?
In order to begin using Ibotta’s services, customers need to start by simply downloading the mobile app or browser plugin. Once users create an account and log in, Ibotta provides them with a list of offers they can redeem at the stores nearest to them. Some stores even let customers pay using the Ibotta app. Ibotta provides users with a gift card code that they can use to make purchases, and this allows them to earn up to 10% cashback on their shopping.
The cashback earned by customers takes up to 48 hours to be reflected in their Ibotta accounts. Once customers reach a minimum threshold of $20 in cashback, they can transfer the money from their Ibotta accounts to their bank accounts by using services such as PayPal or Venmo.
How To Maximise Your Savings/ Earnings With Ibotta
Many compare Ibotta to the act of clipping coupons. Therefore, similar to clipping coupons, in order to ensure you maximize your earnings and savings, you should browse the app for the best offers near you before visiting a store.
There are a few other hacks you can also use to enrichen your Ibotta experience:
1. Earn The $20 Welcome Bonus: Ibotta offers new users a $20 welcome bonus if they complete certain requirements within the first 30 days of signing up for the app. Make sure you use all the offers you are required to redeem in these 30 days to be eligible for the $20 bonus.
2. Refer Friends: Similar to many other apps, Ibotta offers referral bonuses for customers who share the app with family and friends. The more people you bring in, the more bonuses you receive. Why not share your referral code on social media? You could help a ton of other people receive cash backs while you earn a bonus for every sign-up.
3. Find Other Bonuses: The Ibotta app offers an ‘Earn More,’ section that shows you ways of earning additional bonuses. The app incentivizes users to complete bonus opportunities such as redeeming specific offers in a specified time period or redeeming multiple offers from a specified brand. These bonus opportunities not only allow users to benefit from these available offers but also allow users to earn additional bonuses and cash on the app.
4. Use Ibotta During Sales: In order to maximize your savings, try to use Ibotta during sales or in combination with other paper coupons you might have. This ensures you maximize your savings on any product you’re looking to buy.
Is Ibotta Worth The Hype?
Pros For Using Ibotta
1. It’s Free: Since downloading both the app and the browser plugin is completely free, there is no real downside of signing up for Ibotta. Regardless of the number of earnings or savings you are able to acquire, at the end of the day, it’s all free money.
2. Large List Of Retailers: Ibotta offers users to choose from a list of over 300 in-store retailers. Therefore, the app covers a large variety of shops for customers to choose from.
3. Multiple Payment Methods: Ibotta allows users to choose from 3 different payment methods. They can send the money to their bank account, cash out using PayPal or Venmo or even buy various gift cards from their earnings.
4. Save Money On Everyday Essentials: When you’re looking to cut down your expenses, you can’t compromise on the essentials you need every day. However, with Ibotta, you can save money on these essential purchases. Whether it’s groceries, pet supplies, or medicines, Ibotta allows users to save money on everyday essentials with redeemable offers and cash-backs.
Cons For Using Ibotta
1. Incentive To Spend More: While people download Ibotta for its ability to help them save more, the app can lead customers to spend more at times. By offering ‘Earn More’ bonuses, the app incentivizes users to make purchases in a specified period of time. This can urge users to buy products they might not need at the time.
2. Offers Are Brand Specific: Many Ibotta offers tend to solely be redeemable at specific brands. Therefore, users might find themselves switching grocery stores or pharmacies in order to redeem all the offers they want.
3. Maintenance Fee: While Ibotta is free to use, the app charges users a maintenance fee if they don’t use their account at least once every 180 days. The app never charges your personal bank account but deducts a certain sum from your Ibotta savings on the app as a maintenance fee.
4. Offers Don’t Apply After Purchase: Similar to clipping coupons, users can only redeem Ibotta offers if they are applied before the purchase. This means that if users forget to plan ahead and add offers to while they shop, they won’t be able to redeem them after the purchase is complete.
The Final Verdict
Like any other app, Ibotta comes with its set of pros and cons. However, we believe the pros here definitely outweigh the cons.
For anyone who has the time to plan ahead, Ibotta is a great resource that allows users to save money on everyday essentials. The savings might not amount to very high sums, but will definitely help you reduce your weekly spending on groceries, pet supplies, baby products, alcohol, household products, medicines, and other essentials.
The cashback process is easy, and you can cash out of the app using multiple payment methods. Therefore, whether you’re looking to earn some extra cash, or just love a good deal, Ibotta is definitely a great download for you.