Ibotta Review [January 2020]

Cashback apps have been around for a while, but the jury is still out on how helpful they are. Ibotta is a popular cashback app, and there’s been a lot of buzz around how much money you can earn back just by shopping for groceries.

And not many people enjoy grocery shopping. For the most part, people sprint through the store because they’re in a hurry. But if you had an app that could get you back some cash, you might slow down a bit.

What Is Ibotta?

This concept of cashback apps is pretty intriguing, as it’s like next-level couponing. Ibotta lets you browse through products on your phone and look for coupons that offer rebates for particular items. When you find something that you want to purchase, you add it to your account. You can use the QR code and upload the article that way too.

Unlike with regular coupons, you don’t have to show the coupon to the cashier at the checkout. So, how do you get the cashback then? After you’re done shopping, you have to make sure that you save your receipt. Then you scan the barcode on your receipt with the Ibotta app to redeem the coupon discounts.

How Does It Work?

Before diving deeper into what Ibotta has to offer, let’s see take a look at the sign-up process. How simple is it, and what you need to do? For now, there is no way to shop online with Ibotta via a browser. However, the company has announced that they will be releasing an Ibotta browser extension soon.

For now, you have to download the app, which is available for iOS and Android platforms. You only need to provide an email and a password to create the account. You get a verification link in your inbox.

Once you register, Ibotta will ask you to select specific stores. You can pick the ones you frequent and then continue to look for the offers. There’s a Home page where you can easily browse offers. When you select the item that you want to buy, tap on “Earn $.” That will lead you to a task you need to complete to earn your cashback.

These “tasks” consist of things like participating in a quick poll, watching a short video, commenting on a product, posting on your Facebook page, or reading a fact. When you do the task, Ibotta will automatically add the product you’ve purchased to your in-app “Checklist.” These tasks don’t usually last more than a minute. You also must buy the item to get the cashback.

How Do You Get Paid?

Let’s say you have $100 worth of Ibotta credits because every time you went grocery shopping, you used the app. Now you’d like to use that money for something else. But how do you get that cashback? When you were going through the sign-up process, the platform asked you to select a withdrawal method. You could opt for Venmo or PayPal.

And this is where Ibotta is different from many other cashback apps. It gives you the cash withdrawal option, not just gift cards. Ibotta has the gift card option as well for those who prefer to get their money back that way. You can put your Ibotta credits on your iTunes card, Best Buy, Amazon, Walmart, and many others.

Advantages and Disadvantages

In case you’re trying to figure out if Ibotta is worth your time, it’s good to go over the app’s pros and cons. Ibotta is entirely free, without hidden fees and paywalls. And that alone makes it more likely that people will give it a try.

It’s completely legit and straightforward. It gives you back cash, it has partnerships with the most major store brands, and the entire process is easy and user-friendly.

There are also often deals for beer and wine, and sometimes you can get coupons for bars and restaurants. Furthermore, many retailers have partnered with Ibotta. The app also has the Nearby Store Alerts feature that lets you know you’ve entered, or you’re near the store that partners with Ibotta.

The purchase approvals don’t take long, which is a big deal. Often it will take only several minutes after you scanned your receipt for the credits to show up on your Ibotta account. However, sometimes it can take several hours.

One of the things Ibotta can do that regular coupon can’t, is to combine Ibotta deals with currently available store deals. It also offers challenges for extra cash. And you can get additional cash if you refer the app to your friends and family.

However, Ibotta has the same flaw as any other cashback app. Users can get incentivized to spend more money than they usually would while chasing Ibotta deals. That turns out to be the exact opposite of the primary purpose of the app, and that’s to save you money.

How Does Ibotta Make Money?

Sure, the app is free, but how does the company make a profit? Their business model is designed to refer customers to retailers and online stores, and they receive a referral commission from the store once a customer buys something.

Another way they make money is by displaying ads to their users. Some people dislike this particular part of the app. Also, featured tasks and polls can sometimes sound like they’re asking sensitive information, like your annual income. And even though that serves to improve the app algorithms, some people might dislike it.

Is Ibotta for You?

The app is there to save you some money while you’re shopping for essentials. It’s an excellent option for students who are trying not to live only on bread and butter. And it can be a handy tool for a family trying to save some money on shopping.

Ibotta user has to be ready to spend some time looking for offers, scanning receipts, and doing tasks. So, ultimately, it’s up to you. But since it’s free, it doesn’t hurt to try.

Have you tried Ibotta? What do you think of cashback apps in general? Let us know in the comments section below.