BALTIMORE — You could be leaving money on the table by not using cash back apps that reward you for doing tasks already a part of your routine.
Ricky made $900. Lauren brought in an easy $500. And Melissa estimates she's received $200-400.
These are local people making a good amount of money from cash back apps. Why are companies willing to pay that much money? Marie Yeh, assistant professor of marking at Loyola University Maryland Sellinger School of Business, said it's the retailers on the apps who are sharing their profits.
“Because in this day and age, when you can shop for anything at any place at any time, retailers are scrambling to get your business, so they're using all kinds of strategies including cash back apps,” Yeh said.
The easiest place to find offers is through your credit card or online banking phone apps. These apps are already on your device. Just add the offers beforehand and use that card to pay.
If you combine that with a separate cash back app, you could potentially double your savings.
Apps like Dosh and Drop automatically reward users for spending money with its partners. Users have to connect their credit and debit cards, so the apps can provide credit.
“It's very easy to use because then you just spend money as you would normally using your debit and credit card, and you just earn the cash back,” said Yeh.
However, not every consumer is willing to hand over financial information.
“They have that stored in another site where it's vaulted, so if they get hacked it doesn't actually expose their customer's data. They also encrypt all their data even your personal information is all encrypted,” said Yeh.
See below for more cash back apps and learn how they work:
- Connect your card, earn cash back when you spend money at 1,000+ stores and restaurants
- Transfer cash to bank accounts, PayPal, or donate to a charity from the app
- Has a good number of local businesses on the app, but not a lot of the big names (Target, Rite Aid, etc.)
- Add your card, select five stores, and then automatically collect points for every dollar you spend
- Apply points to gift cards
- Need a minimum of 5,000 points to get a $5 gift card
- Can’t change store offers once selected
- Earn “kicks” for scanning barcodes in grocery stores, no purchase required
- Earn more kicks for purchasing certain items
- Redeem kicks for gift cards, around 250 kicks per dollar
- Takes time to accumulate points
- Requires extra effort scanning items for kicks
- Earn point for watching videos, taking surveys, playing games, as well as online shopping, and surfing the net
- Put points toward gift cards or get cash back through PayPal
- Takes time and effort to earn points, small reward
All week on Good Morning Maryland, WMAR-2 News Mallory Sofastaii has reported on different cash back apps that pay for everyday tasks like pumping gas, shopping online, even walking. To see her stories and hear from local people who have earned anywhere from $500 - $900, click here.
