When times are tight, earning money back on everyday items, such as groceries and clothing, is a prospect that seems too good to be true. With cashback apps, it’s very much possible.
One of the most popular of these apps is Ibotta. The platform allows regular shoppers to earn money back on a vast range of products bought in-store and online. Sounds ideal, right?
Join us as we find out whether Ibotta lives up to its promise. We’ll highlight its main features, its positives and negatives, while helping you decide if it’s the right platform for you.
What is Ibotta?
Ibotta is a cashback app that offers cash rewards when shopping both in-store and online. You can redeem cashback offers either using online codes, shopping directly through the site, or uploading your physical receipts to the platform.
Since being founded in 2012, Ibotta has gone on to become one of the USA’s leading cashback companies. It has handed out over $1.5 billion to its 50 million users, with those numbers growing each year.
Who is Ibotta For?
Ibotta is a versatile platform with the aim of earning all kinds of shoppers money back on their purchases. It features an extremely broad list of partnered retailers, so whether you’re looking for a lawnmower or loaf of bread, you’ll be covered.
As mentioned, Ibotta caters for both online and in-store shoppers, so you’ll be able to utilize its cashback deals however you prefer to shop.
But how exactly does the platform work?
How Does Ibotta Work?
Ibotta prides itself on simplicity, allowing its users to make a little bit of money back on their purchases both online and in-store.
To start, you’ll have to download the Ibotta app and register an account. While this is a simple enough task, it will only be possible if you live in the United States. Ibotta is not yet available outside of the country.
After you’ve finished the signing up process, it will be time to search for cashback deals. With over 2000 retailers available on the platform, finding a relevant deal will be simple. The deals aren’t just restricted to online stores either, as it is possible to use receipts from in-store purchases on the Ibotta app.
Multiple ways to earn cashback
With Ibotta there are three ways to earn cashback. These are:
- Loyalty account submission: Using loyalty accounts alongside the Ibotta app removes the need to submit receipts for cashback payments. If a company’s loyalty program is linked to Ibotta and you use the code at checkout, the platform automatically adds your earnings into your account.
- Manual receipt submission: Manual receipt submission is used when you have bought your items in store. To activate it, you’ll have to add the offers to your ‘Retailer List’ before you purchase the product, which is something to be mindful about. After you’ve completed the shop, you then have to upload the receipt to the app and wait for your earnings to be granted.
- Online shopping: This is the most popular, and straightforward, method of earning cashback with Ibotta. First, you’ll have to find your chosen retailer on Ibotta, before completing your order through the app. One thing to be aware of is the need to click a ‘Shop’ icon before checking out, otherwise your cashback attempt will be invalid.
While the flexibility in the ways you can apply for cashback is welcomed, there are vital steps you need to take during each process. There is a lot of risk that you’ll miss out a step, rendering your attempt invalid. This makes the process difficult for those just starting out on the app.
However, once you’ve started to use the app regularly, it will get easier, even remembering previous orders and suggesting personalized deals around them.
A simple user interface
The simplicity of Ibotta’s user interface is no doubt a strength as it is accessible for anyone, no matter their online proficiency. There are only four options to choose from at the top of the home page, which are:
- Search bar: Allows you to search for either a retailer or a product you want to buy.
- Categories: Helps you to easily browse through the categories on offer.
- Help: Takes you to a separate page with a range of support articles to guide you through the Ibotta process.
- Wallet: This section displays the money you’ve earned so far as well as guiding you through the withdrawal process.
However, as previously mentioned, there are a multitude of steps to trip up when attempting to redeem your cashback on Ibotta.
Inconsistent deals
Unfortunately, not all the deals advertised are the same for everyone. For example, the above deal for Beam stands at 1% cashback for existing users, while new users receive 4%. However, upon clicking on the deal, only the 4% offer is advertised.
Not only is this deceiving, it’s also unfair on longstanding Ibotta users. There are also plenty of terms and conditions that you’ll have to bear in mind while using Ibotta. These conditions can determine whether you’ll be granted cashback or not, so it helps to look into a deal before parting with your money.
The terms and conditions include:
- Offers only valid when you launch them directly on Ibotta
- Deal only valid for the subtotal, meaning the price before taxes and shipping costs
- Offer only valid for one shopping session per 24 hours
- Offer invalid if a gift card is used
While some of the terms go without saying, such as having to launch the deal from the Ibotta platform, some can sneak up on you. Ibotta cashback deals are only valid for the price of items before taxes and shipping costs, which can drastically change the outcome of the deal.
- The Best Money-Making Apps to Earn With Your Phone
- Best Side Hustle Apps for Earning an Extra Income
- Ways To Make Money on Your Phone
Extra cash for referrals
Another way to make extra cash from Ibotta is by utilizing its referral scheme. For every friend that you convince to sign up for Ibotta, using the referral code provided by the platform, you earn $7. They’ll also earn $5 for their troubles.
While this scheme ultimately works in Ibotta’s favor, as they gain more users, $7 is a nice incentive for a low effort task.
Where Can You Use Ibotta?
Ibotta’s greatest strength is the number of retail options you have to choose from on the platform. With over 2000 different stores available, you’re more than likely to find a cashback offer relevant to you.
Some of the retailers available are:
- Walmart
- Temu
- Best Buy
- Target
- Costco
- Adidas
- Lego
- Bose
Not only can you find cashback deals for major brands such as Adidas and Lego, but you can also search for more localized stores. The variety on offer with Ibotta is impressive, focusing just as much on stores you’d visit regularly as it does on luxury brands.
Now let’s take a closer look at the categories available on Ibotta.
Retailer categories
Ibotta’s 2000+ retailers are split up into 19 different categories, ranging from food and drink to travel. As well as categorizing retailers, Ibotta also has categories for the cash back deals on offer.
These are:
Featured offers: These are special offers pinned to the top of the screen by Ibotta. They’re often deals for popular brands, such as Walmart, Home Depot, and Best Buy.
Hot Deals: Ibotta’s Hot Deals feature temporary boosts in the amount of cashback you receive from certain retailers. In this case, the largest upgrade is an added 6% cashback if you shop at the sunglasses retailer Oakley.
Bonuses: Bonuses are special offers which allow you to claim even more cashback if you meet certain requirements. The requirements don’t tend to be complex, with most requiring you to redeem a certain number of offers.
How Does Ibotta Pay You?
To receive a payment from Ibotta, you’ll first have to reach the minimum withdrawal threshold of $20. This does mean that your cashback won’t be deposited into your account as soon as you make a payment using the platform.
Payouts from Ibotta are relatively flexible, with the platform offering three methods of withdrawing your earnings. These are:
- Directly to your bank: You can receive payments directly to your bank, providing your bank is partnered with Ibotta. The platform is connected with all major US banks and many smaller ones. However, this method won’t be possible for everyone.
- PayPal: If your bank isn’t supported by Ibotta, you can still withdraw earnings directly to your PayPal account. Please note, this may result in you having to pay a small transaction fee.
- Gift cards: Instead of withdrawing your cash, you can opt to reinvest it into gift cards for certain stores. This may increase your withdrawal threshold, as some gift cards are only sold for $25 or more.
As we alluded to a moment ago, receiving cashback isn’t instant, as you’ll have to meet three key requirements first.
- The first requirement is clear and obvious, as you have to redeem at least one offer using the Ibotta platform.
- Secondly you’ll have to reach the withdrawal threshold of $20, which will be easier to attain the more you spend using Ibotta.
- Lastly, you’re required to wait seven days after redeeming your first offer before you can withdraw your earnings.
After withdrawing your money, it takes up to five days to arrive at your chosen destination, whether it be your bank or your PayPal account.
As you can see, the payment process with Ibotta is simple and versatile, but slow.
Pros and Cons of Ibotta
Pros
Wide range of retailers: Ibotta has partnered with over 2000 different retailers, meaning you’ll be able to earn cashback rewards in a wide variety of stores.
Low cash out threshold: Unlike a lot of cashback apps, Ibotta lets you cash out for a relatively low cash out threshold of $20. This will help you to start earning at a quicker rate.
Referral scheme: Ibotta offers a referral scheme, which pays you money for inviting friends to join the platform. It may not be a large sum, but it is a nice incentive for encouraging people on to join the platform.
Bonus deals: Ibotta’s bonus offers section rewards you with cash, coupons, or extra cashback if you complete certain requirements. These requirements will often be along the lines of completing three or more purchases using the platform.
Personalized deals: After using Ibotta for a while, the platform will remember the products you buy regularly. It will then offer you personalized deals for the specific retailer
Cons
Only available in the US: Unfortunately, Ibotta is only active within the US. Users won’t even be able to sign up for the platform if they live outside of the US.
Deals are inconsistent: While a deal may be advertised on the main Ibotta page as being 4% cashback, this isn’t always the case in reality. A lot of deals on the platform are geared toward new users, with existing users often receiving a smaller percentage of cashback.
Earning cashback can be complex: While it’s easy enough to get set up on Ibotta, there are a few small steps that can be difficult to remember when redeeming cashback. For example, when shopping in-store, you have to remember to add your product to your retailer list before buying it.
Earn Money Online With Whop
Want to earn money online but don’t feel like cashback sites are the way forward? Whop is here to help.
With Whop, you can sell any digital product that you could ever dream of, from digital coloring books to sports betting tips. It’s never been easier to monetize your skillset. It’s completely free to sign up, with no expensive monthly costs to worry about, and you can certainly earn a lot more than you would with cashback apps, for the same amount of effort! Create your digital produce once and sell it over and over again with Whop.
So, why wait? Get started with Whop today, and discover where your ideas can take you.
