Crypto users will rejoice to hear that they can earn cryptocurrency when making online purchasing thanks to a number of crypto cashback applications.
In this guide, you will discover the best crypto cashback apps and platforms that you can use to earn crypto while shopping online in 2020.
How do Cashback Programs Work?
Cashback programs enable shoppers to earn rebates in the form of cash when making a purchase. The idea behind cashback programs is to entice shoppers to spend more by incentivizing them with “free money.”
The most common type of cashback programs are cashback credit cards. When you make a purchase using a cashback credit card, the credit card issuer can afford to pay a small cash rebate (usually a percentage of the purchase) because retailers pay an interchange fee for credit card payments.
Fortunately, for cryptocurrency users, there are also crypto cashback reward programs that pay shoppers rebates in bitcoin (or other digital currencies) when making an online purchase.
Crypto cashback apps have grown in popularity in the crypto community as they enable users to “stack sats” while making essential (and not-so-essential) purchases. They can afford to pay users small amounts of bitcoin (BTC) by sharing a cut of the referral fee they receive when they direct a shopper to a specific retailer.
Top Crypto Cashback Apps
Currently, there are over half a dozen crypto cashback applications and programs US residents can use. Below, you will find the five most popular ones.
Australia-based crypto cashback platform BitcoinRewards was launched in 2017 to provide bitcoin users with the ability to earn rebates in BTC. The web-based platform comes with a browser extension that enables users to earn “sats back” at over 1,500 retailers.
To earn bitcoin rebates via BitcoinRewards, users have to sign up to the platform, add the browser extension, and browse the supported retailers to make a purchase. Rebates range from 0.8% to 40% and are paid out into the platform’s native BTC wallet.
Supported retailers include ASOS, Best Buy, Converse, Dell, Etihad Airways, Hotels.com, and many more.
Aside from a user-friendly online platform, BitcoinRewards stands out from other crypto cashback applications for being available to users across the globe. Additionally, rewards can also be received in Litecoin (LTC), Binance Coin (BNB), or Bitcoin Cash (BCH).
CoinRebates is a web-based crypto cashback platform that enables users to earn bitcoin while shopping at popular retailers, such as AliExpress, Booking.com, Groupon, Macy’s, Microsoft, and Walmart.
To earn rebates, you simply add a bitcoin address on the platform’s homepage, select the merchant where you want to make a purchase and off you go. After the purchase has been made, your bitcoin wallet will be credited with the available percentage rebate for that merchant within 30 days.
Fold has emerged as one of the most popular bitcoin cashback apps in the market today. Unlike most of its peers, Fold users rely on gift cards to make purchases. Therefore, to make a purchase and to earn BTC, users have to buy one of the available gift cards in the app (using crypto or bank card) and use it to make a purchase. Once the purchase has gone through, users are credited with the prescribed percentage cashback in the form of bitcoin.
Aside from having an exceptionally user-friendly mobile app, Fold stands out for enabling crypto users to pay for their Starbucks coffee using bitcoin. Earned satoshis are credited into the in-app bitcoin wallet and can be cashed out at any time.
Currently, Fold offers gift cards for Airbnb, Amazon, Burger King, Dunkin Donuts, Hotels.com, Nike, Nintendo, and more.
Lolli is arguably the biggest bitcoin cashback app in the market today. The New York-based startup managed to raise $2.25 million from the likes of Bain Capital Ventures, Digital Currency Group, and Version One in 2018. Moreover, Lolli has succeeded in onboarding over 500 retailers since its launch in March 2019.
To earn sats back using Lolli, online shoppers add a browser extension (available for Chrome and Firefox), create a Lolli account, and shop at any of the supported merchants. The browser extension will recognize the retail platform and reward you with your percentage rebate in bitcoin within around 30 days.
Lolli enables bitcoin users to earn up to 30 percent “sats back” at retailers such as Expedia, GAP, Hilton, Sephora, Postmates, and many more.
Finally, there is Pei. The Pei app is one of the newest additions in the crypto cashback market. The Los Angeles-based company launched its mobile application in 2019 to enable shoppers to earn cashback in both bitcoin and US dollars.
To receive cashback using the Pei app, shoppers link their debit or credit cards to the app and make purchases wherever they want. Rebates from merchants within Pei’s supported retailers’ network – which includes over 120,000 merchants – are automatically earned in the form of “Pei points.” Pei points are received and stored in the mobile app and can be cashed out in BTC or USD.
Crypto cashback apps are an excellent way for frequent shoppers to earn small amounts of bitcoin when making online purchases. Especially for new bitcoin users, cashback apps provide an excellent avenue to earn the first few satoshis.