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If you’re not familiar with online cash back portals, they are websites that partner with thousands of online retailers and place affiliate links on their page. When you buy something using one of their links, they earn a commission and pay a portion of that to you, giving you a certain amount of cash back per purchase.
I’ve always urged that readers of FFL always use a cash back shopping portal when doing any shopping online. It only takes an extra minute, and you can save an average of 7% cash back on every purchase. It’s rare that there’s a retailer that you can’t save money from.
Today we’re going to be introducing CoinRebates, a shopping portal that gives you cash back in the form of Bitcoin instead of cash. But how do their rates compare? Is it better to just get cash back with other portals, or use this and avoid the fees of buying Bitcoin? Let’s find out.
What Is CoinRebates?
As explained above, CoinRebates works like any other cash back portal. You buy something online from any retailer (like Amazon or Best Buy) through their website, and you earn a percentage back of however much you spend. The amount of cash back you receive is entirely dependent on the retailer.
Normally, a cash back portal will give you money, but CoinRebates will give you cash back in the form of Bitcoin. CoinRebates takes all of the calculations out for you when converting from Bitcoin to cash. This way you know exactly how much you’d be getting back if you were to use money instead.
The biggest advantage of using CoinRebates compared to other cash back portals is that the payout is immediate. As soon as they are notified of your purchase, Bitcoin is automatically sent to your Bitcoin wallet which can take up to 48 hours. Most shopping portals require a minimum of $20 dollars before you can cash out.
How Do I Sign-Up & Start Getting Bitcoin With CoinRebates?
Signing-up and earning Bitcoin can be done in 5 simple steps.
1. Enter your Bitcoin wallet address. If you want to store your cash away, you usually put it in a wallet. The same goes for Bitcoin. Each wallet has a unique address for when you want to send and request Bitcoin. A wallet that I highly recommend is Coinbase, and you can sign-up by clicking this link here.
Once you get your wallet setup, go to CoinRebates and enter in your Bitcoin wallet address. If you’re using Coinbase, your wallet address can be found on the main dashboard on the right-hand side of the page. Support FFL and use our referral link here. Thank you!
2. Browse retailers. Since CoinRebates is so new, they only have about 600 retailers available. Some other portals have up to 5,000. You’ll only need your wallet address to get started. The amount of cash back you can earn will be shown next to the retailer.
3. Click on the store. Click on the store you wish to make your purchase at. There will be details on how much the payout is. Sometimes there will be different payouts depending on the products that you buy. At Walmart, for example, you only get 0.5% cash back on electronics. Click on the “Shop Now” to go to the retailer’s site.
4. Purchase like you normally would. Go ahead and make your purchase like you normally would, and CoinRebates will give you cash back in the form of Bitcoin. As soon as they are notified of your purchase, Bitcoin will automatically be sent to your wallet. There’s no minimum. I bought these Chewy Bars at Walmart to see if it worked. It only took 20 hours for me to get my Bitcoin.
How Does CoinRebates Compare To Other Portals?
CoinRebates is a great way to quickly earn cash back, but is it really better than other cash back portals? We’ve already written an article about the top 10 shopping portals on the web, stating which ones give you the highest cash back.
In terms of cash back, CoinRebates is usually on the lower end. In fact, it was difficult to find a retailer on their page that was higher than any other portal. Some comparisons we made were with BeFrugal and TopCashBack. If you’re looking to get the highest amount of cash back, do not go with CoinRebates.
The one time you might want to use CoinRebates is if you want your payout immediately. Cash back portals need you to have a minimum of $20 dollars to cash out, and you usually have to wait 1 to 2 months to receive your payout
Plus, this way you avoid any transaction fees associated with buying Bitcoin, and you don’t have to cash out since payments are sent to you automatically. CoinRebates is one of the most convenient portals on the web, but not one of the highest-paying.
Another reason you might want to use CoinRebates is if you believe Bitcoin is going to go up in the future. The currency has had a rocky past, but some believe it’s going to skyrocket in the near-term.
Refer A Friend
If you go to “My Account” and then click “Tools,” you’ll find your referral link for CoinRebates. You’ll earn 10% of whatever your friend earns. A quick post to Facebook or Twitter is a great way to get people to sign-up. If you’d like to support FFL, you can use our referral link here – we’d greatly appreciate it!
How Can I Earn Even More Cash Back?
Instead of only getting money for using a portal, why not use a credit card that also gives you cash back? The one we recommend is the Discover It Card. With their Double Cash Back Promotion, you can now get 2% cash back on all purchases (normally it’s 1%, but now it’s doubled. This offer originally set to expire on July 31st has been extended until September 30th. Here’s a quick glance at the card below:
- No annual fee
- Discover Deals shopping portal
- 2% cash back on all purchases (with promotion)
- 10% cash back on categories that rotate quarterly (with promotion)
- No foreign transaction fees
- Free FICO credit score on every statement
- Cash back never expires
- Accepted at over 9.6 million retailers nationwide
If you don’t want to go with Discover, we recommend trying the Citi Double Cash Card which also gives you 2% back on all purchases.
If you’re really looking for a quick way to get some Bitcoin for your online purchases, CoinRebates is the way to go. Payouts are very quick unlike other shopping portals, and you don’t have to request Bitcoin be sent to your wallet as it’s all done automatically.
If you need a Bitcoin wallet, the one that we recommend is Coinbase. It’s quick to sign-up for and they have a long-standing history of being safe and secure. If you’re looking for more ways to save money from online shopping, we recommend the following:
- Save 12.5% On All Walmart Purchases
- Top 10 Cash Back Portals
- How To Save Up To 18.5% On Amazon Purchases
- What is a shopping portal?
- Save 12% On All Southwest Flights
Thanks for reading. If you have any questions or comments regarding CoinRebates or any other topic, feel free to leave them down below. Good luck on your frugal journey!
My name is Jason Wuerch and I'm currently located in Madrid, Spain running a personal finance blog called Frugal For Less. My goal is to help everyone and anyone willing to make and save money through easy and simple ways that don't require much effort. Just because you're frugal doesn't mean you have to give up life's luxuries.