Many of you may have probably heard about apps that help you get a refund on your online shopping purchases. Let me start by telling you that there are MANY apps out there to help you earn back on your purchases. .. (ie. Ibotta, Find&Save, etc.)
But some apps are different. They will give you price adjustments on your Amazon Purchases.
The difference, between YOU doing it yourself and these particular apps, is that these apps automate the experience to the point that you basically hand over your entire financial life to them.
I have been sitting on this draft post now for about 4-5 months- but this week alone, several of our readers must have signed up through other sites – because my inbox is flooded with your requests for me to sign up under you. I’m so glad I can filter my email to delete these requests because they are, honestly, going straight to the trash.
No, No, and definitely NO.
It’s definitely not something I’d promote, not something I personally would feel comfortable even recommending, and not even something I’d sign up for myself – no matter WHAT the referral credit is.
What do these cash back apps do that you can’t do yourself? Not much – but it’s all about convenience for people I’m guessing. They work by helping you get a refund on the price difference at online retailers such as Target, Amazon and Macy’s. Sound too good to be true? It is… it honestly is.
For the sake of NOT promoting this app, we aren’t going to mention them – but we will tell you how we feel about their inner workings.
These “apps” work by connecting with your email account — you then shop online as you would normally. These apps monitor your inbox for emails from supported stores, and they see a receipt for a purchase they goes to work and monitors the price on the item you bought.
When a price drop IS detected, these apps write a personalized email to that retailer FROM YOUR ACCOUNT and submit the refund request for you – you do nothing, except you give them full access to your email by way of your password.
You also give them your credit card number and log in information for your Amazon, Target, or Macy’s account. Refunds are then returned in the form of your original payment to the store, and issued by the merchant.
While these apps might be be free, their price adjustments are NOT free – they do keep a percentage of what they save you.
What do you think?
I’ll be honest and forthright and tell you that I LOVE to save money. But at what expense do we do that?
Granted some of you may jump on these apps, I’m not “all in” on that bandwagon… hate to say it, but the whole concept throws up far too many red flags.
I’m pretty cautious about my accounts – I’ll be honest and tell you that I do not have a Target REDcard, for many reasons, one of which is that no amount of savings (5% in the case of the REDcard) will persuade me to forget that they had a pretty huge security breach.
In the last 20 years, there have been a number of security breaches – thankfully we haven’t been affected by any of them. It might just be because we don’t shop too much, and when we do, we pay in cash.
In July of 2015, my husband did receive a letter from the Office of Personnel Management (OPM) that his civil service records had been the target of a security breach, and not so much financial but social security numbers.
His records did not involve financial information but DID involve his social security number, address and personal medical information. We’re talking about the U.S. Government here – with thousands of Soldiers and D.A. Civilians – and as much as they have their data protected, even THEY can’t protect it enough to ward off a breach – pretty scary stuff.
So when Target advertises their REDcard, I just don’t feel comfortable with it.. that 5% is not worth the savings given they have had some previously flaws in their system too… those flaws aren’t something I can just brush off.
So why are people so willing to jump on these types of apps? Bloggers promote it because it’s likely a pretty high payout to get people to sign up – in most cases, they will tell you what you want to hear to get you to sign up…
You may hear:
1. It’s completely SAFE! They have a pretty heavy level of security!
2. Just open an exclusive email account – too easy! (Never mind the fact that you are STILL giving them your credit card, Amazon account information and more…)
3. (As for having your account information) — they aren’t “really” using it to data mine, they are just making it streamlined for you so they can earn your money back by logging into your email – after all, you are busy! They are looking out for YOU by helping you save time!
In fact, almost every article about them online … and every news feature has the owners of the app commenting to squash the number of people, like me, who are adamant that this app draws up some huge red flags. I haven’t (yet) found a blog that has even remotely mentioned being careful with your personal information…
In fact, almost all of them are telling their readers to sign up – after all, we’re busy! And apps that help us by working in our favor – who wouldn’t want that?!
You won’t find ANY sign up links in this post, simply because we have opted to stay far away from this company and this app.
Here are some of the reasons we are opting not to promote.
- Companies can use whatever secure software they want – but even banks and government agencies have been hacked. No amount of proclamation as to triple, quadruple, reinforced security with 1,000 layers of protection will motivate me to hand over my personal information… especially from a startup company.
- It is your responsibility to be responsible even WITH mechanisms in place (anti-fraud mechanisms, strong security) – it’s like going into a bad area of town that is known for break-ins just because you have a car with locked doors — you still have to make wise decisions.
- Might they be sharing your information? They will tell you that they aren’t going to be mining your data – after all, they are just there to make your life easier, by sending emails on your behalf. But they won’t go perusing through your email, nor will they look at anything else. But wait — is that REALLy true? According to their privacy policy, yes, they MAY share your information:
Our agents, vendors, consultants, and other service providers (collectively, “Service Providers”) may receive, or be given access to Your information, without limitation, Personal Information and Usage Information, in connection with their work on Our behalf.
Sorry – I personally am NOT interested in sharing my information.
95% of our purchases are made in cash – paying with cash is one of the best tips we have for helping you stay within your budget and resist purchases you might not “need”
Over all – it’s just a lot of information to give a startup company. It doesn’t take me much thought to realize that this is really, truly an idiotic money move.. If you are one of the thousands that have decided to sign up because the opportunity for cash back is wooing you… that’s your choice.
Just think twice about recommending it to friends and family. Really – instead of spending your time opening up your financial vault to a startup, perhaps spend that few minutes opening up a new savings account so you can start the 52 Week Savings Challenge.
Or, take a few minutes to remove your cards from your online accounts, and make that the first step to TRULY saving big.
Given the number of security breaches this past year or two, I still wonder why people fall for these type of refund apps – the ones that ask for you so much information you may as well just hand over your entire wallet, mother’s maiden name and your paycheck.