What is Dosh and how does it work?
Dosh is a free cash back app that rewards you for shopping, dining out, and booking hotels. Purchases can be made in-store or online. One of the standout features of this cash back app is that rewards are automatically earned when you’re shopping in-store. Unlike other apps, you won’t need to upload a receipt. Adding this app to your personal finance routine is an easy way to earn extra cash for free.
Offers vary depending on the retailer, though many stores offer a cash back rate of around 2% to 3%. Some retailers offer upwards of 10% to 15% cash back. But you’ll also see some retailers offering as low as 1.5% cash back.
To earn automatic rewards, you will need to link your credit or debit card. To earn rewards for online shopping, you will need to click through offers within the app. If there are any restrictions or rules, they will be listed within the offer.
You can also earn rewards by booking hotels. The Dosh app has a hotel booking system within the app where you can search for hotels and easily make a booking. Dosh promises up to 40% savings on rates. When you book a hotel, it will clearly show how much cash back you’ll be earning.
Any rewards will be deposited into your Dosh wallet. You can cash out your rewards as soon as you reach $25 (and there are no fees when cashing out). You should expect transfers to take three to five business days. You have the option to have your money transferred to the following accounts:
Dosh does pay you for referring others to their app. After a newly-referred user links their card, you’ll get $10. When using your referral link, new users can earn a $5 reward after linking their first card.
The Dosh app is easy to use and for most of your shopping, earning rewards is automatic. Plus, you can maximize your rewards and pay with rewards credit cards to earn points and miles too. Keep reading our detailed Dosh review to see if this is the right cash back app for you.
Rewards are automatic
Some cash back apps require you to put in extra work to earn rewards. Maybe you have to upload a photo of your receipt when you’re done shopping. This task takes time, and if you forget to upload a receipt — you won’t earn rewards. With Dosh, most earning is automatic — which makes things simple. There’s no need to submit a receipt because your cards are already linked.
Earn rewards for referrals
Like many other cash back apps, Dosh rewards you for referring friends and family. For every person who uses your referral code or link and links their card, you’ll earn $10. Sending your referral code to others is an easy way to make extra money.
Earn rewards for making hotel bookings
Most of the other cash back apps focus on cash back rewards for grocery shopping, retail shopping, and dining. Dosh is unique in that it also offers cash back rewards for booking hotel stays. The app features 60,000 global hotels, and you can get a great hotel rate while earning cash back rewards. If you travel frequently, this is a nice perk that can put more money back in your wallet.
Features many popular retailers and local retailers
Dosh features many top brands like Starbucks, H&M, Office Depot, Aerie, Popeyes, Macy’s, and Walgreens. Dosh also features local businesses, so you can continue to support your favorite local stores and earn cash back in the process.
Flexible payout methods
Once you reach $25 in cash back rewards, you can cash your funds out of your Dosh account. The app offers several payout methods — including PayPal, Venmo, or bank transfer. Or, if you prefer, you can donate your cash back earnings to charity within the app.
Earn $5 when using a referral code
If you use a referral code or use a friend’s referral link, you can earn $5. All you need to do is use their code, sign up for the app, and then link a credit or debit card. Then you’ll be eligible to earn a $5 reward.
What could be improved
This is not an app for cash spenders
Since you can’t upload a receipt to verify that you’ve made a purchase, cash spenders cannot earn rewards by using Dosh. You’ll need to link debit or credit cards to earn cash back. For people who like to pay for things with cash, you’ll need to choose a different app.
Linked debit card must be used as credit to earn rewards
When using your debit card to shop, you must run it as a credit charge to earn rewards. So if you want to maximize your earnings, it’s best to avoid using your PIN number. If you regularly use a debit card, it may take some time to get into the habit of using your debit as credit.
Inactive accounts are subject to maintenance fees
Dosh charges a $4.99 maintenance fee to accounts that have been inactive for 12 months. This fee will automatically come out of your Dosh wallet. If you don’t have money in your Dosh wallet, your debit cards or credit cards will not be charged. Be sure to link the cards that you regularly use to avoid inactivity fees.
At this time, Dosh is only available in the United States.
You can’t link all cards
While Dosh does support a variety of cards, you won’t be able to link them all to your account. You can link Visa, Mastercard, and American Express cards, but not department store cards, prepaid cards, Discover, and Apple cards. If you use any of these kinds of cards, that will limit your earning potential.
Other referral programs pay more
Getting paid to refer friends to apps is a nice feature, but the $10 that Dosh offers is low. Other cash back apps provide higher rewards for referrals. At the time of this writing, Rakuten pays $25 per referral, while Ibotta pays $12 per referral. Some apps do switch up their referral rate offers, so those numbers may change over time.
View more information: https://www.fool.com/the-ascent/personal-finance/dosh-review/