I've Used Ibotta For Years: Here's My Honest Review
Review
Updated
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I've been using Ibotta for years on grocery purchases I make every week. Although it takes a little bit of time to load coupons, the app remembers my purchases and suggests offers that I might use, saving me time and money. Ibotta is a great choice for anyone looking to save money on regular purchases.
Ibotta is a free-to-download cash back app that offers cash back rewards when shopping in-store and online. The app features 2,000-plus retailers.
To get started, create an Ibotta account and download the app on your mobile device. Within the app, you'll see available offers, many of which are store-specific. When you see an offer you like, click the plus button to add it to your clipped offers list.
Each offer will have more details listed. Details include:
How much cash back you can earn with Ibotta depends on what offers you redeem. The rewards rates vary, with the lowest cash back amount being $0.05. But many offers are in the $0.50 to $1.00 range. And some offer rates are much higher -- $3 or more.
Learn more on Ibotta's site: Ibotta
Many of Ibotta's partner retailers allow users to earn without submitting receipts if they link their loyalty cards. The loyalty card link allows Ibotta to automatically pull the receipt information into the app for processing and makes it all a pretty painless experience.
One of the most frustrating things about Ibotta in the past was what might have been -- offers that you didn't realize you weren't earning. This has been fixed, and now the app will often alert you to purchases made within the last 24 hours that missed out on cash back and allow you to add the offer after the fact.
It's nice to earn cash back on specific offers through Ibotta, but it's even better when you can earn cash back on gift cards for something a lot less specific. Ibotta offers a range of gift cards with cash back attached through the app, which you can then use for purchases that might otherwise not be eligible for cash back from Ibotta. Ah, the circle of life.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 10, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Although a lot of people use Ibotta in retailers in real time, it's not the only way to earn, especially now that Ibotta has partnered with Instacart. If you don't have a linked loyalty card, or your retailer doesn't offer that option, and you don't have a receipt printed at the point of sale, you may not be able to redeem your rewards.
Ibotta is a coupon app for planners. Although it now tries to remind you that you've missed a discount, it's not fool-proof, and it can be cumbersome to check every item in your cart.
You also must be diligent with receipts to ensure you've gotten all the rewards you're entitled to, as they don't always come through (customer service will rectify these issues, however).
Online purchases often run afoul of the problem mentioned above regarding receipt types. Generally speaking, loyalty cards won't do for these purchases, so you must either make them from your phone or from your computer with the app enabled.
I use the browser app and I can't always tell when it's actually working due to other coupon extensions that may try to force priority.
Ibotta is free to download and free to use. You may, however, incur a $3.99 per month penalty for inactive accounts, which will reduce your balance to zero, but not charge you beyond that.
This penalty only applies to accounts that have not redeemed an offer or received cash back for 180 days. Otherwise, there's no charge for this personal finance app.
Overall, Ibotta users are pretty happy with their experience using the app. They really like saving money on things they'd buy anyway (who doesn't), and the simplicity that linking loyalty cards provides.
However, some have complained about changes to the interface that have made it more difficult to use, though these seem to be specific to specific iterations of the app.
The Ibotta platform is fairly intuitive and simple to use, especially when you have linked your loyalty cards. You simply select the offers you want at the retailers you'll frequent, make your purchases, and either let your loyalty card do the hard work or submit a whole receipt yourself.
Ibotta app home screen. Image source: Ibotta, captured by author.
Ibotta app "For You" tab. Image source: Ibotta, captured by author.
Ibotta app "Any Item" tab. Image source: Ibotta, captured by author.
Ibotta is a very safe platform and takes the security and privacy of its users seriously. If you don't feel comfortable linking your cards with the platform, you can always submit coupons manually, and select digital gift cards instead of withdrawing your earnings to your bank or PayPal account.
If you want an app for gas purchases: Checkout 51 offers some grocery rebates, but allows you to also earn cash back on gasoline purchases. If you're just looking for a wide range of retailer offers, though, Ibotta is your best bet.
If you want to earn points instead of cash: Fetch gives you earnings in the form of reward points that you can use for gift cards or to enter monthly cash sweepstakes. However, if you prefer cash, Ibotta is still the way to go.
Ultimately, you know your needs far more than I do, but in general, Ibotta is a good fit for people who:
Ibotta is free to download and use. However, accounts with no activity within the last 180 days are charged maintenance fees. If you have a rewards balance in your inactive account, Ibotta will deduct $3.99 from your earnings for every 30 days that your account remains inactive. You can avoid these fees by performing an account activity at least once every 180 days.
Yes, Ibotta users can earn rewards by shopping in-store and online with participating retailers.
You must have a minimum of $20 in earnings to request a cash out. If you choose to redeem your rewards for gift cards, be aware that some gift cards may have a minimum cash out requirement of $25.
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