3 karma · joined August 21, 2016
Most other "round up" apps send your money towards savings or investing. The problem is that most people pay 6%+ interest on their various forms of debt, while barely earning a 1% interest from a savings account.
We send out payments towards debt, which helps people pay it off an average of 2 years early, and save $1600+ on interest.
Definitely agree that if you typically spend very little with your card, rounding up your transactions will have a smaller effect. We do have an option that allows you to instead specify exactly how much money to contribute each week. We have quite a few users taking advantage of that. Right now they're typically contributing around $20 per week, or $80-100 per month.
One issue that's always at the back of my mind is the amount of debt that I have to pay back. Between student loans, a car loan and credit cards, it sometimes feels like I'll never get everything paid off.
We built Qoins to tackle this problem. Think of us like Acorns or Digit, but for paying off debt. We round up spare change from your everyday transactions and apply them directly towards paying off your debt. For example, buying a $5.35 sandwich will send $0.65 towards paying off student loans, credit cards, and more! By using Qoins and having additional payments go out every month, you can become debt-free months or years early!
We support Instant Verfication for the top US banks, and we'll have access to thousands more banks within the next month or two.
Please feel free to ask any questions or offer any feedback that you might have!