If you enjoy apps that give you cash back for shopping like you normally would at stores you go to often, you definitely want to check out Drop. It's fairly new to the extra cash scene but so far it's a pretty big hit. Drop is similar to apps like Ibotta, but it's much more streamlined because you don't have to scan a single receipt to claim your rewards.
How does Drop work?
Drop works with basically zero effort on your part. Once you sign up, you will link a credit or debit card to your account and choose 5 stores for Drop to track. When you use that debit or credit card at those stores, Drop will add points to your account depending on how many points each dollar is worth at that particular store and how much you spent. Then, after a few days or possibly sooner, your account will be rewarded with the points you earned. Then, when you've accumulated enough points, you can exchange your points for instant e-gift cards.
How does Drop pay?
Once you earn enough points, you can redeem them for various different e-gift cards. The amount that the cards are worth and how many points they cost varies. For instance, you need 5,000 points to get a $5 Starbucks card and 10,000 for a $10 Amazon code. These cards are made available immediately after you redeem your points.
What stores can be shopped at for points?
Drop has a pretty wide selection of offers you can choose from to earn your points. Where I live, we don't have a lot of shopping nearby but I was still able to choose 5 stores that are available locally. One big one is Walmart, where you get 2 points for every dollar you spend. McDonald's, Starbucks, Walgreen's and Dunkin' Donuts were the other offers I chose. There are tons more and the points per dollar ratio vary. For instance, at McDonald's, I get eight points per dollar and at Starbucks, it's 12 points.
Note: These amounts are subject to change and when you install the app, the point per dollar ratio may be different.
Is it safe?
This was my top concern when looking into Drop because I had to enter my debit card information. However, I ultimately decided it was worthwhile. They state that they use the same technology to encrypt your information that banks use, and I felt pretty comfortable with that.
What's the downside?
While researching Drop, I saw one common complaint but there seems to be something in the works to address this, so it may change. People complain that they cannot adjust the offers that they're signed up for. Since we're limited to 5, if a new store opens up in your town that you start to visit frequently and it's offered on the app, you can't change it. However, Drop has responded to these complaints and hinted that it's going to be an option soon.
Who can use Drop?
Drop is currently only available to residents of the United States and Canada. This is subject to change.
I remember Ibotta when it was very new with only a few stores you could shop at to redeem the offers and now you can find offers for all kinds of places. I feel like Drop, though it's in its infancy, will be a serious competitor pretty soon. The reason is because it's so easy to use, you don't even have to think about it. Just link your card and shop like you normally would, keep an eye on the offers on the app and redeem when you have enough points. You don't have to scan any receipts or jump through any hoops to get your points, they just accumulate naturally. There's basically no reason NOT to use it, aside from any security concerns you may have.