Home Uncategorized Qoins: A “Rounding Up” App That Pays off DEBT!!
Qoins: A “Rounding Up” App That Pays off DEBT!!

Qoins: A “Rounding Up” App That Pays off DEBT!!




I found the third app to complete the Financial Trifecta!!!

We already have a killer one for helping us *save* our money (Digit), and then of course another great one that helps us *invest* our money (Acorns), but now – FINALLY – we have one that will help us do the one major problem most of us have: PAYING OFF OUR DEBTS!

It’s called Qoins, and similarly to Acorns, it rounds up all your transactions and then sends all the “spare change” directly to your debt in order to pay it down faster.

It’s not going to solve all your problems (after all, we’re only talking about adding up change here), but it’s additional ammunition to better complete your quest to debt freedom. I personally just signed up to test it myself, and I have a feeling it might be one of the next “hot” apps out there 🙂

(And by “apps” I really mean “any technology company that helps with finances” whether it’s officially an app or service or web-app, etc. “App” is just easier to say/understand so I’m going to use them interchangeably today even though technically Qoins is a “web app.”)

I don’t know why it’s taken so long for a financial company to address this colossal debt problem we’re drowning in (student loan and credit card debts amount to $2,340,000,000,000+ alone in the US!), but I’m glad Qoins stepped up to get the wave going. And hopefully it inspires others to hurry up and start addressing this as well.

(A little birdy told me Digit is working on some big things around this too, but since that’s all the birdy would tell me (what’s the point of a talking bird if it won’t spill everything??), Qoins remains the only one currently in the game)

How Does Qoins Work?

how qoins app works

In a nutshell, here’s how it all works once you sign up to them:

  1. You connect the account where you want to fund the rounding up to occur (i.e. the checking account that will be sending the little chunks of money towards your debts)
  2. You connect the account you want Qoins to monitor for these “rounding up” transactions (i.e. whichever account has the most action going on. For me, it’s my credit card since I put most of my payments on it)
  3. Qoins tracks it all, rounds up the spare change to the closest $1.00, and then shoots the total amounts over to your debt at the end of the month. For example, if you buy a sandwich for $5.35 it would send $0.65 to pay off your debt. (Though it’ll actually transfer over totals of $5.00 from your accounts once the change reaches that much, and then if you have $10.00 or more by the end of the month push it over to your debts.)

That’s it 🙂 Again, very similar to how Acorns works, only applied to debt instead of investments. They also state they never store your banking info on their servers, and that the average customer so far is saving on average about $40.00/mo for their debts.

Are There Pros and Cons to Qoins? Yup.

Let’s start with the cons since I’m sure it’s what most of you are wondering by this point 🙂

  • They are REALLY new – like, less than 500 users new. This means there’s a LOT to figure out still and probably some bumps along the way in gaining our full trust. On the flip side, you get access to another way to pay down your debt faster and can be a part of helping them get better over time (if that’s something you enjoy).
  • If you don’t like giving account access to companies, you won’t like Qoins. They need to access them in order to do the rounding up and transferring of all the money.
  • It costs $1.99/mo to use. The fee is deducted from the “rounded up” change Qoins has saved for you, and then all the rest goes right to your debt. (They’ll only charge you the $1.99 if your total rounded up amounts for that month reach $10.00 btw. If it doesn’t, it’ll roll into the next month and charge you the $1.99 then once it goes over the $10.00 and they apply it towards your debts)
  • There’s also a fee if your checking has insufficient funds when they go to transfer out the rounded up change. (Because it costs them money to attempt to withdraw it if it bounces). It didn’t say how much they charge for this in their FAQs?
  • They don’t work with all banks yet (and before you ask – yes, it’s only US-based :)). They work with the biggest 13 banks right now – Wells Fargo, US Bank, USAA, TD Bank, SunTrust, Charles Schwab, PNC, Navy Federal, Citi, Chase, Capital One, Bank of America an BB&T – but haven’t added *all* of them  yet. More will be connected as time goes on.
  • They mainly focus on *credit card debt* and *student loans* right now. You can manually add in the information of whatever other debt you’d like for them to pay towards, and they will, but you need to find the right address and get your account #, etc, etc first so they know where to send the money. Not the worst thing in the world, but def. not automated or convenient at least at first. Once you submit the info it’ll at least be there for future ones. (I have to do this, btw, if I want to send my $$$ towards my car payments every month. So for now, I just stuck w/ my USAA credit card to test).
  • The debt payments are sent by check vs electronically. I imagine this will change in the future, but right now they cut out the payments to all the debt companies so there’s a lag time in when they actually get applied.
  • You can only track transactions for *one* account currently. So you can’t have them monitor both your credit card and checking, for example. At least yet. They say it’s one of the next features they’re rolling out shortly.
  • They don’t have an app-app yet. Ironic as I’m calling them an “app”, but hey – like I said they just started 😉 So for now you have to sign up the old fashioned way of accessing a web browser before their “real” apps  hit (in 2017 I’m told, for both iOS and Android)

The Pros! (If you’re not already scared away now ;))

  • You pay off your debts faster! Even if you save just $10 extra towards them, it’ll go a long way in reducing interest fees as well as the main principal over time.
  • You don’t have to do a thing once it’s all set up. You spend the first 5 minutes or whatever to attach everything, and then you let it ride in the background rounding up and paying off debts while you sleep (or eat, play games, read the best blog on money EVER)
  • You can adjust the amounts it saves/pays off for you. Its default is to round up the transactions to the nearest $1.00 to stash away, but you can change that to other amounts, as well as tell Qoins to transfer out other chunks you’d like on top of the round-ups as well.
  • You get to be a first to test it!

But really, the one and only reason to use this app is to just pay off your debts that much quicker so you never have to deal with it again. Whether you choose to use an app or do it on your own as people have done for thousands of years before us. What’s important is just that the debt gets paid off! 🙂

You can learn more about Qoins here for all those interested: Qoins.io

I’ll continue to update this page with new features/changes over time, as well as how much they end up saving ME for debts as well – similar to how I already do for Digit and Acorns. Acorns currently invests roughly $25-$30 a month for me, so I’d imagine it mirrors that pretty well considering it’s tracking the same transactions 🙂 Only time will tell though!

Let us know what you think in the comments below! Their team will be watching and responding to any questions/concerns y’all have…

Happy debt paying!

As always, reviews of companies that I promote and excite me have affiliate links contained, meaning I’ll be compensated if anyone signs up to them. I delete approximately 97% of all products and services that come to my inbox, but every now and then I get a surprise gem in there and rush out to share it with you. Today is one of those days 🙂



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