★ Rockstar Review: Qoins App (Round-up Debt Destruction!)

Posted February 21, 2017 6:00 am by with 13 comments

Review of: Qoins

Reviewed by:
On February 21, 2017
Last modified:June 19, 2017


Qoins is a new app that rounds up your spending to the nearest dollar and applies that money towards your outstanding debt!

This is part of our Rockstar Reviews series.
Be sure to check out all previous products we’ve reviewed!

rockstar rating 4 stars
Who it’s for: Anyone who wants to automatically pay off debt.

Ease of use: Create your account, connect your profile to your debt holders and you’re done!

What I liked about it: Makes debt destruction pretty easy; the system manages everything for you. All you need to do is live.

What I didn’t like about it: It is not free, but it is very cheap @ $1.99/mo.

Where to find it:

Qoins.io | $1.99/mo

(Rokstar readers get $3.00 when signing up)

Round Up Your Spending to Destroy Debt

Wait, another one of those rounding up services? Yes – but no, not exactly. Most services round up and deposit that money into savings or investment accounts. That’s great! But they do nothing to help you eliminate your debt.

Qoins is a new app that rounds up your spending to the nearest dollar and applies that money towards your outstanding debt. It helps you to destroy the burden of owing money to someone else. And when Americans collectively own over $740 billion in credit card debt alone, a little Qoins could do many people a ton of good.

How Qoins Works

It’s pretty easy. All you need is a bank account and, well, debt. Here is the process:

  • First, create your account through the Qoins.io website or smartphone app.
  • Then, connect your bank’s checking account to your profile (most national banks are supported, like Chase, Wells Fargo, Bank of America, etc); this will be the account that Qoins makes your monthly withdrawals from.
  • Next, connect the accounts, like credit cards, that contain your debt; these will be the accounts that Qoins will send your rounded up payments to.
  • Finally, create Payment Rules; these are instructions that tell Qoins exactly how to pay off your debt and in what amounts.

Once your account is setup, you are finished. Let automation take over and help chip away at your debt with every purchase that you make.

What About That Monthly Fee?

Here’s the deal. Qoins charges a $1.99 per month fee to process your bank transfers. This helps to cover the fees incurred by Qoins to set up and manage your monthly transfers. However, Qoins only transfers money if at least $20 has been accumulated over the month.

This means anything less than $20 will not be transferred that month… and no fee will be charged. Instead, Qoins will apply the rounded up amount to the following month. This process continues until at least $20 has been reached. Then, a bank transfer happens and the $1.99 fee will be charged.

There is no cost to use Qoins during those months where spending is less frequent. Also, the $1.99 fee is a flat charge regardless of the amount of money being transferred.

Oh, and word to the wise: there is also a fee if there are insufficient funds in your checking account!

Automation is Key

One of the most effective ways to pay off debt is to automate the process so we don’t need to think about it. It removes the nagging temptation to spend money on something else rather than paying down our debt or saving the cash.

A question you’re probably wondering is: “Why couldn’t I make these transfers myself and bypass services like Qoins completely?”

The answer is quite simple: You can! Nothing stops us from making these additional payments ourselves. Unfortunately, a lot of people don’t because life gets in the way. Just because we can do something doesn’t mean that we will.

If you’re a busy person, automation is your friend. If you’re prone to forgetfulness , automation also helps you to “remember”. In fact, it’s more basic than that. Using Qoins removes the need to remember altogether. It just happens. Every single month.

Qoins is Only One Tool for Debt Destruction

While Qoins is an excellent way to continually chip away at your debt, it is far from the only mechanism to achieve that freedom. Eliminating all debt also requires fundamental changes to spending habits and making substantial additional payments to your credit cards and other debt accounts.

Consider using Qoins as a part of your overall debt elimination plan – not the only one. Automate this process as much as possible and prioritize your spending on those things that are truly important!

You can try Qoins here.

(Signing up through that link will give you an extra $3.00 towards your debt journey!)

Other round-up apps you may like: Acorns for investing and Digit for savings (although Digit doesn’t exactly “round-up” as it does look for money just sitting there that can be used for something better).


All Rockstar Reviews include affiliate links to the companies being featured. Thank you to all those who support our site by going through them when you find them helpful!

Steve is the founder of ThinkSaveRetire.com – a site where he shares ideas and techniques on how to retire from your 9-5 job and start to enjoy the virtues that life has to offer outside of full-time work. Life is about more than fluorescent lights and gray cubicles!

13 responses to ★ Rockstar Review: Qoins App (Round-up Debt Destruction!)

  1. Mark E February 21st, 2017 at 9:30 am

    Thanks Steve. I have been looking for an app like this for a while and glad you mentioned that there is a fee.

    Keep up the useful articles!


  2. Mrs. Picky Pincher February 21st, 2017 at 11:24 am

    Ahhhh, interesting premise. I haven’t heard of this before. It does kind of suck that the app charges $2/mo. I’m not sure if automating rounded-up debt payments would make up for the annual cost of maintaining the app. You might be better off rounding up expenses yourself and manually overpaying on your debts. I can see this app being useful if you’re on a SUPER tight budget and need to get creative with the bills, but otherwise I think it’s a bit unnecessary.


    • J. Money February 22nd, 2017 at 6:19 am

      It’s always optimal to pay off your debts and save/invest/grow your wealth by yourself for sure :) The only problem is that many people don’t do it :( Apps like these are best for those who need a push to get going vs us $$ nerds.


    • Steve Adcock February 22nd, 2017 at 7:59 am

      I think you’re right that if you’re disciplined enough to do this rounding yourself, there’s no question that doing it yourself is the better way. However, this app wasn’t designed for those of us who are disciplined enough to do this transfer manually. :)

      Even the $24/year (if transfers are made each month) could be money well spent if it helps, even to a small degree, in paying down your debts.


      • Christian Zimmerman February 28th, 2017 at 10:19 am

        Hey guys! Christian here. I’m the co-founder of Qoins. Big thanks to J. Money and Steve for the writeup! As Steve mentioned, the $1.99 is a small fee in comparison to what you can save and pay down with Qoins. Our average user saves $40 per month and the $1.99 is taken from the spare change you save throughout the month rather than your bank account. Just before we send out that extra payment to your lender we just deduct the $1.99 from the overall money saved!


  3. Keep America Great February 21st, 2017 at 1:57 pm

    I have to agree with Mrs. Picky Pincher. It doesn’t seem like a particularly good model if you have to pay that much. Not to mention the fact that the company who made the app buried an arbitration agreement into their TOS. Arbitration agreements are an insult to every American who fought for the rights we’re given in our justice system. I don’t do business with people who push arbitration agreements. Couldn’t be less American.


    • Christian Zimmerman February 28th, 2017 at 10:53 am

      Hey K.A.G.! Thank you for that feedback and we do apologize if this is any inconvenience to you. We currently are partnered with a 3rd party API that has the arbitration agreement in their TOS, which we are required to include. Our mission is to help pay down the overall consumer debt of the U.S by taking baby steps. From our current users, we have already paid down $35,000 worth of debt in just 4 months. As Steve mentioned, we are focusing on helping those that need that extra push towards making that extra payment. We believe that the small fee is well worth the impact you can make on your overall debt.


  4. Bob Walsh February 23rd, 2017 at 10:20 am

    With an average donation (according to the app description) of $40 and a $2 fee a month, this app is effectively charging 5% to pay off your own debt. Additionally, you are transferring money to their holdings for a month. Are they insured, what are they doing with my money until I deposit it? Is the app effectively charging me 5% to let someone hold my money interest free?


    • Christian Zimmerman February 28th, 2017 at 10:42 am

      Hey Bob! We have a partner bank that we work with to transfer money into a Qoins FDIC insured holding account until we send payments out to your lender. We do not do anything with the money as it sits in the Qoins account throughout the duration of the month, nor do we earn interest from your money. We merely charge $1.99 to cover our costs we incur being that we are an early stage startup. Thank you for the feedback!


      • Bob Walsh February 28th, 2017 at 3:25 pm

        Well the holding account might be FDIC insured, but that just protects the bank from losing your money. What assurances do I have that if you go bankrupt with my money sitting in your holding account that my debt will still be paid?


        • Christian Zimmerman March 3rd, 2017 at 7:00 pm

          Hey Bob!

          I would hope that we do not go bankrupt and even if that were to happen our first priority would be to send out any payments that were to be sent towards our users’ debts. We work with a highly regulated bank that would not allow such a thing to occur as well. Our customers come first before anything else!


  5. Dorothy Bennett February 23rd, 2017 at 12:02 pm

    Are they FDIC insured? Sounds like they can take your money and run since they have no obligation to the users to pay back the money they hold in their account.


    • Christian Zimmerman February 28th, 2017 at 10:45 am

      Hey Dorothy! We have a partner bank that we work with to transfer money into a Qoins FDIC insured holding account until we send payments out to your lender. We do not do anything with the money as it sits in the Qoins account throughout the duration of the month, nor do we earn interest from your money. We value each and every customer and our mission is to help you get out of debt. We would never do anything to lose the trust of our customers.


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