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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. 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 set up, 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!