Earny app helps you save money on items you just bought

People spend hours shopping around for the right price before investing in a product. So there’s nothing more frustrating than finding out that your purchase went on sale right after you bought it. Luckily, there is an app to help with that. Earny was designed to follow-up on any recent purchases you made and ask to be credited with the price difference if your purchase goes on sale after you bought it. But there’s a catch, and it may require access to your email account and credit card number. Read on to learn more.

By: George Baginyan Dec. 9, 2018

What is Earny App?

Earny is an app that you can download to your Android or iPhone. It monitors the receipts in your inbox and follows up with the products you purchase. If it catches a price drop, the app reaches out to the merchant and asks for a refund. The app was launched in 2016 and developed by a team of engineers located in Santa Monica, California. The app is supported by a firm called Science who helped build the Dollar Shave Club (Proctor and Gamble) and FameBit (Google). The app’s goal is to monitor your purchases and watch for price drops, so you don’t have to spend time on it.

According to the app’s co-founder, Dori Yona, prices change on Amazon as many as eight times a day. Because of this, it’s impossible to know when the best time to buy is. Earny takes the work out of price shopping because it allows you to get your money back if an item you purchased within the past 90 days went down in price. Yona got the idea for the app when he purchased a suit jacket, and it went on sale a few weeks later.

The app works by taking advantage of price protection policies from Chase and Citibank credit card companies that most people don’t know about. Although each policy is different, most allow a consumer to get a refund on any item that went on sale 90 days after you purchased it. Yona says that most people don’t even know these policies exist. That’s where Earny comes into play.

How Does Earny app Work?

Earny strives for a “set it and forget” it type of experience by taking control of getting your money back. The app asks to connect your mailbox and Amazon Account. It also asks to connect to your credit card information. After allowing the app access to this information, a sophisticated bot does the rest of the work by monitoring your purchases and emailing the vendor to ask for reimbursement on the item you just bought. After Earny tracks down money on your behalf, it will send a notification to your phone indicating the amount of money you earned back.

Download from AppStore

Downloading the app is free, but it takes 25 percent of any refund you get. Currently, Earny tracks your packages from more than 50 well-known retailers, such as - Amazon, Best Buy, Carter’s, Costco, Gap, Old Navy, Athleta, JCrew, Jet, Kohl’s, Nike, Sears
, Staples
, Target

Download from GooglePlay

The app allows for worry-free spending. You’ll no longer have to spend hours researching the best price. According to the app’s founder, Oded Vakrat, the average user saves more than $300 a year on the items they have already purchased. He says that it only takes about five days before you start seeing refunds come through. Some users see results within hours of downloading. This is because Earny can look back on your receipts from up to 90 days ago.

Data creators want to assure their users that the security and protection of their personal information are guaranteed. Earny does not have access to your credit card transactions. Instead, it obtains the data from your emailed receipts. In most cases, your full credit card number will not be printed on the receipt. They also promise not to share your information with anyone else.

Pros and Cons of the Earny App

While the Earny app has a great idea behind it, there are some pros and cons to be aware of before downloading. The possible advantages and disadvantages are listed below.

Earny App PROS

  • Easy to use. After allowing the app access to your personal information, your job is done. The app requires nothing from you when it comes to reaching out to vendors. Just make sure the app has access to your receipts.
  • Free app. The app is free to download and only gets paid when you do.
  • Saves time. You’ll save time on price shopping by making the purchase you want and then receive a refund on the price drop (if there is one) later.
  • Top security. Earny takes pride in providing their users with top security. They use AES-256 and RSA-2048 as encryption algorithms to detect threats and monitor your account’s activity. Access to your information is also highly restricted by a firewall.

Earny App CONS

  • Sharing your personal information. Earny sends emails to merchants on your behalf to ask for your money back, which can be a bit unnerving. It also asks you to disclose personal information, such as your credit card receipts and email access. But although you have to share your personal and log in information, it is worth it in the long run because you will start receiving checks and refunds on your card.
  • Encourages you to spend more. Because there is always the possibility that you’ll get some money back later, it’s easy to pay more money upfront. Keep in mind that there is no guarantee your item will go on sale after you buy in. Your refund prices are only good for 90 days.
  • Limited price protection. The price protection feature only works with Chase and Citibank users.

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