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: Heather Hanks Dec. 9, 2018
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.
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.
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
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.
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.
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