A lot of people want to save money and it’s usually for various reasons. Reasons include saving for an emergency fund, saving to purchase big-ticket items, saving for investments, and much more.
Though it might seem easy to do, since you only have to set aside a small portion of your income in a savings account or a piggy bank, not everyone is really able to do it properly.
There are a lot of reasons why people are having difficulties saving, but the major reason is discipline. It is easy to set aside some money in a bank or piggybank, but doing it consistently takes discipline.
To help you save money consistently and keep you from spending it immaturely, the Qapital app has been developed. It is a mobile banking app that allows you to save money through certain activities that you do.
The good thing about this app is that it provides an option to earn money through its referral bonus. Your earnings will depend solely on your effort since it is based on referrals.
You can earn as low as $5 a month or as high as $100 a month, depending on how good you are at getting people to sign up and be active members.
But is Qapital really a legitimate app that can help you save money or is it just a scam that you should avoid?
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Qapital App is a Legitimate Way To Help You Save Money
The Qapital app was born out of the founders’ frustrations at trying to save money, they couldn’t seem to do it properly, no matter what they tried.
Even putting it into banks didn’t solve the problem for them, which is why they created the app to help them save money properly.
Qapital will allow you to set savings goals and set rules that the app follows to help achieve that goal. The app also has a referral program to help you earn some money.
From the looks of it, the app is a legitimate opportunity to help you save money and reach the savings goals that you have.
The reviews have mostly been positive, as people say the app is working fine for them. However, there are some complaints about the app from some members.
The main complaint has been about how the app would unlink to the checking account and making it difficult to link back.
In relation to this, once this happens, withdrawal of money at Qapital becomes almost impossible. The app’s pricing structure is also becoming a problem for some members.
I’ll be discussing these issues as we progress further in this review and talk about how this app works.
Who Uses the Qapital App?
The Qapital App is designed to be used by people who are looking for effective ways to help them save money. It provides tools, settings, and other ways that can help people save.
The app will give you the freedom to set the money-saving goal that you are looking for, as well as the rules that go with it. This involves the amount of money you want to save and where it will come from.
Qapital is like your online savings bank, as it provides you with the necessary tools that can help you save your money properly without putting too much burden on you.
You just need to have a checking account and a mobile device to be able to do this. Another user of the app are people who are looking to earn extra income, as the app has a referral program.
You can earn $5 for every person you refer to the app. The money earned will be deposited to your Qapital account.
The app is only available to U.S. residents, and there’s a monthly fee that you will need to pay to be able to use its features. I’ll discuss how this app works in more details in the next section.
How Does Qapital App Work?
Qapital is an app that works like a financial institution, where it allows you to take advantage of several tools to be able to save money and invest for the future.
The app also helps people spend money in the present without the need to worry about the future, as the app will be the one to do the saving.
You will basically be setting goals and rules that the app will follow to be able to save money. To begin, you would first need to download the app at the Google Play Store or Apple App Store.
If you have a referral link that you can download the app from, even better, as this will allow you to earn a $5 bonus. After you have downloaded the app, the next step is to create an account with them.
You can choose to provide the details needed to register or sign up using your Facebook or Google Account. The app will allow you to register for free for 30 days.
After that, you will be charged monthly, based on the plan that you get. Qapital has 3 plans available, the Basic for $3 a month, the Complete for $6 a month, and the Master for $12 a month.
The Basic plan provides you access to Qapital’s tools in savings, spending, budgeting, and investing. It also comes with the goal-based approach the app is well-known for.
The Complete plan basically comes with all of the tools the Basic plan has, plus an integrated way on how you can seamlessly apply them all to get a complete financial solution.
The Master plan includes all the benefits and features of the two lowest plans, plus exclusive webinars and in-app challenges to help you better understand your money.
Once you are done and you have verified the email address you used (or the ones associated with Google or Facebook), you can start.
The first thing you need to do is to link a checking account to your Qapital account. The process can take 2 to 3 business days as there will be confirmation test deposits.
Once done, the next step is to choose your savings goals. Do you need the money to pay off a loan? For traveling? Buying a house? Whatever the goal is, state it there.
After you have decided on the amount and goal, the next step is to set up the rules that the app will follow that will trigger the deposit to your Qapital account.
You can choose to set a daily, weekly, or monthly transfer of a certain amount towards your goal. You can also choose to have the app round up all of your change whenever you make a purchase.
You can also order the app to transfer a certain amount whenever you are enjoying an activity, like watching a movie, going to a concert, and so on.
There are many ways that you can set the rules to trigger the transfer. Once done, the app will do the rest automatically. They will transfer funds from your checking to your Qapital account.
The beauty of this is that the rules and automatic transfers are that you can stop or pause it anytime, especially if you see your checking account running low on funds.
The money you transfer is not really kept at Qapital since they don’t have a place to store it. The money is actually kept at Wells Fargo. But in order to withdraw your money, you need to do it through the app.
You can transfer the money you have saved to a regular checking account or transfer it to the Qapital Visa Debit Card and withdraw it at any ATM machines.
Remember that there will be about a $1 to $4 fee per transaction. The good thing about the card is that Qapital will pay you interest on all the money inside the account linked to it.
You can make a withdrawal anytime, even if you have yet to achieve your goal.
Aside from savings, the app also has a referral program, where you and the person you refer can earn $5 each.
All your referral has to do is to download the app and sign up using your referral link and make their first transfer. Once he or she has done that, both of you will get $5 deposited to your respective Qapital accounts.
Now as mentioned above, there are some issues with this app and the main one among them is the linking of your checking account to the app.
Some members have experienced issues with linking their checking accounts or having their linked accounts becoming unlinked. Not everyone experiences this, so it’s possible these are just isolated cases.
Another issue some members had is the fact that they cannot pause the auto transfer of fund from their checking account to the Qapital account. This resulted in some members experiencing overdraft from their accounts.
These two issues seem to have arisen after the app was updated to include the new Spending Account. Hopefully, they fix this issue so everyone will have a smooth experience.
There are also some members who are having issues with Qapital’s new membership plans. Before, the app had a free account, where members could use the basic services for free.
Now, there’s only a paid membership, which didn’t sit well with some members. This is something that you need to consider when you decide to try this app. You do have a 30-day free trial before you are charged.
What I Liked about the Qapital App
After learning more about what Qapital App is and what it is offering, it’s time to discuss what I liked about this app.
- The first thing I liked about Qapital is that it is an app that provides you with a way to save money consistently without much effort. You can set it up in a way that it will automate the process for you, so you don’t need to go through the effort of manually taking a portion of your spending money and putting it on the app.
- I also like that Qapital App offers an opportunity for you to earn some money with their referral program. Granted the money you earn will not be big, but it’s still good that you are able to get something from it other than just be a tool to help you save money.
- Another thing I liked about Qapital App is that it is easy and simple to use. It’s not hard or complicated to understand how to use the app, as everything has been made simple. So you won’t have to worry about any difficulties when using the app.
What I Disliked about Qapital App
As appealing as Qapital App is, there are also things that I didn’t like about what they offer.
- The first thing that I didn’t like about Qapital is that they have now removed the free option. Though I understand why they had to do it, it would probably have been better if they just keep the free option. I kind of find it ironic that an app that is supposed to help you save money efficiently will charge you with a monthly fee for it.
- Another thing that I didn’t like about Qapital is that the app is only available to U.S. residents. Not only will a lot of people from all over the world benefit using the app, but it will also open up more possibilities to earn more via the referral program.
Do I Recommend Qapital App?
Now that we have learned more about what Qapital App is and what they bring to the table, I can say that it is an app worth checking out, especially if you are having problems consistently saving money.
Though it is not free to use the app, I believe the services that they are offering are of greater value than what they are charging you for it.
Saving money is actually difficult to do, which is why a lot of people are very reliant on their paychecks. But with the help of this app, it makes saving money easier.
The app removes, probably the most taxing part of saving, which is the effort needed to take out a portion of your income and deposit it in a bank or put it in a personal vault.
With the app, this portion is done automatically, which is the biggest reason it can help you save money. So if you are having issues saving money, you could check out the Qapital App.
It also allows you to earn some extra money with its referral program.