Are you a credit card user? There’s a good chance you are. In 2021, more than 80% of American adults reported they have at least one credit card. If you are a credit card user, you’ve probably heard of credit card rewards – and struggled to maximize them. With this CashFreely review, you can learn more about a tool trying to change that!
CashFreely is a tool for credit card users looking to get started with cashback rewards. This tool will help you take advantage of the best offers. That means that you can earn more money and keep your finances organized.
Personally, my wife and I have been using CashFreely for over a year now. We've earned $6,000 in cashback rewards from our everyday spending. This incredible perk comes with a lot of discipline.
In our CashFreely review, we break down exactly how the app works and who it’s best for. After reviewing our favorite features and making some important considerations, you’ll know exactly whether or not you want to download the app.
What is CashFreely?
CashFreely is a tool aimed at novice credit card users who are looking to do more with credit card rewards. So what exactly does it mean to be a beginner? You might be new to the world of credit cards. Or you might simply be using a credit card that earns rewards for the first time.
Either way, CashFreely wants to help you choose the best credit cards and earn the most cashback rewards possible. To use CashFreely, you can download an app from the App Store or Google Play. You can also access CashFreely from your desktop or mobile browser at cashfreely.net.
Once you’ve created an account, CashFreely gets to work. They say that the average user sees more than $1,500 a year in rewards. That’s because their mission is to help users earn the most cash back in the shortest amount of time.
After you let CashFreely know which current cards you use, it recommends which card to swipe for some of the biggest spending categories: dining, groceries, and gas.
CashFreely also makes recommendations for cards that you should apply for in the future.
How does CashFreely help me stay organized?
For some people, collecting credit card rewards feels like a hobby or a game. But if you’re disorganized, you can get burned with forgotten annual fees, late fees, and more.
That’s where CashFreely shines. The app works hard to keep you organized. CashFreely tracks several important data points including:
- Your annual renewal fee dates
- Any current welcome bonuses on your open cards, and
- Your 5/24 status
It’s important to remember when your annual fees hit. You can decide if you want to close the card or you can be mindful of an extra cost in your budget. (Sidenote: If you’re not sure what to do with a credit card, CashFreely can help you determine if the annual fee is worth the cost based on how you use your credit cards!)
You also want to keep track of your welcome bonuses. If a credit card offers you $900 after spending $6,000 in the first 3 months, you need to make sure your purchases clear within that 3-month window. Otherwise, you’re out of luck. CashFreely can make sure you don’t miss out!
Finally, CashFreely monitors your 5/24 status. In the credit card world, there’s an unofficial rule (the 5/24 rule) that suggests opening more than five personal credit cards in 24 months can jeopardize your card applications with Chase Bank–the biggest credit card issuer in the game. CashFreely lets you know where you stand, which takes the guesswork out of future credit card applications.
CashFreely Review – Best Features
Let’s kick off our CashFreely review by rounding up our favorite features of the platform. Are you looking for a free tool that puts extra money in your pocket? CashFreely checks all of those boxes and more!
One of the very best features of CashFreely is that it’s free! If you are someone who hesitates to shell out for products or technology that saves you money, you’re in luck. CashFreely won’t cost you a dime.
How do they offer it for free? Well, every time you sign up for a credit card using their links, they get a commission or affiliate income. The more cards people sign up for, the more money they make. It doesn't cost anything extra for you at all.
You Get Extra Fun Money
Using tools like CashFreely to add extra money toward a sinking fund or your fun money stash is such a great way to add some joy to your finances. If your finances are feeling tighter than usual, earning extra money for doing your normal spending more strategically is a huge win.
With our extra $6,000 cash this year, my wife and I have been able to pay for:
- A family ski trip weekend
- A couple's getaway to South Carolina
- Our daughter's Soccer Travel season
- A ladies' getaway weekend for my wife (with no kid responsibilities!)
- And a guy's getaway weekend for me
All of this happened through our regular everyday spending!
Easy to Use App
Have you ever downloaded a new app that someone’s raved about and felt like you needed to take a college course to make it make sense? That’s not the case with CashFreely. CashFreely is designed to be intuitive and user-friendly.
Since this app is made for people new to cashback rewards, you can use the app to learn more about benefits. Plus, CashFreely extends your learning with helpful emails.
Another thing we love about the app is the fact that you can categorize your knowledge. By indicating that you see yourself as either a Beginner or Advanced, CashFreely adjusts how the tools are presented to you.
Additionally, you can add another household member. That’s been really helpful for my wife and me since we manage our money as a team.
Emails on New Card Bonus Deals
If you’ve dabbled in cashback rewards or travel rewards previously, you know that it can sometimes be a lot to manage. However, CashFreely lifts a lot of the mental load for you!
One way they do this is by sending emails on new card bonus deals. You can easily keep track of which credit card bonus you might want to tackle next.
Can Be a Fun Experience with a Spouse
Sometimes money indeed feels like a drag. We’ve all heard stories about couples fighting over money–or even getting divorced because of it.
Still, we believe that managing money together as a couple is the key to success. That doesn’t just mean financial success either. We think one of the keys to a successful marriage is having open and honest conversations about tough topics.
While we have a pretty successful system for navigating our finances as a team, I’d be lying if I didn’t admit that tools like CashFreely make our money dates more fun. It feels like such a huge win to sit down with your partner and look at all the extra money you earned over the year for doing the same spending you normally would.
Cashback is Non-Taxable Income
This is more of a perk for cashback rewards as opposed to CashFreely, but important nonetheless. If you receive income from cashback rewards and bonuses, this is non-taxable income. That's right … you don't have to pay taxes on this income.
The IRS sees these cashback rewards as more of a rebate than income. Works for me!
CashFreely Review – Areas to Consider
To balance out our CashFreely review, we have to share some areas to consider as well. These aren’t necessarily drawbacks or areas for the app to improve. Instead, they are considerations that people need to be mindful of when deciding if CashFreely is the right tool for them.
Requires Major Discipline
Are you a shopaholic? Do you struggle with impulse purchases? Are you working on climbing your way out of debt? Then CashFreely isn’t for you.
To take advantage of CashFreely without negatively impacting your finances, you need to be disciplined and intentional with your money. You also want to commit to tracking your spending. Cashback rewards are great–unless they compromise your budget. If the temptation to overspend is too great, then we suggest finding another tool.
Impacts Credit Score
The way you earn cashback rewards involves opening one or more credit cards and taking advantage of their bonuses and offers. To do that, you need a credit score…and you have to be willing to let your credit score fluctuate.
Opening and closing credit cards can impact your credit score. While it won’t impact your score much and most credit scores tend to rebound quickly, it’s worth noting that you may see a drop in your credit score. If this bothers you–or your score isn’t high enough to qualify for credit cards–you want to look elsewhere for ways to optimize your finances.
For reference, after using CashFreely for over a year my score has decreased to 783 (according to Credit Sesame) but not in the 800 range as it was previously. Since my wife and I are debt-free and mortgage-free, we're not too worried about this slight drop in our credit score.
If you’re living life debt-free and determined not to use credit cards, CashFreely isn’t the tool for you. It’s as simple as that.
This tool requires you to use credit cards – and if you get into like we have, a lot of them. So if credit cards aren’t for you, then neither is CashFreely. Instead, you might want to check out our best budget apps for families!
Final Thoughts on CashFreely
CashFreely is a tool that solves a problem a lot of credit card users face–how to maximize the benefits of being a cardholder. This free tool makes recommendations that fit your needs as a consumer. While there are other tools on the market, they often prioritize the affiliate kickback rather than recommending the card that is the best fit for each consumer.
It’s worth noting that CashFreely users who see the biggest cashback rewards are the people who use credit cards most often. If frequent credit card use might derail your financial plans, no bonus is worth that.
However, if you’re a credit card user who is looking to keep yourself organized and maximize perks for the spending that you already do, then CashFreely could be another smart money management tool to explore.
What did you think of our CashFreely review? How do you maximize your credit card benefits?
Please let us know in the comments below.