#PersonalFinance #Budgeting #SavingGoals
Hey everyone! 👋 So, I’ve recently come across this app called Dosh and it seems like a cool way to manage my spending and save a bit of extra cash. But I’m a bit hesitant to dive in without hearing other people’s experiences.
What are your thoughts on Dosh? Let’s discuss! 🤔
Here are a few points to consider:
– How easy is it to use?
– Are there any hidden fees?
– Have you been able to save money with it?
– Would you recommend it to others?
I’m hoping to get some insights so I can make an informed decision. Let’s chat! 🚀💰
I haven’t used it but just saw people talking about it, asking if “it was too good to be true”, with 1% cash back on purchases.
Here’s my take on it.
With a credit card, you buy something now, and then you don’t have to pay for it till your statement is due. You keep your money in the meantime, and get the benefit of having it in your account (saving interest on offset or revolving mortgage, or earning interest in a savings account, or whatever.)
With dosh, it’s prepaid? So you give them your money at the start, they hold it for you, and THEY get the benefit of earning interest themselves on the money they hold for you. Then when you go to spend it, they share some of that back to you in the form of 1% cash back.
But that’ll be where they get their profit from, by putting your money to use for their benefit while they hold it for you?
I guess the pros and cons of credit cards vs dosh kinda come down to whether you have a mortgage or good savings setup where it benefits you to keep money in your own account as long as possible, or not.
Just my first take to get the discussion going
no annual fee, 1% cash back is great … works every where a cc would work.. nothing to loose
I use it as my “spending card” transfer my weekly spending budget it. Helps prevent any impulse purchases.
A couple times I have got 25% off restaurants for one day only with my Dosh (capped at like $30 back).
I use it but only at the point that I want to buy something. It’s annoying they don’t have instant free top up like Revolut has or I’d end up using it way more. They are quite slow to transfer money back to your account too. Other than that no complaints.
Inferior to a credit card in every way. 1% cash back is to fool the financially illiterate.
Dosh? Like money?
1% back sounds great… But most places have a 1-2% surcharge.
I’ll just stick to eftpos.
I use it for groceries, big box places, ones without the surcharge. It takes a while for transfers to clear, that’s really the biggest problem. You just have to set up an automatic payment if you want to use it regularly.