When you were little, your parent probably handed you an allowance for doing chores like washing dishes or sweeping. These days, the only payoff for doing those tasks is a clean kitchen that lasts about 15 minutes.
As an adult, you rarely get praised for performing the basic duties expected of you — such as paying your bills promptly.
That’s changing now. MoneyLion, a free app designed to help you manage your finances, will reward you for actions like paying bills and tracking your credit — even for simply creating an account.
Think of it like that childhood allowance: it’s essentially incentivizing you to do the right thing.
Within the app’s rewards program you accumulate points, which can be redeemed for gift cards to over 15,000 retailers, including stores such as Walmart, Applebee’s and Amazon.
Rewards Like a Credit Card — Without High Interest or Added Debt
You can link MoneyLion to your bank, credit card, student loan and other financial accounts. By analyzing your income and spending, it gives tailored recommendations to help you save, lower debt and boost your credit score.
If credit cards aren’t appealing to you, MoneyLion functions like a rewards card without encouraging overspending. After earning 2,500 points, you can trade them in for a $25 gift card (to merchants like Starbucks, Target, Bass Pro Shops or thousands of other retailers and restaurants).
There are lots of ways to rack up points for things you already do in the app. You’ll be rewarded for opening a MoneyLion account and completing some simple tasks, such as:
- Link a bank account: 500
- Enroll in free credit monitoring: 100
- Download the mobile app and sign in: 100
- Upload a profile photo: 100
- Finish your profile: up to 150 points
That’s 950 points just to begin using the app. If you choose to tackle debt, MoneyLion can assist with a loan to consolidate balances and potentially lower your interest, and you’ll earn rewards for that as well.
- Obtain your first personal loan: 100
- Make an on-time loan payment: 200
You Have to Pay Bills Anyway — Why Not Get Compensated?
After you activate MoneyLion’s free credit monitoring, it will track whether you’re staying current with payments. Each month you pay your bills on time, you’ll receive an extra 50 points.
Follow all these steps, and you could redeem your first $25 reward in roughly five months — while cultivating solid financial routines.
So, pay your bills promptly, and earn free gift cards.
Welcome to adulthood — this is how you collect your allowance now.
Jordan Reeves (contact: [email protected]) is a senior writer at Savinly. Now that he’s an adult, he aims to keep up with his bills.
