I was working on another post and looked at the current rates for shopping portals on eBay and noticed a new site with a massive cash back option: iConsumer is currently offering 8% cash back on eBay. Update: You’re limited to $20 per month in cashback for eBay ($250) in purchases.
They are also offering higher rates on a lot of other sites as well (e.g Giftcards.com is 1.6% back).
iConsumer Review
iConsumer is a relatively new cash back portal, they launched in September of 2015. They are somewhat different to other cash back portals, because as well as offering cash back they also give you shares in the company. You’ll get 100 shares when you join, and 100 shares for each person that signs up, uses your link and makes a purchase
- You need at least $25 to cash out
- Transactions should appear in your account within 30 days and be payable within 90 days
- You can only be paid via check at the moment, they plan to introduce ACH & Paypal at some stage in the future
- There is an inactivity fee of $2 per month if your account is inactive for two or more years (balance can never fall below zero)
Currently they are worth $0, because the SEC hasn’t qualified their stock yet. If the SEC does qualify their stock, iConsumer plans to sell their stock for $0.09, but if nobody is buying at that price then obviously the stock will fall (and I fully expect that to be the case with other owners wanting to exit the market).
Personally I think your best bet is just to assume that the shares are completely worthless and if they end up being worth something at some stage, fantastic. You can find more about the share process in their F.A.Q’s.
Our Verdict
I tried to do some more googling about iConsumer to see if anybody had positive or negative experiences with the company but I wasn’t able to find anything apart from a few paid posts. This seems too good to be true, 8% is massive compared to the next top rate of 1.25% and don’t see how it’s possible to offer such a high rate. That said, I’m still going to put a through test transactions through to see how it goes as it seems they are offering some good rates on other retailers as well.
If you have any experience with iConsumer then please share them in the comments below.
