Do you want the opportunity to invest but also enjoy shopping?
What is Upstreet?
Upstreet is a new app that rewards you for shopping at your favourite brands. You can even earn shares while you are at it. The app offers you a fractional share as a reward each time you shop. There are over 300 brands in the network. Creating an online rewards-based shopping experience is a win for both shoppers and retailers. Partnering companies with Upstreet include Visa, Mastercard and Basiq. Some of the leading brands that you can shop with are ASOS, Booking.com, Lululemon, Microsoft and The Iconic to name a few. You also have the quick search option to quickly locate your favourite brand. The east to use interface is an advantage when trying to maximise the offers through the app. Some promotions even offer up to 50% off for you to get money back. However, when engaging in any financial service it’s important to consider the risks associated.
As an overview, I have included a list o the pros and cons of shopping with Upstreet:
Pros
- Earn Shares while you shop
- No fees or commission for managing the portfolio
- Every purchase can earn you a fractional reward
- No minimum spend amount to start earning shares
- Annual (AMMA) Tax Statement is issued at year end
Cons
- Fees discharged by underlying funds regardless of the platform can apply for ETF’s (Read the PDS)
- Inactive accounts may incur fees of $0.50 per month but does not apply to active users (check the PDS)
- 31 day minimum holding period for investments to prevent rewards paid on refunds.
How can I earn Upstreet Rewards?
There are some different ways the rewards can be earned:
Firstly, shoppers can use the chrome extension on their computer to activate and start shopping. I note that you will first need to open an account with Upstreet. This brings me to the second way to open an account through the app. The app can be downloaded through the app store. This is very easy to set up if you have a mobile and email address. The one-time code is sent to your phone and you will also need to verify your email.
Earning Fractional Shares
Once you have created an account and verified yourself you can set up and link a bank account or credit card. This will enable Upstreet to track your rewards and pay them to you. I note that it can take between 1 – 5 days for your reward to be approved. Fractional shares can be paid in the form of Exchange Traded Funds (ETF’s). These shares are placed in a unit trust on the behalf of the shopper giving you a fractional interest in the underlying investment. Some ETF’s on the app include FAIR, FANG and IOZ. Selling your shares can be done for free by emailing Upstreet Support.
Upstreet Game – Moonshot
Finally, the last way to start earning rewards is through a game called Moonshot. This is a fun game design by the Upstreet team. Moonshot engages members by giving everyone a chance to win their own share for FREE. You click on the link in the app and once a day. By doing so, you get the opportunity to win fractional shares worth up to $100. This is a great way to easily start accumulating your shares and getting rewarded for free. To get started check out the free Upstreet app and Moonshot game.
What are some other Shopping Rewards Programs?
There are many different ways that you can join rewards programs to earn money online. Upstreet is very new to an already crowded market in the ShopBack offers.
Cashrewards
One of the bigger programs in the cash back rewards market is Cashrewards. So far I have earned over $60 back with Cashrewards. This has is earned having only spent $150 taking advantage of the ongoing rewards and offers. Some of the brands I have shopped with include The Iconic, Super Cheap Auto and Myer. There are always deals to take advantage of and secure a return on your shop.
Shopback
Another big rewards website in the shopping market is Shopback. Shopback is offering a $20 bonus just for signing up using the Shopback referral code. I note that in order to qualify you would need. to make a purchase with a minimum spend of $20. I would only take up the spending if you plan to incur the cost anyway. Therefore you can get paid just for doing your normal shopping.
Kickback
A recent addition to the cashback websites is Finty’s Kickback program. This is a similar offering to the others and can offer different partnering brands for you to browse. There is also a $5 bonus on offer when you sign up. You can also earn $1 for free just for adding their chrome extension to your browser which takes 30 seconds and is also free to install.
Budgeting
If you require a budget to help to manage your money and not overspend, have a read of the WeMoney Review. WeMoney can have a good balance if you are wanting to track your spending. Moreover, you can make sure that you have money left over at month-end. If you want to sign up with WeMoney head to the WeMoney signup page with the code LIUH1533 to get started.
Upstreet Summary
Taking advantage of the reward offers can be a great way to get a little back while you shop. There are many different partnering brands that can offer these incentives with Upstreet. Be aware that the shares to receive may not hold a consistent value. As it is an investment, there could be a range of different risks including performance risk, market risk, liquidity risk and interest rate risk. These can be managed and minimised with careful planning and investing in the right assets. To ensure you are making a good financial decision it is best to speak with a licenced professional who can advise on your personal circumstances.
If you are wanting more information and an overview on the fundamentals of investing have a read of the following article on passive investments. For more great tips on saving. and investing your money sign up to. the Wage Investor Newsletter and invest in your future.
