Type Saveup.com review into Google and you’ll find nothing but glowing responses. No “newbie” to the Internet, it’s clear to me that there must be a financial reward behind these reviews. But, you come to OneMoneyDesign.com for the honest truth about finances, savings, and debt. So, I’m doing my homework to give you a clear review of the Saveup.com sensation.
It’s true real people really like Saveup.com. Saveup does award real prizes for saving money. Saveup.com allows you to easily see exactly where you stand with regard to savings and debt. It’s free (sort of – you pay non-monetarily), it’s addictive, it’s fun, and it can be a valuable tool for debt reduction.
Saveup.com Review: How it Works
The concept is simple. Connect all of your accounts including checking, 401K, IRA, savings, and credit cards and so forth. Connecting your accounts allows you to simultaneously access and monitor of all your account information in one place. In addition to being able to monitor your own accounts, Saveup monitors your balances as well. When you pay down debt or add to your savings, Saveup.com issues you credits.
You can redeem your earned credits for entries in various sweepstakes. Prizes range from very small in value (such as a coffee pot) to a jackpot of 2 million dollars. The prizes are provided by both Saveup.com and sweepstakes sponsors such as financial institutions. You can enter up to three times per day with your earned credits. The partner-sponsors of Saveup may offer advice on how best to pay down debt.
Credits can be awarded by following certain activities suggested by Saveup. Advice might include taking action to move debt from a high interest rate credit card to a particular lower interest rate card. So, there is financial benefit to the institution that is offering advice. But, this advice may be a win/win for both parties.
Saveup.com states that they are not a bank or financial institution, and that they receive no direct benefit by customers following such suggestions. So how do they make money?
The Fine Print: “Money for Nothing?”
You may be wondering how saveup.com offers such a great service for free. Well, as the old saying goes, “There’s no free lunch.” You do pay, in a sense, by allowing saveup.com to collect personal data such as shopping habits, web usage, etc. Saveup.com is a business with real business expenses. They must make money to stay in business.
A detailed look at the fine print reveals their business is marketing. When it comes to marketing, information is king. Companies pay big bucks to get a bird’s eye view of how people spend their money. Marketing companies aren’t just interested in you as an individual, but in the collective habits of a larger set of demographics.
To gain this information, Saveup.com and their third-party companies place “cookies” on your computer. Cookies are small files designed to hold information about a website you visit. They can be very useful in allowing your computer to load a website quickly. Cookies can also be designed to collect marketing information such as your web browsing habits, buying habits, and response to certain advertising.
Information collected by cookies is used by third-party affiliate ad networks, as well as Saveup.com, to “send you promotional and marketing information, newsletters, surveys, and offers.” It’s also used to better direct online advertising to your personal shopping tastes. Marketing companies also collect this information and sell it (minus your personal information such as your name, IP address, etc.) to advertisers. Saveup.com also states that while they don’t currently share your personal data, such as your name, location, etc., they may share this information with their affiliates in the future.
Saveup.com does offer an interesting service, and it has its benefits. It’s nice to be rewarded for making smart financial decisions! Decide if the benefits are worth trading some of your personal information and make sure you read the Privacy Policy on their website before signing up.
About Jennifer Scheffel