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Save the change on your purchases and pay down debt with Qoins

Collect small savings to be automatically applied to your debt payments


Qoins lets users save the change on their purchases to pay down their card debt – here’s what you need to know.

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There are plenty of tried and true methods to pay down your credit card debt, but for those looking for a new way to chip away at your balances – app Qoins has a unique solution.

Keep the change savings solutions have grown in popularity over the last few years, with apps like Acorns applying those savings toward investments to earn you even more. Qoins applies that same concept to tackling debt – automatically making payments to your lenders with the money it saves.

Whether a large credit card balance, mortgage or personal loan, Qoins can help users reduce the amount they owe without any extra steps. Simply integrate the service with your bank account, and it will automatically set aside money for you. Read on to learn more about Qoins and how it works.

What is Qoins?

Qoins is a debt-repayment app, designed to help its users pay down their debt. Available on both the Apple App Store and Google Pay, Qoins supports payments to a wide variety of lenders and account types – including credit cards, student loans, auto payments and mortgages.

How does Qoins work?

Qoins offers three different ways to save money – Round Ups, Smart Savings and When I Get Paid. Depending on which of these you choose, money is automatically withdrawn from your linked account in different amounts.

Round Up

One of the easiest – and most popular – ways to save money with Qoins is called Round Up. With this option, you’ll link Qoins to your checking account, where it will round up any purchases you make to the nearest dollar.

Every time you reach a $5 increment from this process, Qoins withdraws the money from your account and sets it aside.

Smart Savings

Another Qoins saving option is called Smart Savings and is best suited for those wanting to take a slightly more aggressive approach to paying down their debt. If you choose this option, Qoins analyzes your spending and sets aside small amounts (from $0.50 to $5) every few days.

With Smart Savings, you’ll be prompted to choose how aggressively you’d like to pay off your debt – either least aggressive, moderately aggressive or very aggressive. You can change this level at any time, if you find Qoins is withdrawing more or less than you’d prefer.

When I Get Paid

When I Get Paid is a new addition to the Qoins platform, and it is closely aligned with your payment schedule. Rather than take small portions of your spending, When I Get Paid puts the power in your hands.

With this option, the user designates a set amount or percentage to be set aside for every direct deposit into their account (must be over $100). That way, you can allot a portion of each paycheck to your debt, without having to worry about saving the money to make a payment yourself.

Whichever option you choose, Qoins notifies you at every withdrawal. You’ll have a limited window of time to cancel the transaction if you need the money.

Once each month, Qoins sends a payment to your designated lender on your behalf. Qoins works with most major lenders, so it is easy to designate automatic payments. But if you can’t find your lender on the app, you can manually enter an address to send payments to.

Plus, you can set up more than one payment and choose different contribution methods for each. For example, you can use Smart Savings to chip away at your credit card balance and apply Round Up savings to your auto loan.

For each payment Qoins sends out, a $1.99 convenience fee is deducted. Qoins only charges this fee on active accounts, so you don’t have to worry about paying for the service any time you pause savings.

Other keep the change services

Though a unique way to pay off debt, Qoins is far from the first “keep the change” style savings platform. Many other services boast similar savings opportunities.

Bank of America Keep the Change® Savings Program

If you are a Bank of America customer, you can access a keep the change savings program right through the bank. To qualify, you’ll need both a checking and savings account with Bank of America.

Then, simply enroll your debit card here, and purchases will be rounded up to the nearest dollar. All the extra money is automatically deposited into your linked savings account (or your child’s savings account).


Similar to Qoins, Acorns saves the change on your everyday purchases for just a small fee. Then, Acorns automatically invests that change into pre-set investment portfolios – with various levels of risk.

Acorns offers several additional services for its users, all designed to maximize you returns from using the app.

In order to decide which one of these services is best for you, you should first decide how you want to allocate your money. Investing it or saving it might be more lucrative, but getting out of debt is often a higher priority.

Final thoughts

For those eager to break out of card debt, Qoins can be a great way to take a little extra off your balance each month. By saving the change or small amounts off your everyday spending, you can chip away at some of your debt, whether on credit cards, car payments or student loans.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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