Qapital App Review: What is Qapital App?
Qapital, a banking app the started in Stockholm, Sweden and moved to New York aims to “building the future of banking.” The Qapital app can come in handy for those of you who want to budget yourselves smarter and even put some money aside. Like other personal finance apps, Qapital has its pros and cons, and you can learn about them right here in our Qapital app review.
What is Qapital App?
Qapital formed in 2013, and the services it provides were launched in 2015, and as of today, Qapital has customers and users in all the 50 states. The main goal of the app is to allow users to conduct themselves in a smarter way by allocating money for daily purchases and activities.
The sums of money are small, which is great for those who like spending big, even if they can't afford it. If users want to purchase costly items and services, they can save money by using Qapital and its budgeting and saving features.
Being able to save money with the app is great news for people who want to get out of debt, and don’t have the right tools or tips for the job.
How Does Qapital Work?
Qapital is a savings app that makes this mundane chore pretty fun. To use the Qapital app, you need to download it and register for the service. Afterword, you will be able to connect your banking account with your Qapital account and start saving money. How? By setting "goals" you want to save for.
Let's say you want to purchase a new car you can’t afford yet. By allocating money from your banking account to your Qapital account, you will be able to save the money you need for the car you have your eye on without getting into debt. Now, it doesn't sound all that different from a savings account, but Qapital has several rules that help you turn your money to more money.
To save the cash you need for large purchases, you can set special rules on the app. According to these rules, every time you make a purchase, the money will go to your Qapital account until you reach the amount you need. The control is in your hands, so you are the one calling the shots and deciding when money and how much will go into your account.
To save the money, you need to set the rules for saving, and those rules will trigger money to go into your account. Qapital has eight different rules you can choose from, and we will discuss them up ahead.
When you connect your bank account and credit accounts to Qapital, the money will be transferred to the app, which is an FDIC-insured account held by Qapital at Wells Fargo Bank.
Qapital App Rules
The following are Qapital rules you can choose from to reach your goals:
1. Spend Less – a rule that allows you to save the difference towards a goal; if you spend less than your target budget amount, you will be able to save the difference.
2. Round-up – a rule that allows you to round up your purchases and send the difference to your Qapital account. You can choose difference increments to the nearest $1, $2, $3, $4, or $5. So, if for instance, you chose a $2 increment and you bought a cup of coffee that cost $1.4, $0.6 will be sent to your Qapital account.
3. Guilty Pleasure – Qapital will save money for you every time you purchase something you consider a guilty pleasure.
4. 52 Week Rule – the app saves money for you for 52 weeks; the first week will be $1, the next will be $2, the third week will be $3, and so on until 52 weeks are up.
5. Set & Forget – a rule that allows you to save a fixed dollar amount on a daily, weekly, or monthly basis.
6. IFTTT – a rule that allows you to set your own rule. For instance, you can set a trigger that sends money to Qapital every time you buy something at McDonald's.
7. Apple Health (not available on the Android version of the Qapital app) – a rule that allows you to save money every time you hit a fitness goal.
8. Freelancer – a rule that allows you to save money for taxes every time you get paid for a job.
Qapital App Pricing
You can choose from 3 plans offered by Qapital app:
Basic plan - $3 per month
Suitable for short-term savings; the plan offers unlimited goal with automated rules that can be customized to your needs.
Complete - $6 per month
Suits for those of you who want to budget themselves based on your goals. With the complete plan, you will get saving, spending, budgeting, and investing tools that will help you reach your goals.
Mater plan - $12 per month
You will get the complete Qapital package including money missions, app challenges, expert advice, and more so you can reach your goals the best way possible.
Qapital App Review
Qapital is great for everyone who wants to save money for the short-term or long term. Aside from setting goals, you won't have to do much of anything to save money, and passive saving is one of the best things about Qapital. Also, you can set your own rules and determine the triggers to save the money you need. The app's unique way to help people save money is another big plus, so all in all, it's recommended.
However, the app also has several drawbacks; first of all, there is no phone customer support service, so you're on your own if you need help. Second of all, you cannot earn money on Qapital from earned interest, so the money you save will not "grow". The lack of desktop access is also a con, but with everyone using their phones, it's not so terrible. So, bottom line, if you want to save money in a fun and efficient way, you should try out Qapital.