Cash is Back

By: Robert Grosshandler | November 10, 2018

Cash Back has returned, but Bitcoin didn’t go away.  Our recent survey made it loud and clear that a large number of iConsumer members and investors were more comfortable earning cash back, rather than Bitcoin.

We listened.  Beginning Monday, November 12, 2018 (Midnight Chicago time) rebates are a combination of cash (or Bitcoin) and stock.  If you continue to want Bitcoin, you’ll have an extra step to have us change your new cash rebate into a Bitcoin rebate.

Nothing else really changes.  You still get iConsumer stock with every transaction.  Once a cash rebate is awarded, it’s added to the Pending category.  After 75 days have passed, it becomes Earned.  Once you have over $25 in cash back rebates earned, you’ll be sent a check (make sure we have your address).  We send checks once a month, about the 12th of the month.  Checks can only be sent to U.S. or Canadian mailing addresses.

Rather receive Bitcoin? Once a rebate is Earned, you can tell us to calculate it as Bitcoin.  You can then transfer it immediately, or continue to leave it on our books.  Up to you.  There is no minimum to transfer Bitcoin, and no new geographic restrictions.

Existing Bitcoin rebates don’t disappear.  Once they’re Earned, you can transfer them.  And if you had a preexisting cash balance, it’ll start going up again with every new purchase.

Here’s an example of what you’ll see about a store and the amount of the rebate:

As always, we have way more detail available to you at our support portal, and we’re happy to answer any questions.  Use the “Start A Ticket” feature for fast response.

Bonuses and returns:  If you receive a bonus on or after November 11, it’ll be a cash bonus or a stock bonus.  No more Bitcoin bonuses.  If you return a purchase that was credited in Bitcoin, your account will be debited (reduced) in Bitcoin.

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8 Comments

Nate, November 12, 2018 at 4:56 am

I’d like to see an option to reverse the bitcoin balance back to the cash equivalent. This should be based on the value when it was earned on a LIFO basis.

Nate, November 12, 2018 at 12:13 pm

Kim… Will it base it on the CURRENT value of the Bitcoin, or will it do it at the value that the Bitcoin was worth when it was earned (hence the LIFO). My earned (and untransferred) Bitcoin has lost 17% of its overall value since it was earned.

Without getting the original dollar value back, I would technically have to file a Schedule D and claim the difference as a capital loss, because the IRS treats Bitcoin transactions the same as stocks. By granting us the original dollar value, there would be no gain or loss to claim.

    Kim Logan, November 12, 2018 at 3:41 pm

    Hi Nate-
    Converting from BTC to Cash Back is done at the value at the time the rebate was earned. So, if I made a purchase 6 months ago but want to convert it to cash now, I get the cash value from when it was earned (6 months ago) not today’s value.

Kyle, November 12, 2018 at 2:01 pm

Are there any plans to allow members to convert cash into shares?

    Robert Grosshandler, November 12, 2018 at 3:15 pm

    That idea is on the list to be considered. Thanks for your feedback. Even if we’ve decided to do something like that, we’d need to announce it in the right way, not just as a response to a post.

neil, November 14, 2018 at 7:38 pm

I need a telephone walk through to make sure im taking best advantage who do i call at what #

    Kim Logan, November 15, 2018 at 12:42 pm

    Hi Neil-
    The best way to get personal assistance is to submit a ticket to our support team at: support@iconsumer.com.
    If they aren’t able to assist you, they’ll get you a number to contact.


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