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Jamdoughnut App Review: Great for Some, Not for All
The Jamdoughnut app is making the rounds lately and it’s not hard to see why. It’s essentially an easy and secure way to buy giftcards and manage all of them in one place. Cashback is the name of the game, with big retailers offers usually in the 1-10% range.
The real game changer here is the number of supermarkets on offer. Beyond the occasional ASOS or Waterstones purchase, a supermarket giftcard could be a recurring payment and one that changes your shopping habits.
Participating Retailers
The Jamdoughnut App has thousands of retailers it partners with. Anything from supermarkets to your favourite steakhouse. Let’s take a look at some of the biggest names:
- Sainsbury’s: 4.25%
- Tesco: 4.10%
- Waitrose: 4.50%
- M&S: 5.5%
- John Lewis: 3.25%
- Morrisons: 3.25%
- Argos: 5.75%
- Currys: 4.75%
- Uber: 4.50%
- Miller and Carter: 12%
- Asos: 8%
Considering all these offers are completely free, and you can buy any amount you like, there’s very little to object to here. So, are there any potential downsides?
Well, I bought a Sainsbury’s gift card and two things came to light:
- Cashback is paid from £10 and above, and cashing out costs 30p. For example, you’ll need to spend £200 on a 5% cashback giftcard in order to cash out immediately. Alternatively, keep using Jamdoughnut until you pass the £10 mark,
- Jamdoughnut lists all your purchases, but it doesn’t automatically track your spending. You’d have to record the payments yourself elsewhere. If you’re online shopping on Asos you can just buy a gift card for the exact amount. However, if you use Jamdoughnut regularly for groceries shopping, it might be a hassle.
- Gift cards are non-refundable. If you spend £500 on Curry’s with the intention of buying a laptop and later change your mind, you won’t see those £500 ever again. You’ll have to spend them with Curry’s.
On Cashback and Psychology
Cashback, like other financial products and instruments, isn’t inherently good or bad.
If you keep your spending habits the same and save/invest your earned cashback, then it’s a winner. On the other hand, if you find yourself spending more just to earn cashback, then it’s simply not for you. Worse still, if you start buying things you don’t need just because of offers/vouchers/cashback, then please stay clear of it.
That’s why a supermarket giftcard is the perfect way to start using Jamdoughnut. You already know how much you spend a month, and there’s no risk of overspending. Supermarkets gift cards last for 24 months from the date of purchase.
Example
Say your monthly Tesco shop is around £200. With Jamdoughnut 4.10% cashback on Tesco, you immediately get £8.20 back into your account. That’s £98.40 cashback per year on groceries, things you already buy. What’s more, the cashback gets sent directly to your bank account – ready to be added to any savings or investments accounts you hold. Together with Club Card / Nectar card savings and offers, it’ll start making a real difference.
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