You’ve spent your days working to make enough money, and you’ve done well. Now that you’re nearing retirement, you should be thinking about relaxing. However, it’s still important to think about the expenses.
You may have saved enough money, but you know deep down you still wish to boost your savings. Part-time jobs are a good option, but they demand time and energy you may no longer wish to give.
Thankfully, some sites and apps allow you to earn passive money, even in small amounts. They say that the Cash Magnet app is one of the best.
But as with all things money, it’s important to take the time to understand how the app works and what it takes to begin earning. You want to keep your data safe and of course, truly earn money.
Earning money using your phone can sound too good to be true, so we’ve decided to dig deeper and show you how you can make money on CashMagnet.
From official sources to actual user feedback, we’ve gathered genuine insights to help you make well-informed decisions.
What is CashMagnet?
Countless mobile apps claim to help you earn money passively, but CashMagnet is one of the more popular ones. The app pays you for not using your phone—for every minute that you don’t do anything!
Developed by GameProd in 2019, Cash Magnet is available for Android phones, tablets, and other devices.
Earning while doing absolutely nothing can sound like a red flag and raises many security concerns. Most people are worried that CashMagnet may be using your phone to collect personal data without consent, along with other questionable activities.
CashMagnet promises to be entirely safe. The data and settings on your phone won’t be stolen or used. But to be sure, long-time users advise to just use a spare phone that doesn’t contain your accounts, bank details, and other confidential data.
What sets it apart from other GPT sites?
Compared to other sites like AppKarma and AppTrailers, CashMagnet doesn’t offer paid surveys that take too much of your time. All you need to do is do nothing!
The app browses your sites, views advertising banners, and other marketing activities that get traffic for brands and advertisers. The developers created CashMagnet to act as a bot for these big names, and you get paid as they generate revenue.
How does CashMagnet work?
As previously mentioned, CashMagnet essentially turns your phone into a vessel in the advertising network. The app collects data from advertising materials online and installing games, and you can get paid a small amount in exchange for that.
Think of it this way—you willingly allow your phone via the app to join the internet traffic, and it will exchange this valuable data for passive income as long as you allow it.
A huge percentage of your earnings from the app happens by simply letting it run in the background. As someone retiring soon, this is a welcome opportunity—you no longer have to work.
CashMaget allows you to earn points every five minutes. To do this, follow the steps below:
- Step 1: Open the app and click on the “Start” button. Keep in mind that the timer automatically begins once your phone becomes idle.
- Step 2: Once you leave your phone, the app will be browsing sites and installing games on your mobile device, generating traffic that brands and advertisers need.
- Step 3: By allowing the app to do all these, you allow them to earn money from sponsors, which you can then earn in return.
The only thing you need to make sure of? Your device’s storage capacity and battery life. Make sure that it has enough storage for games and enough battery life to run in the background, especially while you sleep.
What are the CashMagnet app levels?
The longer you use the app, the higher your level in the system will be. All users begin at level 1, for instance, and you’ll get the chance to level up the longer you run the app in passive mode.
As you celebrate leveling up, you can earn additional points. You’ll also have the chance to use the passive mode even longer, thereby allowing you more chances of earning.
The maximum level allows you to run the app for 24 hours—no interruptions. That’s a ton of points, but since you’ll be using your phone regularly, the best option is to have a spare phone that you can dedicate to the CashMagnet app.
Once you reach level 3, you can also begin manually installing games that allow you to earn additional points. Thankfully, you don’t have to play the games you’ve installed.
You can simply uninstall them to avoid running out of storage space, so long as you’ve already claimed the rewards.
How much money can you make on CashMagnet?
CashMagnet does a lot with your idle phone, which is why the amount of money you can earn depends on various things. Points earned from installing games are different from simply viewing advertising banners and so on. The app also takes the following information into account:
- The Android version you’re using
- The number of games you’ve installed
- How long you’ve let CashMagnet run your phone.
There’s no solid answer about profit, but CashMagnet claims that it can give you up to $15 a month. However, this depends on the factors listed above. It takes a bit of patience, but you can definitely use multiple devices—up to 4 phones—to run the app.
Five hundred points equal to various things, depending on the type of rewards you wish to redeem. For Amazon gift cards, your 1,000 points are equivalent to $1. For PayPal, you need 5,500 points to get $5.
How do you get paid on CashMagnet?
From everything we’ve gathered and discussed so far, we can safely say that every single task existing in the mobile application means passive money for you. The points you earn allow you to redeem certain rewards, including items from the following partners:
- Amazon (gift cards)
- PayPal (cash)
- iTunes
- GooglePlay
- PlayStation
- Steam (gift cards)
All users are expected to reach $1 as the minimum payment threshold. Users can earn enough points to redeem rewards within just two days, and given their simple reward system, you don’t have to worry about any inconveniences.
More importantly, you’ll be rewarded by doing nothing at all. All it takes is a bit of patience and one or two spare devices.
How to sign up with CashMagnet?
CashMangent is available to audiences worldwide, and you’ll be able to register as a member regardless of your location. The only limitation is that users need to be at least 18 years old or older to enjoy PayPal cash withdrawals.
There are two options for the signup process:
- Method 1: Sign up on their website first and proceed with the Cash Magnet app download later. You will be allowed to use your existing Google account, but it’s best to provide CashMagnet login details you want to use solely for the app.
- Method 2: Directly sign up on the app as soon as you download it.
There’s not much of a difference between the two methods, and thankfully, registering will only take a minute or less of your time.
Now, can you download Cash Magnet on iOS? Unfortunately, it’s an Android-only app.
CashMagnet pros and cons
Cashmagnet sounds like a promising prospect so far, but it’s important to remain vigilant. Scams run rampant on the internet, but other apps simply don’t provide you enough value for money to want to commit.
To help you decide if CashMagnet is the right option for you, we’ve created a list of its pros and cons:
Pros of CashMagnet
- Earning will be 100% passive—no time-consuming surveys
- A supportive customer service team
- A low minimum payout of only $1 (for Amazon gift cards)
Cons of CashMagnet
- User can’t use the phone while the app is running
- Low earnings
- App requires a phone with good storage capacity and battery health
CashMagnet reviews and complaints
CashMagnet has a rating of 3.8 over 5 on TrustPilot, so it has a mix of good and bad reviews. The app is not a scam, seeing as it really pays users.
Many users complain of the following aspects:
- Delayed payments
- Bugs preventing them from earning or running the app
- The app using up significant resources from your phone
Many people advise using an old phone to run the app because it can take a toll on your device’s battery.
CashMagnet alternatives
If you’re looking for apps like CashMagnet, we’ve gathered these alternatives for you to check out:
- Panel App: Another good passive income option, the Panel App allows you to share location data anonymously from your phone. You don’t need to open your app at all for this option, but you can earn more by completing other tasks like surveys and referrals. The app works on both iOS and Android, allowing you to earn through Amazon gift cards or MasterCard balance.
- Slidejoy: If you don’t think much of your lock screen, Slidejoy offers to pay you by simply displaying ads on your lock screen! You can also earn extra points by simply using your phone or through free scratch cards that replenish every 5 hours.
- Smart Panel: Like the CashMagnet app, Smart Panel collects your usage data anonymously and pays you for it. You can simply head on over to their website and complete the survey, and once done, you’ll be given a link to download the app from. However, this option is only available for UK and US users.
Final thoughts: Should you invest in CashMagnet?
CashMagnet is an app that allows you to earn by doing nothing. It offers a ton of good features but also comes with limitations, like having a dedicated mobile device for it, which might not be everyone’s cup of tea.
But if you’re retiring soon, and you think you won’t need much—just a few extra bucks here and there, this app may be for you.
We recommend this app because you just have to let it run in the background. You won’t earn a lot, but the rewards can add up and definitely help in the long run.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
