There's two ways:
For Local Offers: After most qualified transactions, we are able to instantaneously calculate the amount you will receive. This amount will be shown as “Incoming” and will figure in one of your activity cards in your Wallet. Due to various bank settlement timing across the country, there are a few days' delay before you actually receive the corresponding cashback in the app – usually less than a week.
For Online Shopping: Unlike for the local offers, we can't send you your Bitcoin in real-time. There's a reason for it, and it makes a lot of sense when you think about it: returns. Because so many items end up being returned, our system automatically buy and allocate you Bitcoin after the return period has expired. Keep in mind that all purchases have to be verified with our partners. These rewards are not confirmed (not available for withdrawal or transfer) until the return period has passed. The time this takes varies by merchant, but is typically 30-90 days after your completed your purchase. In the meantime, you'll be able to see your rewards in your wallet in your own currency.
Rest assured! In most cases, you have nothing to worry about and it worked just fine! Think of us as the messenger (and remember - you should never shoot the messenger): we provide you with the information as we receive it from our partnering brands. In most cases, it will take between a few seconds to a 2 day period before a transaction is reported to us. Why? Internet being what it is, some brands have better tracking capacities than others. And some exceptions apply: for example, a car rental will usually be reported to us once you returned the car. Same for hotels. You get the picture. We had the choice to only let you earn with brands that have implemented real-time capacity or let you earn with as many brands as possible.
That said, if you believe you are not being credited with a transaction, shoot us an email at email@example.com the receipt of that transaction. We will follow up with our partners on your behalf.
Some brands automatically convert and report the commission they pay us (and hence, that we pay you) in their own currency, be it USD or else. We relay that information back to you and pay you accordingly. For example, if you made a purchase that should give you CAD $5 in cashback, it is possible that the brand convert that amount in USD equivalent. We will then use this USD amount to buy Bitcoin at the spot price when the purchase is confirmed by our partners.
It's actually very simple: our partners pay us a commission when you purchase with them after we redirected you on their website. We then split that commission with you, and use it to buy some Bitcoin that we put in your wallet.
Our Local Partners simply pay us a commission when you visit their store. They are the one responsible for paying for your cashback rewards and we are only acting as agent on their behalf. It's a new way for them to compete with the big brands.
You need a Bitcoin wallet to send your Bitcoin outside your Coinmiles wallet. There are a lot of options on the market – simply make a quick search online for the best Bitcoin wallet in your country. When I link a card, does Coinmiles see all the transactions processed with that card? No we don’t! We only receive information on transactions you make at one of our Partners.
Whether you are an expert or a first-timer, watching your wallet grow after each purchase is always a bliss. By always displaying the current spot price of Bitcoin, you always know how much your rewards are worth. After all, your $5 cashback at Lululemon may be worth $20 in a couple of months.
By not storing it in the first place! We’re using a process called tokenization. Each time you link an eligible credit card, we receive a token (let’s say, “Card A”). By only receiving this token rather than your credit card number, this ensures that even us can’t access your information.
Simply go to ‘My Card’ in your Profile and click on the red X next to the card you wish to unlink.
We take your privacy seriously. Please consult www.coinmiles.io/privacy to learn more about our policy privacy.
It’s easy! Simply visit www.coinmiles/partners to get more information and provide us with some basic information. We’ll be in touch with you after!
Effective date: 2020-05-06