Bumped App – Background

Bumped is an investing app that earns you stock back from purchases you make.  The stock earned back is IN ADDITION to any other credit card perk you may receive (Cash, points, miles, etc.).  You earn cash back on merchants that you have defined as your brand in certain categories.  What type of categories?  Think coffee, grocery stores, gas stations, streaming media services; to name a few.  It is no wonder that Bumped is one of our Financial Freedom Products.

Why does this app even exist?  First, Bumped exists to cure a problem that exists amongst merchants.  Your loyalty.  When driving, people may go to whatever place is most convenient, cheapest or has a promotion going on, at that time.  This app exists to help reduce the brand switching that merchants desperately don’t want to happen.  Secondly, it also is aiming to help another problem of individuals not having investments.  Here are a few examples and % stock back I earn when I shop there:

I was fortunate to be accepted/off the wait list.  Therefore, I began using the Bumped Investing App program back in March/April and I felt it was time to do a thorough 6 month review.  You may re-call when I wrote that back in my initial review of Bumped. For the record I/WE GAIN NO BENEFIT FOR SIGN-UPS!  In fact, we honestly want EVERYONE to sign up, to help build up this base and see every single person start building a Dividend Stock Portfolio… AUTOMATICALLY.  It is music to my ears.  However.. I know what the big question is – how has it been?

Bumped App – 6 Month Update

So far, from purchases I have made at Walgreens (WBA), Chipotle (CMG), PapaJohns (PZZA), etc.. I have earned back $10.40 in total stock within those companies.  See the Screenshot below:

Now, I never went out of my way for these purchases.  My wife and I love to “splurge” on the occasional pizza, therefore, the Papa Johns (PZZA) stock came in.  Further, the Chipotle stock was primarily from a work event I paid & was reimbursed for.  Yes, we do have Netflix (NFLX) and I pay for my mom’s internet bill, which is where AT&T (T) comes into play (she does reimburse me back, but I do it to simplify her bill process!).

Okay, I know what you’re thinking – is $10.40 a lot?  No, no it is not.  However, the Bumped App has provided an additional $10.40 back that I would have never received otherwise.  In addition, the stock back was automatic.  I did not have to lift a finger for this to occur and I receive a nice, pop-up notification when stock or a dividend is received from Bumped.

The Dividend

Now, I know you see a Top 5 Foundation stock with AT&T (T) there and another Dividend Aristocrat – Walgreens (WBA).  We know these companies produce dividends.  Therefore, one question people have asked is, “Do these partial/minimal shares produce dividends?”.  You can bet your last damn dollar the Bumped App provides dividends that are paid out on the shares you own.  Need proof?  See my screen:

You will see the blue “D” next to the name, which signifies a dividend.  In fact those pennies are reinvested to own more shares of the stock, so there is a DRIP feature that is occurring.

Overall, currently a 10/10 as it relates to providing dividends to shareholders.

The Process

Another question asked is, “How long do purchases take?”.  Well, the short answer is – it depends.  I have found out that Visa purchases are quicker to process (i.e. I have a Chase Visa card) but my American Express card takes longer to process.  However, every single stock back as a % of my purchase has come back spot on from Bumped.

Within a few business days to a week, with a Visa purchase, I receive an alert that the stock was earned from Bumped.  Now, with American Express, it may take a month, give or take a week.  I am not sure if that’s how their system is built to review/claw through the transactions.

How about adding bank accounts?  Adding accounts can be easy and it is, typically.  Bumped uses the Plaid secure network for connecting your banks, which is what Venmo, AMEX, Coinbase and a few other major players use.  Therefore, the integrity of your banking information is there.  The only finicky but good thing that occurs is when you change your banking password; as you will then receive an e-mail notification to go into Bumped and “re-link” your account. That’s been the one, ever-so slight, nuisance thus far.  I currently have 4 banking logins within my Bumped app, in case those were wondering about multiple accounts, as well.

Overall, an 8/10 for how the process works.  Once other minor bugs/glitches are fixed, this could improve.

Bumped Brand loyalties

As you saw from my first phone screen shot, I have the following Bumped brand loyalty categories: Burgers, Club Warehouse, Coffee, Convenient Store/Gas,  Drug Stores, Family Dining, Grocery, Home Improvement, Mexican Food, Music Subscription, Pizza, Ride Sharing, Telecommunications, Video Subscriptions and Vineyards.  Wow, that’s a mouthful.

Now, what I have found out from talking to other users, categories that Bumped provides can be different from user to user, as well as even different companies within the respective brand loyalty category.  For example, for my gas, I have Exxon Mobil (XOM) or Chevron (CVX). However, my little brother for instance, has BP (BP) in his category.

Therefore, the brand loyalty categories Bumped has signed on are great, but also can be a sore subject.  For instance – I have literally zero Chevron gas stations and maybe 1 Exxon Mobil gas station within 15 minutes of me.  I earned $0.05 from when I put gas in a rental car when I was in Houston, as the only time I earned Exxon (XOM) stock back.  Therefore, you can be really tied with your products.  I would recommend Bumped tie not just the categories, but the respective Brands to your location.

Overall, I would provide a 7/10 as the categories appear to be legit.  This score can improve if the brands Bumped provides becomes based on your home address AND/OR offering additional categories that you do spend money on (i.e. my wife spends money on beauty products but doesn’t have that category, my little brother does, though?).

Bumped App 6 Months review Conclusion

I am extremely pleased with using the Bumped app.  I would rate them an 8.33/10, based on the average above from the categories.  Why do I enjoy it?  I build assets automatically.  Further, it takes literally no work on my end, outside of the initial set up, the allowance of them reviewing my transactional data and the occasional maintenance when a password is changed or if I need to update other information in my Bumped account.

Will this investing app make you rich or push you to Financial Freedom?  Probably not.  However, the Bumped App allows newbies to start investing without putting any capital, current investors to accumulate shares in a different way and is another form of income for other investors as well – i.e. from Dividends.

What are you waiting for?  Try this Financial Freedom product out and hop on the wait-list in order to get started.  To me, it doesn’t hurt and if you spend more than a frugal person, such as myself, then your dividend stock earned from using Bumped will be far greater than mine.  I know a few individuals over $40 in shorter time than me; of course they have a grocery stock in Kroger (KR) and tend to go to Starbucks (SBUX) quite a bit; but hey – it all adds up and they are earning an increasing dividend from them!

Sign Up for BUMPED!

Do you use the Bumped App?  If so – PLEASE share your thoughts, feedback, experience below.  Would LOVE to hear your story on the investing app so far.  Lastly, and I’ll say it again, there is NO monetary benefit to signing up using my link.  The only benefit I receive is knowing you want to better your financial future.  Go get it!

-Lanny