Honey – Less Beaten by Coupons and Discounts

"honey w/ bee" (CC BY-SA 2.0) by youarelee

There’s no end to different discount programs online. I recently posted about using Raise to buy giftcards at a discount. Another shopping tool I use is Honey. Honey is a browser add-in that saves you money and lets you earn giftcards on your online purchases.

How does it work?

With Honey you install it as a browser add-in. When you’re in a checkout page on a supported site Honey will detect that and offer to try it’s library of coupon codes to save you on your purchase. While the discount codes can be hit and miss, it has another trick up it’s sleeve. Honey has affiliate deals with many web retailers, what that means is they are recognized as referring you to the site and they get a small commission on your purchase. They then turn around and provide some of that back to you in something called “Honey Gold”. After you accumulate enough gold, you can trade it for giftcards at Amazon, eBay, etc.

Does it really work?

As mention, the coupon codes can be hit and miss, but at least that process is automated. The Honey Gold is the more reliable option and to date, I’ve earned $20 in Amazon gift cards with another $20 just about due. All that without changing my shopping habits. It’s essentially “free” money.

Price History and Comparison

Honey also has another trick up it’s sleeve. I see it most on Amazon but it works on other sites as well. It keeps a product price history across multiple sites and will provided alternate retailer recommendations if it finds the item you’re shopping for at another retailer. It also will track Amazon prices over time, helping you to decide if now is the time to buy.

What does it cost you?

As a browser add in, Honey can monitor what you shop for online. This really isn’t different from what Google, Amazon, Facebook, and their like are already doing. Go search for a crib on Google and then see your Facebook feed full of cribs. You’ve seen that sort of behavior. With any service that is “free” online, you and data about your habits are the product. Honey also gets purchasing habits as well as their affiliate kickbacks from retailers.

Image Credits: "honey w/ bee" (CC BY-SA 2.0) by youarelee

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