What is the JAR App?
I came across this App called JAR while I was going through the CRED App and it was marketed as a nifty way of saving some extra cash that automatically gets allocated to a Jar as an Investment or for something you want to buy at a later date. Upon googling about JAR I found out that it was an Automated Investment App that saves and invests your Spare Change in Digital Gold. Now on the up and up this sounds fantastic and I would have also tried this out as I love to make Gold Investments but there is a slight catch, a 3 percent Catch that needs to be addressed.
Now on one hand this sounds very logical considering that we kind of need Gold for various occasions in our life so buying some digital Gold from some spare change is pretty good in my book. But when you go and buy Digital Gold there is a 3 percent GST fee that is applied both while Buying as well as Selling that Digital Gold.
PLUS THERE IS ALSO THE BUY-SELL SPREAD
All of these really eat into your returns so if you are looking at this from an Investment PErspective I don't know if this would be a good one. In past, I have made mistakes like buying Gold Coins as an Investment which also incurs GST and Making Charges but I have learned from that so if I ever buy more GOLD that would be most likely in the form of Sovereign Gold Bonds.
My first impression of this App was that this App would let me save some money for my EMERGENCY FUND but I was mistaken and it is just an App to Save and Buy some Digital Gold. But I do think that they may in the future add Saving Goals and make Jars of Savings each with an individual Goal Setting in mind. So even though I am not Investing anything in JAR I will be keeping Tabs on this App.
That's why it's always good to investigate before you invest. You did some investigations before you found out the 3% catch, and that you may not be making reasonable money with the JAR App. Some other people will quickly jump at it immediately they see the word 'gold'. Thanks for posting.
Thanks for the shear its my first time of reading about the jar app thanks for the info.
Hello @arunava
3 by the way when buying and selling,,, plus the spread, surely that must add on average 7-8%.
No doubt that is a lot. It's a trap, it seems to me, because they tell you only 3%, but they don't tell you how many times they are going to charge you that 3%.
Most likely someone must be paying all that, and basically going out of profit.
That's the good thing about getting experience, it allows you to see these things.
This is the first time I've heard or read about Jar.
I must confess that this is the first time coming across something like this, I am so happy I picked some knowledge about this app here.
This is the fir time I hear about an app like this. The general idea seems nice to me, but I must say that the 3% fee is a bit high. Maybe you should look for alternatives with more acceptable fees
Thanks for sharing @arunava