Spare8

Q: What is Spare8?

A: Spare8 is a digital gold investment app that allows users to invest in 24K gold automatically along with their everyday online transactions. Whenever a user spends money digitally via their cards, net banking, or UPI, Spare8 rounds off the amount to the nearest 10 rupees and invests the rounded-up change into digital gold.

Q: How does the Spare8 Refer and Earn program work?

A: The Spare8 Refer and Earn program allows you to invite your friends to install Spare8 using your referral code. When they sign up using your link and make their first auto investment, both you and your friend can earn rewards.

Q: What is referral code for Spare8 ?

A: Spare8 referral code is 12RYXA.

Q: How can I refer a friend to Spare8?

A: You can refer a friend by using the "Invite & Earn" button on the home page, also known as the "Refer & Earn" card. You can also go to the "View Referrals" section to invite friends from there. Your friend can click on the provided link to sign up for Spare8, or they can manually enter the referral code within the first 7 days after signing up.

Q: Where can I find my Spare8 referral link?

A: Your Spare8 referral link can be found when you tap on the "Invite & Earn" button anywhere in the app. You will have the option to share your referral link via WhatsApp or copy the link.

Q: What rewards do I receive for referring a friend to Spare8?

A: If you refer a friend and they complete an Auto-Investment, you earn a scratch card worth up to ₹1000. Additionally, if you submit a referral code within 7 days after signing up, you win slot plays worth up to ₹500.

Q: What rewards does my friend receive for signing up through my referral?

A: Your friend will earn 5 slot plays worth up to ₹500 simply by submitting your referral code. They can either manually enter the code or join using your provided link. You will earn up to ₹1000 after they make their first Auto-Investment. Please note that the option to enter a referral code is only valid for the first 7 days after signing up.

Q: Where can I find my unlocked reward on Spare8?

A: After a successful referral, you need to claim your reward on the "Referrals" page. Once you claim it, you'll unlock a scratch card, which will be added to your "Scratch Cards" collection in the rewards section.

Q: What is Spare8+?

A: Spare8+ introduces an innovative leasing program in collaboration with Augmont, India's largest gold refinery. With Spare8+, you can securely lease your gold through our app and kick start your progress to financial success. Spare8 Gold is then entrusted to reputable jewelers with a legacy of excellence. These jewelers offer Bank/Corporate guarantees to protect your investment, and the interest they pay is passed on to you in grams of gold.

Q: Who can participate in Spare8+?

A: Spare8+ welcomes anyone above the age of 18 years, with a valid PAN card and an active bank account, to participate in this golden opportunity.

Q: How much can I invest in gold with Spare8+?

A: You can invest in gold with Spare8+ starting from just 0.5 grams, and there's no upper limit to the investment amounts. This flexibility allows you to tailor your investment according to your financial goals.

Q: Is investing in Spare8+ secure?

A: Yes, investing in Spare8+ is completely secure. Your investment is backed by Bank Guarantees/Corporate guarantees, along with Augmont's guarantee, ensuring 100% protection for the leased gold. This multi-layered security approach provides peace of mind to investors.

Q: Is KYC mandatory for Spare8+? What are the documents needed?

A: Yes, for your security and convenience, completing the KYC (Know Your Customer) process is mandatory when participating in Spare8+. To fulfill KYC requirements, all we require is your PAN number and date of birth. This ensures a transparent and compliant investment process.

Q: How is the interest earned in Spare8+ distributed to investors?

A: The interest earned in Spare8+ is passed on to investors in the form of grams of gold. This means that as your investment grows and accrues interest, you receive the benefits in tangible gold, allowing you to see your wealth accumulate in a tangible and valuable asset.

Q: Is there a limit to the number of friends I can refer on Spare8?

A: There might be a limit to the number of friends you can refer, but this may vary over time. It's advisable to check the app or the official website for the most up-to-date information regarding referral limits.

Q: Are there any terms and conditions for the Spare8 Refer and Earn program?

A: Yes, there are specific terms and conditions for the program. You can usually find these details within the app or on the official Spare8 website. These terms and conditions often include eligibility criteria and the rules for earning and redeeming rewards.

Q: How soon can I expect to receive my referral rewards on Spare8?

A: The time frame for receiving referral rewards may vary. Typically, you should receive your rewards after your friend successfully completes their first auto investment on Spare8. The exact processing time may be outlined in the program's terms and conditions.

Q: What are automatic roundups with Spare8?

A: Automatic roundups with Spare8 refer to the process where your digital transactions are rounded up to the nearest ₹10. For example, if you make a digital purchase of ₹93, the round-up will be the nearest ₹10, which is ₹100. The spare change of ₹7 will be invested in digital gold.

Q: Do all my transactions with Spare8 get rounded up?

A: Yes, with Spare8, once you set up AutoInvesting and have Roundup Investing enabled, every digital transaction you make will get rounded up and invested. This includes transactions made through Debit Card, Credit Card, Net banking, UPI (Google Pay, Amazon Pay, Paytm), as well as other online transactions on platforms like Zomato, Swiggy, Uber, and more.

Q: How can I stop auto investing with Spare8?

A: To pause or stop AutoInvesting with Spare8, go to your Profile Page, then navigate to AutoInvest Settings. Here, you can adjust the "Daily Investment" amount or turn off the feature altogether.

Q: What is a UPI Mandate with Spare8?

A: The UPI mandate feature with Spare8 allows you to set up a standing instruction with your bank to automatically debit a predetermined amount from your bank account. This is useful when you set up recurring payments or 'Auto-Pay' for Gold investment on the Spare8 app to avoid re-authentication.

Q: Is my data safe with Spare8?

A: Spare8 ensures end-to-end encryption on its app and payment channels, providing a high level of security. Your data is protected, and no one can access or leak it.

Q: Is the Spare8 App safe to use?

A: Yes, the Spare8 app is 100% safe and secure for your Daily Savings & Investments in Gold. It is powered by Augmont, and all payments occur over secure banking networks.

Q: How do I download the Spare8 App?

A: Spare8 is available on Android mobile devices via the Google Play Store. You can search for 'Spare8 - Gold Investment App' in the search bar and install the app in under one minute.

Q: Is KYC (Know Your Customer) needed to use Spare8?

A: No, KYC is not mandatory for buying on the Spare8 App. KYC is required only when you want to invest more than ₹1.8 Lakhs with Spare8.

Q: How do I create an account with Spare8?

A: To create an account with Spare8, you can download the app from the Google Play Store, then follow the registration process. You'll need to provide some basic information to get started.

Q: Can I use Spare8 on iOS devices?

A: As of my last knowledge update in January 2022, Spare8 was available for Android devices. Please check the App Store for any updates regarding its availability on iOS.

Q: What are the benefits of investing in gold with Spare8 as compared to traditional methods?

A: Investing in gold with Spare8 is more convenient and affordable. You can start with as little as 1 rupee, and it automates the investment process, saving you the effort of manual investment.

Q: Is there a minimum investment period with Spare8?

A: With Spare8, there is no minimum investment period. You have the flexibility to redeem your digital gold for cash or physical gold at any time.

Q: Are there any fees or charges for using Spare8?

A: Spare8 may have its fee structure, which can change over time. It's recommended to check the app or their official website for the most up-to-date information on fees and charges.

Q: What is the process for redeeming digital gold for physical gold with Spare8?

A: To redeem digital gold for physical gold with Spare8, you can typically do so through their app. The exact process may vary, so it's advisable to refer to the app or contact their customer support for guidance.

Q: Does Spare8 offer any rewards or incentives for users?

A: Yes, Spare8 offers rewards to users who use their AutoInvesting feature. Users can watch their savings grow while earning rewards as they invest.

Q: Can I track the value of my digital gold holdings in real-time with Spare8?

A: Yes, Spare8 provides users with real-time updates on the value of their digital gold holdings, allowing you to monitor your investment.

Q: What is the customer support process for Spare8?

A: Spare8 typically offers customer support through the app or their website. You can reach out to their support team for any questions or assistance you may need regarding your account or investments.

Q: Is there a limit to the number of referral rewards I can earn with Spare8?

A: The number of referral rewards you can earn with Spare8 might be subject to certain limits, which can vary over time. It's advisable to check the app or official website for the most up-to-date information regarding referral reward limits.

Q: Can I refer friends who are already Spare8 users to the Refer and Earn program?

A: Typically, the Refer and Earn program is designed for inviting new users to Spare8. Existing Spare8 users may not be eligible for the program, but this can vary. Be sure to review the program's terms and conditions for specific eligibility details.

Q: What if my friend forgets to use my referral link or code during sign-up?

A: If your friend forgets to use your referral link or code during sign-up, they may not be eligible for the rewards associated with the Refer and Earn program. It's important to ensure they follow the referral process correctly to receive the benefits.

Q: Can I track the status of my referrals and rewards within the Spare8 app?

A: Yes, you can typically track the status of your referrals and rewards within the Spare8 app. The "Referrals" or "Refer and Earn" section will provide you with information on the status of your referrals and the rewards you've earned.

Q: What should I do if I encounter issues with the Spare8 Refer and Earn program?

A: If you encounter any issues or have questions related to the Spare8 Refer and Earn program, you can usually reach out to Spare8's customer support through the app. They should be able to assist you with any concerns or inquiries you may have regarding the program.