Frequent snackers can earn up to 10% cash back with Pepsi's new loyalty program

Pepsi just announced that they're launching a new loyalty program called PepCoin that will pay you cash (up to 10% cash back) via Venmo or PayPal for drinking their beverages and eating their snacks.

For those that are/were lucky enough to live in a state that gives you money for depositing cans and bottles, then this new program will sound rather familiar. The difference here is that you don't have to go to the store with all your returnables; instead, you just use your phone to scan a code under the drink cap and on the front of the snack item. Alternately, you can manually enter the code on your desktop.

The other catch is you have to buy both a drink and a snack to get the money, and you must input both codes within 48 hours of each other. The "up to 10% cash back" reflects a payout of 37 cents for scanning a drink and snack, and is based on the manufacturer suggested retail price and average price.

Here's how it works:

1. Create a PepCoin Account
2. Pair your favorite Frito-Lay snack and Pepsi drink together (you can see a list of eligible products here)
3. Go to your PepCoin account and input/scan both the codes
4. Pepsi will transfer the cash to you via Paypal or Venmo once you've reached an account balance of $2

There's currently no app for the program, so you'll have to load it on your browser every time you want to redeem. Additionally, make sure the bag and drink are both labeled with the PepCoin branding. If they're not, you won't be able to redeem them for cash.

I tried to test out the program for myself, but didn't have any luck finding a Pepsi drink with the PepCoin branding at the CVS up the street from the TPG office in New York City. I did however manage to find some snacks, but if both aren't newly branded then they won't include the code you have to scan. I thought I'd still give it a try, but now I just have chips, a drink and no extra money ... sad!

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Overall, the program seems fairly simple and a great marketing tactic to get you to buy both products. Will you be racking up the cash with PepCoin? Probably not, but it's better than nothing and it's nice that you don't have to jump through many hoops to get your rewards. You can also stack your rewards by making purchases on a credit card that earns bonus points on grocery purchases.