Point Debit Card Review
Point is relatively new challenger in the bank industry in the U.S.. It first launched in 2020. While Point acts as a bank account, the main focus in on debit card rewards. This is something that you normally associate with credit cards, but Point makes a good case on why you should consider its debit card, even now that it increased its fee from $49 to $99 a year. Let’s see what Points is and how the Point Debit Card can earn you rewards to justify that fee.
What is Point
Point is an app that gives you a bank account and a debit card. The app is simple and easy to use. There’s no hard pull to open a new account and you don’t need good credit to qualify.
You can connect your Point account with another bank account using Plaid. That let’s you complete instant transfers. It also offers the option of ACH transfers.
Behind the scenes, Point works is backed by Radius Bank for the banking infrastructure, so it is FDIC-insured.
Until just a few weeks ago, Point had an annual fee of $49 per year. Now the annual fee has been increased to $99.
Point Debit Card
A $99 annual fee for a debit card might sound crazy. But the Point Debit Card often offers bonuses and earning rates that make it worthwhile.
The Point Debit Card earn rewards that straight forward. You can easily cash them in the app at a value of 1 cent each. The money goes directly into your Point account balance.
You get a physical Point Debit Card and also a virtual card that you can access through the Point app.
Earning Rates and Spending Offers
One of the most popular offers that we have seen is a streak spending bonus. It is currently available through October 2nd. You can receive 3,000 points if you spend any amount on five consecutive days between 09/23/2021 and 10/2/2021 and the total amount over such five day period is greater than or equal to $200. That’s a $30 bonus for spending $200.
We have seen similar offers several times over the last few months. I believe I have receive five of these streak bonuses already for about $160 in cash. That more than makes up for the $49 annual fee that I paid when I signed up.
You can also earn some great rate at popular merchants. Currently you can get:
- Amazon – 5X points (Online. Expires 10/17/21)
- Costco – 5X points (In-store and online. Expires 10/17/21)
- Whole Foods – 5X points (In-store and online. Expires 10/17/21)
- 5x points on subscriptions
- 3x points on food delivery & rideshare
- 1x points on everything else
- Cellphone insurance, up to $600 if your phone is lost, stolen or damaged.
- Trip cancellation coverage for up to $1,500 in out-of-pocket expenses if a trip is canceled or delayed.
- New purchase assurance if an item is lost or damaged within 90 days of purchase. Point reimburses up to $1,000.
- Car rental insurance for any physical damage or theft to your rental vehicle when you decline the Collision Damage coverage offered by the car rental agency.
- Zero liability coverage if someone uses your card without your permission, Point immediately returns the funds to your card.
- Download the Point App from the Apple Store or Google Play.
- Follow the steps to create account and order your card
- Fund your account. Your first $49 annual fee is billed as part of your first deposit.
You will need to provide some basic information such as name, date of birth, address and SSN. You must be a U.S. resident and at least 18 years old.