Point Debit Card Is Shutting Down Soon
We have often talked about the Point debit card here on the site, and for good reason. This is a debit card that offered a signup bonus somewhere between $100 to $200. And after that most people have received multiple easy spending bonuses or increased cashback rates at popular merchants.
Update 9/7/22: Reminder to cash out whatever points you have left today and transfer them to your bank since access to your account will be shut off tomorrow. I would transfer out any funds too even though they say that will automatically happen in a few weeks.
An annual or monthly fee was later added to the card, but you could still easily come out ahead with their frequent offers. However those offers started drying up in recent months, and now we know why.
The PointCard Neon program, as the debit card is officially known, is shutting down in about two months. Point’s bank partner can no longer support PointCard Neon, and therefore all PointCard Neon debit card accounts will be closed by September 23, 2022.
The information was emailed yesterday to existing cardholders. But there are some important dates that you should know as the Point debit card is shutting down:
- On August 9, 2022 you will no longer be able to initiate new ACH debit transactions. You will still be able to initiate withdrawals and we will still support direct deposit and autopay for the time being. However, you should begin making arrangements to update your information on file for direct deposit or autopay.
- On August 24, 2022 you will no longer be able to make purchases with your card.
- On September 8, 2022 all other transactions and features of your PointCard Neon account will be disabled and your ability to use your PointCard Neon account will be terminated.
- On September 23, 2022 your account will be closed. Remaining funds will be returned via ACH to your linked bank account.
- You will be able to still access the app until December 22, 2022.
Conclusion
Take out your funds now, or spend them before accounts are shut down to avoid any issues.
At the very least make sure your external bank account and mailing address information associated with your Point account is up to date. Remaining funds will be returned via ACH to your linked bank account.
I personally have the card and signed up when there was no fee. I’ve only used it when they offered bonuses or increased cash back rates. And that’s probably what most users have done, making the PointCard Neon program unsustainable.
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To me, they seemed to be “also ran” products. Not suprising.
https://www.youtube.com/watch?v=k-yyiRaaz5Q&t=68s