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Surprise there is another debit card out on the streets that are offering a new way to earn cash back! The Point debit card is similar to Cash App and Oxygen in that you can earn an elevated amount of money back at a variety of merchants. What’s really interesting about Point debit card is the promotions that keep coming up ~ including a lucrative welcome & referral opportunity. Learn more below in this basic breakdown!
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What is the Point Debit Card
It’s a new Debit Card account that offers a variety of elevated opportunities to earn cash back. Many popular merchants are included like 3x at Amazon and 5x at Best Buy at the time of writing this post. Each point earned is worth 1 cent and can be redeemed for cash back. Essentially, the 3x and 5x examples above are 3% and 5% off purchases!
Welcome and Referral Promotions
The current promotion requires new users to open an account via a referral link and spend $1,000 in the first 30 days in order to earn 10,000 Points ($100). It’s important to note that both the referee and referral will each earn 10,000 points upon completion of the spending requirement.
Random Data Points
I’ve seen a handful of data points suggesting that the $1,000 spend does not have to be completed and new users will receive the $100 bonus after one purchase. In addition, some users are being targeted for up to $250 for either referring or making a purchase. This is definitely YMMV territory.
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Yes, there is an Annual Fee
There is a $49 annual fee that is not waived. However, if you can open and refer one person (let’s say a spouse), it’s easy to make this play worth it. For example, I open (Earn $100) and refer Lisa (Earn $100). Plus Lisa will earn $100. So we just earned $300 and spent $98 in annual fees. Now, if we get lucky and earn one of those $250 referral bonuses we are way in the green!
Other Point Earning Opportunities
There are constant promotions being run through Point Debit Card which are super easy! For example, recently they offered $30 for making a purchase five days in a row which would almost cancel out the annual fee. Bananas anyone?
Click here to Open a Point Debit Account (Mobile Works Better than Desktop)
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When does the current point debit card promotion end?
It looks like the current promotion for 10,000 points ends on June 30th, 2021.
Another option to earn cash back added to my basic toolbox. At this point, this card will most likely be a one-year and done due to the annual fee but certainly will prove to be net positive in those first 12 months. Who knows, maybe I’ll get a retention offer next year to keep a member for year two!
Let us know!
Have you opened a Point Debit Account?! I’d love to hear from you down in the comments or over in the 5,000+ Member Basic Travel Facebook Group!
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