[Update] Point Rewards Debit Card – Earn 5x/3x/1x, $49 Annual Fee ($250 Referral Bonus)

Update 7/12/21: New deals

  • Earn 5x at Amazon (limit $1,000 in spend) ends 8/8/21
  • Earn 5x at Whole Foods (limit $1,000 in spend) ends 8/8/21
  • Earn 5x at Costco (limit $500 in spend) ends 8/8/21

Update 6/25/21: You can now earn 10x at Tesla Superchargers until 7/18. Hat tip to reader Davis

Update 6/24/21: You can receive 3,500 points if you spend any amount on five consecutive days between 12:01AM PDT 06/24/2021 and 11:59PM PDT 07/03/2021 (excluding funds transfers and restricted MCCs) and the total amount over such five day period is greater than or equal to $200.

Update 6/21/21: Currently 10x Amazon spending offer. 5K point max. Hat tip to reader ieatdogfood

Update 6/16/21: Point is actually offering some users the ability to refer others and both receive $250. Unfortunately I don’t think it’s possible to tell what links are what and obviously everybody is going to claim to have the $250 links. Most people either have links for $100 + $100 or $250 + $100 (e.g they get $250 and you get only $100). Wish Point would make this clearer but I suspect they really only want people to refer people they know.

Update 6/15/21: Point is offering 20x on Etsy purchases until June 21, 2021.

Update 6/13/21: There is a referral bonus for $250, unfortunately only the person referring somebody gets $250. Person being referred gets $100.

Update 6/9/21: New offer for 10% back at Whole Foods, up to 5,000 bonus points. Valid until 6/13/21.

Update 6/4/21: Can also earn 5% on Best Buy until June 13, 2021. Maximum of $50.

Update 6/2/21: In June spend $100 total and also have 5 transactions 5 days in a row to get $30 of points. Kenny S

Update 5/18/21: Now offering 1,500 points when you make purchases five days in a row within the next ten days. Purchases must be over $5 each and made between 12am on 05/18/2021 and 11:59pm PDT on 05/27/2021.

Update 5/15/21: Points is offering 1 point per $1 for the first transfer made by a linked bank account before 05/24/2021. Maximum of 1,000 points.

Update 5/11/21: Connect Point Card to your Spotify account by 5/23, and we’ll give you 3 free months in points on top of the 5x you can already earn with your Spotify subscription.

Update 4/28/21: Some cardholders are being offered 15x points at Target through May 2, limit 5,000 points. Terms exclude gift cards.

Update 4/14/21: Referral bonus has been extended to 4/28/2021, only requires a single purchase.

Update 4/2/21: Referral bonus now requires a single purchase rather than $1,000 in spend. Hat tip to reader alex

Point is a new rewards debit card on the market. Let’s take a look in this quick review.

  • Annual fee of $49
  • No sign up bonus, although you can get 50,000 points (worth $50) when signing up through Drop or $100 via referral
  • Card earns at the following rates:
    • Earn 5x on subscription purchases
    • Earn 3x on delivery and ride share
    • Earn 1x on all other purchases
  • The account has an $8,000 monthly deposit limit, which you have hit. Once your account hits that $8,000 monthly limit it’ll hold the remaining funds for another 30 days or so and then continue depositing the funds.
  • Points are worth 1¢ each
  • Insurance:
    • Phone insurance covers up to $1,000/yr. in loss or damage when you pay with Point Card.
    • New purchase insurance reimburses you up to $1,000 in loss/damage.
    • Trip cancellation insurance covers up to $1,500 for expenses for cancellation/delay.

For most people they will be better of with just a standard rewards earning credit card, especially as this debit card comes with an annual fee. There are some limited use cases for this point card, but how useful that is will depend on how tolerant Point is with large purchases.

Referral Bonus

Point is offering a 10,000 points ($100 bonus) when you use a referral link and spend at least $1,000 on your card within 30 days of account opening. Person referring you also receives 10,000 points. Valid until 6/30/2021. Do not share your referrals here, but you can share them in this linked post.

Hat tip to reader T

 

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ieatdogfood
ieatdogfood

Welp an Amazon reload on June 21 still hasn’t been awarded the 10x points yet.

ieatdogfood
ieatdogfood

ROFLMFAO received the 10x right this instant. No lie.

Hmmmm… it’s for an odd amount that doesn’t match up.

Betelgeuse ㊙️

I just received my 10x points for Amazon as well.

ieatdogfood
ieatdogfood

Do the numbers match up?

Betelgeuse ㊙️

They already posted 1x point so this time it’s 9x. Mine is close enough. Around 20c off. I had many transactions and a couple of small ones got cancelled so maybe it matched up but I didn’t add all my transactions up.

ieatdogfood
ieatdogfood

Oh true that. Numbers add up then, all is well. Thanks for assisting my brain farts.

Betelgeuse ㊙️

🙂

ieatdogfood
ieatdogfood

Now the app gets stuck loading and crashes. Damn fintechs.

Working again but clunky.

Gadget - Bank Bonus Geek

I told you it would (likely) work! I just don’t spend enough on Amazon as it is…. and for some reason, I can’t do the Gift of Prime thing you apparently can do to move it to someone else who does.

So yeah, the 10x points is really 1x instantly and 9x later. I have a whole $4 in Point points to spend now from my reloads and one legit Amz purchase! If they don’t come out with a Streak or something soon I may close this thing. I lost the ability to refer long ago and want a do-over! Haven’t seen a churn DP, but most of the hybrid neobanks things aren’t churnable. Varo is the only one I know if that was (is).

ieatdogfood
ieatdogfood

Well no one should be closing before their one year anniversary and second fee. AFAIK it’s not prorated?

Gadget - Bank Bonus Geek

We will see… I’d rather not keep it when shopping bonuses of 5% are not my thing. Because it typically requires shopping. The only thing that made it worthwhile is the referrals (dead to me), and the streaks… which have progressively gotten less attractive, and sometimes won’t work if you have a delayed posting debit so you really have to cover your bases with two debits per day over a weekend, or toward the end of your streak.

It also gets another strike against it for being app-only…. I cannot monitor activity through Mint.

ieatdogfood
ieatdogfood

One day they will do 5% at walmart or grocery store and you will regret.

Gadget - Bank Bonus Geek

They are probably too busy paying off people that have ACH fees to do a good promo anytime soon. That ACH issue had been going on at least since July 12th based solely on the email chain… not counting the DP’s here. What a joke. They need people to spend and load money to make money.

Imagine if you are a non-churner and had a real DD going there. The ACH issues have been going on for more than a week. So, Friday payday comes and you have no money. Is their partner bank trying to get rid of them?

If I close I will do one first, half splitting my potential loss. The only leverage I have is letting them know I am closing and see if they will fix my main complaint.

Betelgeuse ㊙️

What happens if someone tries to use your referral? It is still posted in the referral link page.

Gadget - Bank Bonus Geek

If they use it, the applicant gets an error, and is told the code is not valid – so you cannot proceed. So, people then find another code. Someone commented and stated what happens in that thread.

CSR’s at Point gave me the run around on getting it fixed. They said their system invalidates a referral code when someone uses it and THEY get denied. I was able to get a few referrals before that happened. My P2… got like two. The same thing happened.

However, I bet they fixed the issue because when it was a $250 bonus, I am sure some of the folks were denied and certain people were handing out codes left & right.

Betelgeuse ㊙️

That’s a strange reason to invalidate a referral link if that’s true. I hope they fix yours soon!

Davis

Drop might still have a promo for signing up if you are allowed to open and close a Point account.

Gadget - Bank Bonus Geek

They do, for $50 in Drop points, but say must be first time Point user. Also, Drop has a poor reputation for tracking anyway (but they have worked fine for most things that I have done).

Thanks though… thinking outside the box works sometimes. Terms are just put together by admin types, if they put controls in place is another thing.

Bertrand
Bertrand

I tried to do an external transfer to my bank account and was unable to due to the ACH issue. Reached out to CS and they credited my account with $50 (posted instantly) despite the fact that unlike those who tried to transfer with Ally, I did not incur any fees. It seems that they are giving anyone who complains a $50 credit. Easiest money ever.

Greg Z
Greg Z

Anyone buy a Costco cash card and get 5x? Hoping I can use it to meet bonus spend. Thanks!

Aaron
Aaron

The referral bonus on my card and P2 card disappeared… any one else?
Supposed to have 60 days and they just cleared it out of our apps

Count de Monet
Count de Monet

Mine too. I took screenshots, hopefully it helps.

Count de Monet
Count de Monet

Mine showed back up today.

Davis

The referral bonus has been extended to 9/30 https://www.point.app/rewards#referral-terms

Matt
Matt

Anybody had any issues with them honoring referrals? I clearly referred a friend for the $100 after first purchase (even still have the text messages that says that) and they won’t honor it – saying has to spend $1000. Any thoughts before I go to CFPB?

LQ
LQ

When did you refer ? after $1000 is the current referral, started JUL 1

Joker
Joker

It shows “refer a friend for the $100 after first purchase” on my app too. But considering your DP, I start to worry that maybe my referee might have to spend $1000 to qualify too…

Alex
Alex

Compare to the previous 20x, not that impressive. Waiting for the next streak promo.

Davis

Revel Mopeds 10x until 10/1 and everything else at least 5x until 8/8

anthonyjh21
anthonyjh21

Anyone have a 0 points transaction code as “Charge” and still get your bonus? Loaded $500 to Stockpile two days ago and it’s still 0x and am waiting on my bonus. Given DPs here I assume I’ll get the bonus within the end of next week if it counted, otherwise I will have to get spend in ASAP.

SW
SW

Anything that gives 0x like stockpile will not contribute to the msr. Best to go your grocer or Walmart and buy a money order.

anthonyjh21
anthonyjh21

SW appreciate this.

Andy
Andy

+1 on $15 charge from Alliant. Fuck you Point.

seesaw
seesaw

Hey, reach out to support. You can Text them from app. They gave me enough courtesy points to cover the fee charged by external bank.

IndiaMike
IndiaMike

Point offered me a 5,000 point ($50) credit via SMS support after I inquired about the ACH issue when trying to transfer to Ally Checking. I was told this was in addition to any fees incurred while trying to transfer money out from Point.

007
007

I agree with others reach out to support for $50 credit. Ally is kind of annoying as they don’t charge just freeze transfers and require you (or P2) to call in. Interestingly, Ally has now “unsuspended” the account again for me, so I don’t know if point fixed their issues or just something on Ally side changed.

Betelgeuse ㊙️

But Ally one day transfer could be suspended for 2-3 months!

007
007

Oh oh, that explains it! I noticed a difference previously between mine and P2’s account, but I believe I had a suspension some time ago for something else previously, so that’s probably why I didn’t have one day transfers.