【March 2023 Update】ENZO sent out an email saying its cashback program has now been terminated. February cashback will be paid in the next few days. Cashback earned from March 1-10 will be paid later. Any spending after March 10 will no longer earn cashback. The previous message said it would last through June, so it looks like they shut it down early.

We have some sad news to share. Unfortunately, we’re terminating our cashback rewards. Cashback rewards for the month of February will be paid out in the coming days. Rewards accrued through March 10th will be paid out at a later date. All other cashback rewards earned after March 10th that have not been paid out will be forfeited as a result of the termination of the program.

Please see the terms and conditions for our rewards program for further details: https://www.joinenzo.com/terms-of-service. Please scroll down to view the rewards terms.Please note that this rewards program is the sole responsibility of Enzo and not of our banking partner.

If you have questions or concerns related to the termination of this program, you may contact us at [email protected] understand these rewards were important to you and we have a potential partnership in the works that would offer Enzo users most of the same perks you’ve enjoyed. More details will be coming soon.


【November 2022 Update】Enzo posted changes to this card on its official website. Users who signed up after October 14 can no longer get 2% cashback on rent. Users who signed up earlier can continue earning that cashback through June 2023, so make sure to use this benefit while it lasts. Without that 2%, there is really not much reason to apply, since other accounts can match the interest rate alone.

This article is mainly based on: US Credit Card Guide, with some edits by the author.

About ENZO

There is not much public information about ENZO. Its banking services are provided by Blue Ridge Bank. The website basically says only this: Enzo is a financial technology company, not a bank. Banking services provided by Blue Ridge Bank N.A.; Member FDIC

This account is very similar to ELLIS. It is also serviced by Blue Ridge Bank and comes with FDIC insurance covering up to $250,000 in the checking account.

Application

ENZO appears to have a referral program, but there is no signup bonus. So you can just open the account directly through the official website link.

You need the app, and you can open the account by following the steps in the app.

Note that you need a U.S. IP address throughout the application process. VoIP phone numbers are supported, such as GV.

When opening the account, after entering your basic information, you will need to provide your SSN or ITIN. If your SSN/ITIN has previously been used for a bank account and appears on your credit report, approval is usually instant—literally within seconds.

After that, you can choose whether to fund the account right away (Plaid provides linked U.S. bank access). Personally, I would suggest not rushing and waiting to see how things go first.

Checking Account

Once approved and the account is successfully opened, you can see the account information from partner bank Blue Ridge Bank (Routing: 051402372):

The account information is easy to understand at a glance. To add funds, just tap the black home button shown below. Another big highlight is that the balance can earn up to 2.18% interest.

Checking account features:

  • Supports transfers to and from other U.S. bank accounts through Plaid
  • Free deposits and withdrawals at Allpoint ATM (an ATM network with participating banks in the U.S., Canada, Mexico, the U.K., and Australia)
  • Supports bill pay, so paying credit cards should also be fine
  • Supports DD and can receive ACH transfers
  • Wire【Coming soon】
  • Checkbook【Coming soon】

Debit Card

After the account is opened, you can also see the debit card options. There are three cards in total:

  • Virtual Card, with card numbers that can be changed anytime
  • Ghost Card, designed specifically for subscriptions
  • Physical Card, mailed to your billing address

The card BIN starts with 4144, and you can see the card number right away. As long as there is money in the checking account, it should be usable. The daily spending limit is $7,500, which is fairly high.

The Ghost Card is somewhat creative and saves you the trouble of canceling a card or changing the number yourself. It can only be used for up to $30 per day, so it feels like a low-limit virtual card.

Cashback Structure

Cashback Rates

ENZO’s debit card offers cashback on spending (it looks attractive, but there are daily limits):

  • Uber: 10%
  • DoorDash: 5%
  • Housing: 2% (including rent)
  • Other: 1%

In addition, you could also earn 2% cashback on rent and mortgage payments by using the checking account’s ACH feature. However, after making the ACH payment, you need to manually tag that transaction as Housing. See details here:

Requirements

To activate this cashback setup, you need to meet one of the following two conditions each month. Given that the account itself also paid 2.18% interest, keeping some balance there did not seem like a big issue.

  • At least $2,000 balance; or
  • At least $1,500 in Direct Deposit (DD) per month

Caps

The boosted cashback (Premium) on the Debit and Checking accounts is capped:

  • Up to $20 per day
  • Up to $150 per year

Anything beyond that earns 1% cashback, and the 1% cashback also has a cap:

  • Up to $2,500 per year

How to Use It

Since this is a debit card, some common debit card use cases also apply:

  • Buy money orders at supermarkets
  • Places that accept debit cards for rent payments
  • Pay credit cards via PayPal Bill Pay (covered separately)
  • Pay federal taxes

【Downside】According to reports online, ENZO may shut down accounts unexpectedly and sometimes fails to track cashback properly, so it is best to start with small amounts first.

Customer Service

Enzo does have customer support, but there are only two ways to contact them:

Summary

For people in the U.S., the biggest draw of this card was probably the 2% cashback on rent. Since it is a debit card with no built-in transaction fee, that 2% was essentially free money. While the boosted cashback had some limits, you could still earn at least 1% cashback on the rest, which was not bad. On top of that, the account itself offered 2.18% interest, so parking money there was not a bad deal either.

As for risk, this app was very new, so there was always the possibility that it could fail as a business. Since customer funds were held at an FDIC-insured bank, in theory your principal should not be lost. At worst, withdrawals might be delayed for a while, but things should eventually get resolved. Since it was a new app, that also suggested it still had funding on hand and might be able to operate for some time, so anyone interested could apply sooner rather than later.

Also, for people outside the U.S., one of the most notable features of this account was that ITIN applicants outside the U.S. could reportedly get instant approval. For many people who need a U.S. bank account for receiving payments or online shopping, this was a pretty good option. The main concerns were whether risk controls would become stricter later, and the fact that cashback amounts were limited and sometimes failed to post properly.

Application Link