【Updated 2022/7/25】We received an email that Point is shutting down, so move your money out or spend it as soon as possible. Point has also sent quite a few emails recommending products from other banks, such as Oxygen. If you’re interested, you can use the blog’s referral link; clicking through from Point’s email will likely earn Point some advertising revenue. The email mentioned the following dates:
- 8/9: No longer able to add money to Point
- 8/24: No longer able to use the Point card for purchases
- 9/8: Account becomes inaccessible
- 9/23: Account is closed
R.I.P.
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About The Point Debit
More and more debit cards now offer credit-card-like cashback perks. The Point Debit is a high-rewards debit card for merchants like Amazon, Best Buy, Walmart, and Costco, and it also comes with virtual card numbers, various insurance benefits, and more.
Annual Fee
- This card has a $99 annual fee, and it is not waived for the first year.
- The Point Debit has had many promotions, and if you can use them well, it’s entirely possible to break even or come out ahead. However, starting in 2022, the card’s benefits were significantly reduced, so think carefully about whether it still makes sense to apply now.
Application Link
- Application link (recommended to open on your phone; it will redirect to the App Store for download)
- Or after downloading the app, enter Promotion code YWEI0 or WLUO6 or TZHANG6
Welcome Bonus
- If you spend $200 by 2/10, you can earn $30 plus the following random bonus: 1) 96% chance of randomly getting $50; 2) 2% chance of randomly getting $100-$200; 3) 2% chance of randomly getting $400-$500. So the expected value of the random portion is about $50*0.96+$150*0.02+$450*0.02=$60. Therefore, you can think of the total welcome bonus as $30+$60=$90, which basically offsets the first year’s $99 annual fee.
Application Process
- The application process is very simple. You can complete the basic information in a few minutes, and there is no hard pull on your credit report.
- If you’re approved after filling in your basic information, you’ll be asked to enter funding information. Available methods include debit card, bank account transfer, and payment apps (Cash App, Venmo, Apple Cash).
- Personally, I recommend using a debit card because the funds post instantly. I suggest funding with more than $49; otherwise, you may later get a message saying the balance is insufficient to charge the annual fee. I chose $50.
- This is a Visa debit card. After opening the account, you can enter the app and immediately see the virtual card number, so you can start shopping online right away, or add the virtual card to Apple Pay or Google Pay for in-store purchases. After choosing your preferred card design, the physical debit card will take some time to arrive.
Cardholder Benefits
The Point Debit includes a checking account, purchase rewards, various insurance benefits, and virtual card number service. The welcome bonus and rewards are issued in points, valued at 1 cent/point. For example, the $30 bonus mentioned above for completing $200 in spending by 2/10 is 3,000 points ($30).
Checking Account
- The routing number is 121145307, from Column National Association
- FDIC deposit insurance up to $250,000
- Two global ATM fee reimbursements per month, up to $8 total
- You can fund the account with a debit card, but only up to $300 per month
Ongoing Multiplier Benefits
Limited-Time Multiplier Benefits
- Best Buy 5x, 【monthly cap $50】
- Amazon 5x, 【monthly cap $50】
- Walmart 5x, 【monthly cap $50】
- Whole Foods 5x, 【monthly cap $50】
- Costco 5x, 【monthly cap $25】
- There are many others as well, such as Trader Joe’s 5x. You can view all benefits on the Access page in the app.
- There are occasional 10% cashback offers (10x points). Right now there is 10% back at Apple on up to $500 in spending, ending 2/3/2022. Previous offers have included Amazon 10x, Nike 10x, Target 10x, Best Buy 10x, and more.
- Sometimes you can get 3000 points ($30) back after spending $100 or $200 over several consecutive days. For one previous example, before 2021/9/12, spending a total of at least $100 over 5 consecutive days earned 3000 points ($30).【Very easy to unlock. You could spend $20 per day, or reload $1 to Amazon on each of the first 4 days and then spend $96 on the fifth day.】
- In addition, on the Points page in the app, swipe right on “Invite your friends to point” to see some perks, including the first benefit mentioned above.
- For more promotions, see this article. Overall, this card has quite a lot of benefits and the offers are pretty strong; if you actively use them, it can easily justify the $99 annual fee.
Other Purchase Rewards
- Earn 5x on subscription purchases, including: Netflix, Hulu, HBO Max, YouTube Premium, Spotify, Pandora, Feather, and Headspace.
- Earn 3x on delivery and ride share
- Earn 1x on all other purchases
Insurance and Other Benefits
- Point gives you a $1 bonus (100 pts) on your birthday. HT: WeChat reader group member Shanshangxue
- Cell phone insurance: stolen or damaged; you need to pay your phone bill with this card; up to $600 per claim, with a $50 deductible, and up to $1,000 per year
- Purchase protection: loss/damage; you need to make the purchase with this card; covers damage or loss within 90 days; up to $1,000 per claim and up to $25,000 per year
- Trip delay coverage: forfeited, non-refundable, unused payments, up to $1,500 per claim
- Rental car insurance
- No foreign transaction fee
Virtual Card Number
- This card provides virtual card number service (Virtual Point Card number)
Other Features
Because this is a debit card and all purchases earn 1% back, there are many possible use cases. Data points online suggest that paying bills through Plastiq can trigger the 1% reward, while Melio does not. Other possibilities such as bill pay and buying money orders are still awaiting more DP from readers.
Summary
This is a debit card that offers 1% back on all purchases. The 5% rewards at commonly used merchants (Amazon, Best Buy, Walmart, Costco, Whole Foods, Trade Joe's) can also justify keeping the card long term despite the $99 annual fee. Spending $2,000 per year, or about $170 per month, in those 5% categories would generate $99 in rewards. That’s not a high bar, and I believe most people can exceed that level of spending.
Application Link
- Application link (recommended to open on your phone; it will redirect to the App Store for download)
- Or scan the QR code below to sign up
- Or after downloading the app, enter Promotion code YWEI0 or WLUO6