The content is accurate at the time of publication and is subject to change.
Point, a new challenger bank in the U.S., is launching its service later this month, including a new type of debit card.
Point banking app is combined with a revolutionary debit card. The company's goal is to bring the experience of a credit card but with a debit card. The Point Card comes with a rewards program that allows earning points at brands like Uber, Airbnb, and more.
Here's how the point system looks like today and where you can earn points using the Point Card:
- 2X DINING: Chipotle, Sweetgreen, In-N-Out, Shake Shack, Chick-fil-A
- 2X TRAVEL: Airbnb, HotelTonight, Hipcamp
- 2X IMPACT: World Wildlife Fund, American Red Cross
- 3X FOOD DELIVERY: Uber Eats, Caviar, DoorDash, Grubhub, Postmates, Seamless
- 3X TRANSPORTATION: Uber, Lyft, Lime, MTA New York City Transit
- 4X COFFEE SHOPS: Blue Bottle, Philz, Starbucks, La Colombe, Intelligentsia, Peet's, Stumptown
- 7X SUBSCRIPTIONS: Netflix, Spotify, Disney+, Headspace, Calm.
The points you earn with the Point Card are provided by Point and are not affiliated with any third party. Once you accumulate 1000 points, you can redeem them for cash deposited into your Point account. Each point is worth $0.01.
The Point Card also does not charge foreign transaction fees for international transactions. The company partners with Evolve Bank & Trust and Mastercard to provide full experience of a debit card and guarantee card acceptance. Additionally, the Point Card is fully integrated with Point App, meaning you can receive notifications, manage card account, track rewards, and use a virtual version of your Point Card.
Since the Point Card is a debit card, there's no credit check when you sign up. Currently, you can join a waitlist to be one of the first to have the card.
One of the Point's biggest competitors is Chime with its Credit Builder credit card. However, Chime does not offer rewards.