3% Cash Back Card Could Be The Future for Making Purchases

by PointsGuru | Oct 25, 2016 | 3% Cash Back

In what could be the future of the mobile banking and purchasing experience a new contender, Zerocard, combines debit-style functionality with the cash rewards of a credit card. Zero gives you up to 3% cash back on all of your Zerocard purchases, based on your annual spending or referrals, plus you’ll earn high interest rates on your deposits, so that you can earn more money with your online banking experience. Not everyone gets 3% back as it is a tiered cash back based on things such as spending or how many friends you have referred.

The great news is this card puts most other cards to shame when it comes to earning cash back but the Zerocard is not out yet.

Simply Register for the Zerocard Waitlist Now by entering your email address, and you’ll automatically be provided with Zerocard Magnesium level which is 2% cash back on all purchases when you share it on Facebook or Tweet it. Plus, you just have to refer 3 more people to sign up for the wait list to automatically receive Zerocard Carbon level (3% cash back on all purchases).

Zerocard provides higher cash back rates than traditional credit cards, from 1% to 3% on all of your unlimited purchases, while the Zero app provides a way for users to benefit from debit-style functionality via the Zero banking experience.

Zerocard 1%-3% Rebate Earning Levels
You start with Zerocard Quartz (1% rebate) and earn progressively more cash back as you level up to Zerocard Carbon (3% rebate). You can level up and maintain status by meeting a minimum annual spend requirement or by referring others to become Zero customers.

Zerocard Quartz – 1% Cash Back: Base Card for which All Users Qualify.
Zerocard Graphite – 1.5% Cash Back: Requires $25,000 in annual spending or qualified referrals (also qualify with Twitter share after registering for wait list).
Zerocard Magnesium – 2% Cash Back: Requires $50,000 in annual spending or qualified referrals (also qualify with Facebook share after registering for wait list).
Zerocard Carbon – 3% Cash Back: Requires $100,000 in annual spending or qualified referrals (or refer 3 friends).
Zero automatically deposits your cash back at the end of every month with no limits on how much you can earn.

Zero Financial Mobile Banking
Zero acts like a traditional debit card in the sense that when you make deposits, your balance in the Zero app goes up, and when you spend on your Zerocard, your balance goes down. In addition to cash back earned on Zerocard spending, you will earn interest on deposits made to Zero at a higher rate than leading savings accounts. Zerocard will be issued by a partner bank as a solid metal physical card and is usable anywhere credit cards are accepted, with free ATM access in over 50,000 locations. In addition, Zerocard will be usable via mobile payment systems such as Apple Wallet and Android Pay.

Zero does not charge any of the typical fees that traditional banks charge, including no overdraft fees, no bill pay service fees, no stop payment fees, no wire transfer fees, no add-on ATM fees, and no inactivity fees. You will be able to send checks using Zero’s Bill Pay feature, which issues and sends a physical check on your behalf, and you will have the ability to receive direct deposits and send and receive ACH and wire transfers as well.

The Zero App displays Zerocard purchases, along with other deposits and withdrawals, in one place with a real-time net balance to help users better manage your finances. Deposits are FDIC-insured up to $250,000 via Zero’s partner institution, and the zero liability policy protects you if your card is ever lost, stolen, or fraudulently used. Those of you seeking to move your relationship with Wells Fargo this may be a great time to look into this once it starts up.

Zerocard Debit-Style Rewards Card
Zerocard is technically a credit card, since all cards have to be classified as one type or the other, but the user experience presented by the Zero app provides debit-style functionality. Also, unlike traditional debit cards, you can earn a flat 1% to 3% cash back rate, depending on which level Zerocard you have, on all of your spending with no exceptions based on purchase category or merchant type.

Similar to a credit card a bill is generated each month. Although, you don’t have to worry about it or pay it manually if you agree to the recommended terms of the Zero banking experience. These include automatic payments in full and paperless statements.

Our Take on the “Debit/Credit” issue with the card:
While this is a debit-style rewards card you do not get to pay taxes and health insurance and such like you can with a true debit card. Mainly because is coded as a credit card. This may carry Visa Infinite benefits but we are not certain of this yet.

There are 2 ways to level up your earning power with Zerocard:

1. Register for the Zerocard Waitlist to gain early access and take advantage of the referral program. The early access referral program allows users to level up faster if you successfully invite friends to also sign up.

People who level up via waiting list referrals unlock the ability to initially receive a higher level card (i.e., Zerocard Carbon) and will maintain it for the remainder of the calendar year in which you become a customer, plus all of the following calendar year.

2. Meet Annual Spending Levels.

Current minimum annual spending requirements are $25,000 for Zerocard Graphite, $50,000 for Zerocard Magnesium, and $100,000 for Zerocard Carbon. Higher level Zerocard status is earned by meeting the minimum annual spending requirements in a given calendar year.

How long will benefits last?
Customers will enjoy the benefits of higher level Zerocard status from the day that it is earned through the end of the following calendar year. This is similar to other elite programs offered by Marriott or travel programs.

How To Qualify for Zerocard
Obtaining Zerocard requires that you apply once they begin accepting applications, and approval is based on a variety of factors. You must be a permanent resident of the United States, at least 18 years old (or 19 if in you are in Alabama or Nebraska), and have a valid social security number. You will need a physical address (but you can later add a PO Box as a mailing address if you are approved). You must also satisfy certain other underwriting criteria and pass a credit check, although you’re welcome to apply even with a thin credit history or no credit history. If approved, Zero will mail you a physical Zerocard and give you immediate access to your Zerocard for a mobile payment system such as Apple Wallet or Android Pay.

Zero will begin accepting applications in early 2017 with plans to support iOS first, followed by Android.