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Point card review

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Point
3.3
★★★★★
Finder score
Fee
$49 per year
Minimum deposit to open
$49

Our verdict

Earn up to 10x the points — but you’ll pay at least $49 a year.

If a digital bank account and a credit card had a baby, it’d look a lot like the Point card. It has the cashback rewards and purchase protection you want from a credit card — but without any of the debt that comes with it.

You’ll earn the most rewards points on subscriptions, food delivery and ridesharing, so we recommend it to anyone who regularly uses these services and doesn’t want a credit card or can’t qualify for one.

The major downside is that the Point card comes at a price. Expect to pay at least $49 a year and watch out for limited customer service options. Before you request your card, make sure you earn enough in rewards to cover the annual subscription fee. Otherwise, you may pocket more money with an interest-bearing checking account.

Pros

  • No credit check
  • Virtual card
  • No international travel fees
  • Credit card protection
  • ATM reimbursements
  • Rewards
  • Referral program

Cons

  • Unavoidable monthly fee
  • One way to redeem points
  • Limited access to money
  • App glitches
  • Limited customer support

In this guide

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How do I open a Point account?

Open a Point account in three steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Download the official Point App from the Apple Store or Google Play.
  3. Follow the onboarding steps to order your physical card and activate your virtual card.
  4. Fund your account. Your first $49 annual fee is billed as part of your first deposit.

Eligibility

Open a Point account when you meet these requirements:

  • US resident
  • At least 18 years old
  • Valid Social Security number

Required information

You’ll need this information when applying for your Point card:

  • Legal name
  • Date of birth
  • Current home address
  • Social Security number

What are the benefits of Point card?

The Federal Deposit Insurance Corporation (FDIC)-insured Point debit card, comes with contactless payments and these unique benefits:

  • No credit check. Unlike most credit cards and some bank accounts, you can open a Point account with poor or no credit.
  • Virtual card. Has a unique number so you can pay for purchases online without sharing your physical card number.
  • No international travel fees. Point covers any foreign transaction fees you incur while outside of the US.
  • Credit card protection. Your Point card comes with these standard credit card features like trip cancellation coverage, car rental insurance, zero liability coverage and more.
  • ATM reimbursements. Get refunded for two ATM withdrawals a month, up to $8.
  • Rewards. Earn up to 5x the points when you use your Point card for subscriptions, food delivery services and ridesharing. Point also curates limited-time offers, ranging from 3x to 10x points, depending on the brand. And unlike other rewards accounts, this one won’t require you to unlock the offer before making a purchase to qualify for the points.
  • Referral program.The “Pay it Fwd” referral program grants you and your friend free membership for the first year when you invite five people and they join Point. And when they make their first purchase, you’ll receive 1,000 points, which is equivalent to $10 cash back.

What protection does Point offer?

Your Point card offers these features:

  • Cellphone insurance. Get reimbursed up to $600 if your phone is lost, stolen or damaged — and pay a $50 deductible.
  • Trip cancellation coverage. Point reimburses you for up to $1,500 in out-of-pocket expenses if a trip is canceled or delayed.
  • New purchase assurance. If an item is lost or damaged within 90 days of purchase, Point reimburses up to $1,000.
  • Car rental insurance. Point pays for any physical damage or theft to your rental vehicle when you decline the Collision Damage coverage offered by the car rental agency.
  • Global travel assistance. Get access to emergency roadside assistance when you travel, along with access to a global network of lawyers, physicians, embassies and consulates.
  • Zero liability coverage. If someone uses your card without your permission, Point immediately returns the funds to your card.

What rewards do I earn with my Point card?

Point‘s reward structure looks a lot like that of a credit card — you’ll earn points for every purchase. But you can only redeem your points once you’ve collected a minimum of 100 points. Here’s how the point system breaks down across various categories:
Earn this many points:On:
5xSubscriptions:
Netflix, Hulu, HBO Max, YouTube Premium, Spotify, Pandora, Feather and Headspace
3xFood delivery and ridesharing:
DoorDash, Uber Eats, Postmates, Caviar, GrubHub, Seamless, Instacart, Good Eggs, Uber, Lyft and Lime
1xEverything else

If you spent $250 on subscriptions, $400 on ridesharing and food delivery and $800 on everything else, you’d earn $32.50 a month with your Point card.

You can also earn anywhere between 3x to 10x the points, depending on the brand, through limited-time offers in Point’s Access section in the app.

What should I look out for?

Point card is packed full of features, but here are some cons to keep in mind:
  • Unavoidable monthly fee. You’ll need to pay $49 a year to use the Point debit card, unlike other digital bank accounts that have no fee or a waivable fee.
  • One way to redeem points. You can only redeem points for cash deposited into your checking account. You can’t redeem them for gift cards or travel as with most credit cards.
  • Limited access to money. You can’t deposit cash and — unlike other digital banks — you can’t e-deposit checks or do wire transfers.
  • App glitches. The Point App just launched, and many Apple and Android users have experienced slow transaction updates, forced logouts, app crashes and more.
  • Limited customer support. The only way to contact Point is by email or text. Unlike other digital banks, there’s no way to call or live chat with a representative.

Looking for a bank account with no monthly fee? Compare free checking accounts to find an account that suits your needs.

Point‘s ATM network and fees

Point doesn’t have an ATM network. Instead, you can use any ATM globally and get reimbursed for up to two withdrawals a month for a maximum of $8. The kicker? These fees are reimbursed using points. You won’t get actual cash back until you redeem your points.

Compare Point to other checking accounts

Use this table to see how Point stacks up against the competition.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Member FDIC.
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
The Cash App Cash Card lets you pay for goods and services both online and in stores using your Cash App balance. Enjoy features like ATM access, direct deposit, instant discounts at select stores and a customizable card.
Axos Bank Rewards Checking
Finder Score: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$0
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by June 30th, 2024, to earn up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Earn up to 3.3% APY after meeting rate requirements. Get ATM free reimbursements at all domestic ATMs. Pay $0 monthly or overdraft fees. FDIC insured.
Chime® Checking Account
Finder Score: 4.8 / 5: ★★★★★
Chime® Checking Account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
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How do I deposit or withdraw my money?

Similar to other digital banks, there are limited ways to access funds in your Point account.

Deposits

  • Direct deposit
  • Transfer from Venmo, Cash App or Apple Cash
  • Transfer funds from another bank

Withdrawals

  • ATM
  • Cash back at a retailer
  • Transfer to Venmo, Cash App or Apple Cash
  • Transfer to another bank

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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