Previously, I’ve written about my personal saga with the Point debit card — now known as the Point Neon card. To briefly recap, while the offering’s annual fee originally led me to raise an eyebrow, after opening an account, I found that I was actually able to capture a fair amount of value from it, leading me to add it to my credit card mix (despite the fact that it is, indeed, a debit card). Since then, the Neon has continued to evolve in mostly positive ways, including its latest offer that rewards users for making direct deposits.
For the months of March, April, and May, Point Neon customers can earn 1 point for every dollar they add to their account via direct deposit. This perk is capped at 5,000 points ($50) per month, which means you’d need to direct deposit at least $5,000 a month to max out the benefit. Additionally, in order to earn this bonus, you’ll need to spend at least $100 on your Point card during the month.
Having reviewed plenty of finance apps in the past, I feel as though I’m pretty well versed in the FinTech sector. And yet, I can’t think of another example of a perk quite like this one. Sure, there are several banking offerings that feature bonuses tied to direct deposit, but these usually amount to a one-time flat-rate bonus, an increased APY, or access to some other exclusive feature. However, I don’t think I’ve encountered a deal that rewards you with a percentage of your deposited funds on a multi-month basis.
Personally, although I definitely won’t be able to maximize this offer, I’m still rather interested in it. Of course, with so many platforms vying for your direct deposit these days, those interested in this deal might need to compare their options to ensure that this is the best pick.
On that note, be sure to pay attention to the minimum direct deposit amount required as you may be able to tell your employer’s payroll provider to just send that amount to one account and divert the rest elsewhere in a bid to “double-dip.” That said, I wouldn’t bother trying such shenanigans if it’s going to cause your payroll department a headache but, if you can log into ADP or similar platforms directly and edit your direct deposit information, it could well be worth it.
Overall, I think this is one of many recent and intriguing developments from the Point Neon card. While it seems that the Streaks that the card previously offered have slowed, I have noticed an uptick in valuable 5x+ offers from top retailers (AKA those I might actually shop at). These additions — and now this direct deposit deal — seem poised to help me continue to get value from the premium debit card, even as it now carries a $99 annual fee. Looking ahead, I’m wondering whether this direct deposit offer will be sticking around if it proved popular and/or what else Point might have up its sleeve going forward.