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Mobile bank Current launches a points rewards program for debit card users

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Amid a crowded market of mobile banking services, which will soon also include Google, U.S. challenger bank Current is launching a new program that will offer points-based rewards to its checking account customers. The program will allow Current members to earn up to 15x points on everyday debit card purchases at over U.S. 14,000 merchants, including national retailers like Subway, Rite Aid, True Value, Cold Stone Creamery, and others.

The points program is an alternative to other credit cards’ “cashback” offerings, which reward users immediately with cash they can keep or apply to their next bill. Instead, Current’s points will accumulate under a user’s account to certain thresholds, then can be redeemed for cash at a rate of 100 points per dollar. They can also be used for subscriptions.

At the moment, the points can be applied only to Current’s own membership subscription — the service offers a Premium tier for $5 per month — but further down the road, the company envisions using points to pay for a wide variety of subscription services.

Image Credits: Current

At launch, Current says around 50% of its user base lives within 2 miles of an offer, but it’s working to get that number to 100%. In addition, Current’s users tend to be out and about in their city, even amid the pandemic, as the majority (around 80%) are classified as “essential workers.” This includes those who work in logistics-related fields, like Walmart, Amazon, Instacart, Doordash, Uber, and Lyft, as well as nurses, military, and government workers.

Because of their jobs, they’re more likely to be out getting gas or eating at restaurants, where they could easily gain points. Current estimates its members will save $165 per year in cash back just from their gas purchases alone, for example.

The company is the first neobank to roll out a points-based rewards program in the U.S., it says. Though plenty of U.S. credit cards offer points or cashback programs, the large market of debit card users is typically ignored. (There are a few rewards-based debit cards, but they’re few and far between).

“People who use debit typically live paycheck to paycheck and have far less money,” explains Current founder and CEO, Stuart Sopp. He says Current primarily wants to improve these users’ financial outcomes, as that’s the company’s core mission.

However, the program will also allow Current to stand out among a growing number of alternative banking apps that are starting to all look the same thanks to a baseline of consumer-friendly features like no-fees banking, free cash withdrawals, and modern mobile budgeting tools, among other things.

“If it means competitively — compared to Varo, Chime, Square and Venmo — that users in an increasingly crowded market see there’s more value with us, then that’s great,” notes Sopp. “We’re very proud to stick our head out and say, we’re the first and only fintech challenger bank to offer points,” he says.

Image Credits: Current

The points program, over time, will also help to generate additional revenue for Current as it establishes a relationship between the bank and merchants — something that could prove valuable as Current expands its product line-up.

At the moment, Current is leveraging several undisclosed third-parties to help power its points program, combined with internal efforts — the latter focused on onboarding the larger brands. Over time, as the points program grows, Current hopes its merchant partners will pay for the privilege of having their offers surfaced to those users who are most likely to redeem them.

Sopp says this wouldn’t involve sharing users’ personal data, but rather would focus on targeting offers more appropriately to end users. For instance, an offer for a restaurant may appear around lunch time. Offers could also be more precisely geolocated, on an opt in basis, so you’ll get an alert to an offer as you walk in a store.

The points program is rolling out now to Current’s 1.3 million members, both Basic (free) and Premium (paid). Combined, Current users have deposited over $1 billion to date in the mobile bank.

Source : TechCrunch Read More

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Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

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Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

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You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

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Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

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That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

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Grab this offer while it’s still around!


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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

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You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

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