Status Money Announces 2% Back Credit Card
It looks as though another FinTech is getting into the credit card game. This week, the personal finance monitoring and advisement platform Status announced the upcoming launch of its Status Credit Card. With the waitlist now open for the product, Status has also revealed some key details about the product.
According to a landing page set up for the card, customers will be able to earn 2% back on every purchase they make with the Status Credit Card. Plus, there is no cap or limit on the amount of rewards that cardholders can earn. The card will carry no annual fee and won’t charge foreign transaction fees. Since Status is not a bank, the card will be issued by Evolve Bank & Bank — one of several banks with a history of partnering with FinTechs.
Adding an interesting wrinkle to the Status Credit Card’s otherwise straightforward pitch, consumers will be able to select whether they’d like to be rewarded in traditional cashback or crypto. As Status notes, cardholders will be able to receive their earnings in Bitcoin or one of 40 other supported crypto assets. Additionally, the site notes that there are no crypto reward purchase fees.
When the card launches, it will also have a special welcome bonus. Cardholders who spend at least $1,000 in net purchases on the card during their first three months (from account opening) will earn an extra $200 back. While not explicitly stated, it is likely that customers will also be able to select whether to receive this bonus in fiat or crypto.
Status’s upcoming rewards card offering joins a bevy of recently-released 2% cashback cards. Earlier this year, fellow FinTech SoFi officially opened its credit card to the public, allowing customers to effectively earn 2% back on each purchase if they use the awarded points for deposits to their various SoFi accounts (checking, savings, investments, or loan payments). Also in the spring, TD Bank unveiled the Double Up 2% back card, which similarly encouraged deposits to qualifying TD Bank accounts. Then, Wells Fargo announced the new Active Cash 2% card in June as part of its all-new rewards card line-up. Meanwhile, the popular Citi Double Cash card continues to earn cardholders 1% cashback when they make purchases, with an additional 1% back being earned when they then pay those purchases off.
Overall, the Status Credit Card seems to be a solid offering that could be beneficial to those who don’t already have a flat 2% back card in their wallet. Elsewhere, it’s interesting to see yet another card offering crypto rewards — although the details on that front aren’t quite clear yet. In any case, the card is definitely one to keep an eye on as we await its big debut in the new year.
Also published on Medium.