by Daniel | Last Updated Feb 23th, 2022
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With a large variety of cash back cards to choose from, it can be a bit of a challenge to find one that suits your needs.
But thanks to the Fintech company Point there is now an interesting debit card with the ability to earn unlimited cash back and a variety of benefits that are usually associated with more expensive credit cards.
In this article, I’m going to review the Visa PointCard Neon, Basically, I’ll go over the benefits and user perks, how much cash back you can earn and then I’ll give my opinion on whether I think it’s worth it.
Who Is This Card Good For?
The PointCard Neon is a cash back debit card that provides the ability to earn a decent amount of points and is sutiable for pretty much anybody.
it is also quite useful if you don’t have a very good credit score or you tend to struggle with excessive debt on your current credit card.
Seeing as you can only spend the funds you have available in your account, you won’t be charged any interest, so it can be a good option to have whilst you get your debts in to order.
The Application Process
Now the application process for the PointCard Neon is pretty straight forward, basically they require you to do an online verification check which usually takes a few minutes.
And to be able to spend with the PointCard Neon, you will be given access to a Bank account from Point.
From here, you will then need to transfer money into that account via payments apps like Venmo, Apple Cash or you can just transfer money from your current bank account.
And it’s worth knowing that the Point account has deposit insurance of up to $250,000 that is provided by the FDIC.
Using The Card
Now to be able to spend with the PointCard Neon, you will be given access to an account from Point.
From here, you will then need to transfer money into that account via a payment app like Venmo, Apple Cash or you can just transfer money from your current bank account.
And the Point account has deposit insurance of up to $250,000 from the FDIC.
Point will also give you two free ATM withdrawals each month up to the value of $8.
And there are no foreign transaction fees with this card outside of the US.
You will have access to a virtual card through the Point app which gives you the ability to make payments online or at stores directly from your phone.
There is also the ability to lock or unlock your card instantly via the Point app if you see any unusual activity suddenly pop up.
And along with this you will get Zero Liability coverage which means you won’t have to pay for any unauthorized payments that are made to the card.
No APR?
Now seeing as the Visa PointCard Neon is a debit card and you need to fund the account before you can use it, there is no APR, which means that there is no option to carry over a balance the following month.
So you will not be able to build your credit score by using this card.
Annual Fee
Next up, the Visa PointCard Neon card has two options for the annual fee.
The first options is a monthly membership fee of $9.99, with a minimum commitment of 3 months.
With the second option you can opt to pay $99 upfront for the entire year.
And for this fee you get access to quite a lot of benefits and insurance coverage that you would usually get with a more expensive credit card.
The card also has good points earning structure that can really help you maximize how many points you can earn.
Earning Points/Cash Back
So now let’s take a look at the points earning potential with this card, and it’s worth noting that points are worth 1 cent per point, they never expire and there is no cap on how many you can earn.
Also, when it comes to redeeming the points with this card there is only one option, which is cash back that is deposited directly into your Point account.
So Initially there is the ability to earn 5x points on Subscription services such as Netflix, Spotify, and HBO Max.
Then from here it is possible to earn 3x points on purchases made through rideshare services like Lyft and Uber, and 3x points on delivery services like DoorDash and Instacart.
And then all other purchase that are made on the card will receive 1 point per dollar spent.
So technically speaking, the 5x points is the same as earning 5% cash back, the 3x points of equivalent to earning 3% cash back and then the 1x points is basically 1% cash back.
Now from here the PointCart Neon offers the ability to earn upto 15x points from a variety of different brands which includes:
- Rag & Bone which is a fashion company from New York
- CLEAR which is a service that provides you with expedited travel document verification at most US Airports.
- Amazon
- Whole Fods
And these will be limited time offers that change on a rotating basis.
So overall there is a pretty decent opportunity to earn a fair amount of points with this card as there is a pretty broad range of options to choose from.
User Perks and Insurance Coverage
Next up, let’s take a look at all of the user perks and insurance related coverage that comes with this card.
First of all you will receive Cell phone protection that covers theft and damage for up to $500 per claim and a total of $1000 per year.
And there is a limit of 2 claims per 12 month period, with each claim carrying a $50 deductible fee, and for this coverage to be valid you must charge your monthly cell phone bill to the card.
Next up, there is Purchases Security that covers new purchases against damage or theft for up to 90 days.
And this covers up to a total of $1,000 per claim and $10,000 per cardholder.
And for coverage to be valid you must have paid for the item with the card and make a claim within 60 days by calling the Benefit Administrator, if it is left longer than this, the claim may be denied.
There is Extended warranty protection the provides you with up to 1 extra year of coverage for any US manufacturer’s warranty that is 3 years or less, and this covers up to $10,000 per claim and $50,000 per cardholder.
And its worth noting that you can either register an eligible item through the website www.cardbenefitservices.com, or you have the option of just maintaining your billing statement that proves you purchased the item with the card.
There is an Auto rental collision damage waiver that covers you for damage, theft or collision of most rental cars.
And according to the Point website it is important to file any claim of theft or damage as soon as possible and no later than 45 days after the incident occurred.
You will also receive Rideshare protection that covers you and a travel companion with Accidental Death & Dismemberment Insurance for up to $300,000.
Along with this there is also a Personal Property Benefit which covers up to $500 for personal property that is lost, damaged or destroyed whilst you are on a trip.
Next up is Trip cancellation/ Interruption insurance which covers you and your family for up to $2,000 per person if you trip is is cancelled or you become sick and cannot make the trip.
There is Event Ticket Protection that covers you if you are unable to make it to an event due to sickness, accidentally injury or if you are held up by a strike or poor weather conditions.
And this covers up to $500 per event ticket, $2,000 per Event and $4,000 in total per year.
Then finally you will be covered by Additional travel accident insurance benefit, which covers you and your family for up to $1,000 against a variety of different issues that include Loss of life, limb, sight, speech or hearing.
Final Thoughts
So what are my thoughts about the Visa PointCard Neon.
I like the fact that it is possible to actually earn a reasonable amount of cash back just by using this card, especially if you take advantage of the limited time offers that can earn you up to 15x points.
If you can manage to average 3x points on your spending you will need to spend just over $333 each month to cover the monthly fee of $9.99, which is not too bad,
The only thing that is worth considering about this card is that you won’t be able to build your credit score as it is a debit card.
Now if this card sounds good to you but you are looking for something a little more exclusive, then you should check out my review of the soon to be released PointCard Titan,
It’s similar to the PointCard Neon but offers an even higher points earning potential with a broader range of options to choose from and has a few extra benefits like transferring points to airline partners or converting points to Crypto.
So if this sounds good to you, why not check out my review here.