by Daniel | Last Updated Feb 20th, 2022
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Are you interested in a luxury charge card that has no pre-set spending limits, high points earning potential from a wide range of categories, and no need for a hard credit inquiry when applying for the card? Then this new charge card from the financial technology company Point might be worth considering.
In this article, I’m going to review the soon-to-be-released Visa PointCard Titan.
Basically, I’ll look at what benefits and user perks you can expect to receive by using this card, and then I’ll decide if it’s worth the relatively high annual fee.
So Who Is This Card Good For?
According to Point, the new Titan card is aimed toward high-income and high net-worth individuals who may have untraditional income streams and therefore an unestablished credit history, and as an example, this could be a result of earning a lot of money from crypto.
One of the first things to know about this card is that you need to meet a couple of requirements to be approved for this card.
Basically, you will either need to have an annual income of $100,000 or more or $10,000 in liquid assets, which can be in the form of cash, stocks, or crypto.
And as I mentioned in the intro, when applying for the PointCard Titan, there is no hard credit inquiry, which means that there will be no negative effect on your credit score.
It is also with noting that your spending limit with this card is based on your net assets and will change depending on how much your assets are worth, so it is possible to see your spending limit increase over time assuming you are making money.
Now there are a few interesting features with this card, the first being the fact that there are no actual numbers on the physical card, and this is on purpose to try and reduce the chance of your card being used by an unauthorized person online.
There is also access to unlimited single-use virtual cards specifically to be used for online purchases, which is another security feature.
This card also has an in-app management feature which gives you greater control of how the card is used.
Basically, there is the ability to add authorized users to your account where you can manually set their spending limits.
It is also possible to lock or unlock their cards if any issues arise.
Another nice feature that is within the app is the ability to split transactions and points earnings with other Point app users.
APR
Now seeing as the Visa PointCard Titan is a charge card, there is no APR, and this means that there is no option for carrying over any of your balance to the following month.
So, you must pay off your bill in full each month, which in some ways is a good thing, as you won’t ever be charged any interest as you could be with a conventional credit card.
Annual Fee
Next up, the PointCard Titan has an annual fee of $399, which for a card with no sign-up bonus at the time of this article is fairly expensive, but the card does come with quite a lot of benefits and user perks, which you will see later in this review.
Earning Points
Now when it comes to earning points with the PointCard Titan, there is the option of actually choosing where you earn your points from.
For the highest points earning options, which is currently 5x points, you can choose two of the following categories:
Ridesharing and transit, Food delivery such as DoorDash and Grubhub, Subscription services like Netflix and Spotify, Fitness related charges like ClassPass or Gym memberships, and finally, EV Charging.
Then there is the option to choose two of the following categories that earn 3x points, which include:
Travel, rental cars, hotels, Dining, Groceries, Entertainment which includes movie theaters and amusement parks, and finally select fashion-related purchases.
And then all other purchases that are made the card will receive 1 point per dollar spent.
Now, there is also the ability to earn up to 15x points from a revolving selection of different brands throughout the year.
As you can see on their website they have listed an example of companies that include Airbnb, Whole Foods, Blue Bottle Coffee, and Sweetgreen.
So it’s nice to know that there is a brand range of options for earning points with this card.
Now it’s worth noting that there is no cap on how many points you can earn, and points are worth 1 cent per 1 point and are redeemable from 100 points, which is $1.
And as I mentioned before you change what categories you receive the most points from each month via the Point app.
As for redeeming points, there are a few options, you can either transfer points for airlines miles, get cash back, or covert points to crypto.
Benefits and User Perks
So now let’s take a look at all of the benefits, perks, and insurance-related coverage that comes with this card.
First up, you will get both TSA PreCheck and Global Entry, which is a nice benefit to have if you do travel a fair amount, as it can make your trip a little bit easier seeing that you will be able to get through airport security a little bit quicker than everybody else.
You will also receive Priority Pass Lounge access for you and a guest which gives you access to more than 1300 airport lounges worldwide.
There is cell phone protection of up to $500 per claim and $1000 per year, with a maximum of 2 claims per 12 month period, and for this to be valid you must charge your monthly cell phone bill to the card to be eligible for the coverage.
And this covers theft and damage of your cell phone, and each claim carries a $50 deductible fee.
Also, if your phone is stolen, you must file a police report within 48 of the event taking place to be covered.
There is Purchases Security that provides 90 days of coverage for new retail purchases against theft or damage, and this covers up to a total of $1,000 per claim and $10,000 per cardholder.
And for this to be valid you must have paid for the item with the card, also you must make a claim within 60 days of the damage or theft occurring, otherwise, the claim may be denied.
There is extended warranty protection of up to 1 extra year for any US manufacturer’s warranty that is 3 years or less, and this covers up to a maximum of $10,000 per claim and $50,000 per cardholder.
You will receive an auto rental collision damage waiver that covers you for damage, theft, or collision up to the value of most rented cars.
But it’s worth noting that certain expensive or exotic cars like Ferrari’s Lamborghinis and Rolls Royce are not covered under this insurance.
And to be covered within the United state the rental must not be longer than 15 consecutive days, and for coverage, outside of the US, the rental can be up to 31 consecutive days.
There is rideshare protection that covers you and a travel companion up to $300,000 for accidental death and dismemberment, and up to $500 for personal property, which covers any personal property that is lost, damaged or destroyed whilst you are on a trip.
And for this to be covered you must report any lost or damaged items within 24 hours to the rideshare company.
You and your direct family will be covered by trip cancellation/interruption insurance for up to $2,000 per person for any trip that is booked with this credit card.
And to be eligible for the coverage you must be able to prove any accidental death, bodily injury, disease or physical injury, or if the common carrier defaults and is placed into financial insolvency.
There is also an additional travel accident insurance benefit that covers you and your immediate family for up to $1,000 in case of accidental loss of life, limb, sight, speech, or hearing.
The PointCard Titan also offers event ticket protection, and this is insurance that provides coverage in the event that you miss a concert, sporting event, or recreational event due to sickness, accidental injury, if you are involved in a traffic accident or if your travel is delayed.
And this covers up to $500 per covered event ticket, $2,000 per covered event, and $4,000 per year per account.
Final thoughts
So what are my thoughts about the Visa PointCard Titan?
The Positive
I like the high points earning potential with this card as there is no limit on how many you can earn, I also like the fact that you can choose where you earn your points from.
The card also has some pretty interesting security features such as the unlimited virtual cards that can be used for one-time online purchases and the fact that the card doesn’t have any specific numbers on it.
The Negative
I’m not entirely sure about the relatively high annual fee of $399.
For a charge card that has no sign-up bonus (as of filming this review), it seems a little steep.
I guess if you spend a lot of money throughout the year you will be able to justify the annual fee as you will earn quite a lot of points by making purchases through the highest points-earning categories.
Now another card worth considering that is a similar price on an annual basis and that has a great sign-up bonus that is worth about $1,000 is the Capital One Venture X Reward card, and you can check my review of that card here.