Current, a leading U.S. challenger bank serving Americans overlooked by traditional banks, today announced the launch of its points rewards program for all members. Current becomes the first mobile bank in the U.S. to offer points rewards on debit purchases for its members, who have now deposited over $1 billion in Current.
Current members can earn up to 15x points on purchases at over 14,000 merchants, including local businesses and national retailers such as Subway, Rite Aid, True Value and Cold Stone Creamery. Points are earned instantly after purchases at participating merchants and can be redeemed for cash in the Current app at a rate of 100 points per dollar.
“We are proud to lead innovation among challenger banks and to be the first to launch points rewards for our members,” said Stuart Sopp, CEO and Founder, Current. “We are committed to building products that put more money into our members’ pockets and help close the growing wealth inequality gap in this country. Over 130 million Americans are living paycheck to paycheck, and we are giving them additional cash back on their everyday purchases.”
At gas stations alone, Current members are expected to earn $165 a year in cash back just from swiping their Current Card at the pump. New offers are added regularly and members can find all offers on a map in the Current app.
“With so many Americans working hard to make ends meet we will continue to build products that help improve our members’ financial situations,” Sopp said. “Reaching over $1 billion in deposits over the last year is a testament to the trust our members have put in us as their primary bank and that we are solving their banking needs.”