Editors Note: Alright American friends and expats who may use this card listen up because this is important. Point Card aka the debit card that gives you points to use it is closing and only gave its members about a months notice (even though they’ve known this was going to happen for a while.)
The account closures are set to begin on 9 August with features stopping on this date before full closures begin on 23 September 2022 next month. Instead the card is moving to something called ‘The Titan Card’ which ironically defeats the entire purpose of what Point was when it launched — an affordable and ‘trustworthy’ alternative to big banks in the United States. About a week ago, Point began randomly refunding its membership costs to members almost at the same time the announcement came to be.
For clarification there new card the ‘titan card’ requires:
- $100,000 a year in income.
The PointCard Titan doesn’t allow you to take on credit card debt by paying only some of your balance on the due date. To qualify for the card, you need to earn $100,000 in annual income or have $10,000 in liquid assets, which include cash and investments such as stocks and cryptocurrency.
Beginning on 9 August ACH debits will no longer work and from there the rest of the many features will also see their final days. Point gave very little notice of this to its members considering how long it actually takes to find a new bank; set up direct deposit, and actually make formal arrangements to ensure people’s paychecks don’t go missing.
If you currently have this card you need to find a new bank immediately.