Perks rewards customers with a new cashback program linked to everyday purchases, bringing valuable credit-card-style rewards to every Varo customer
SAN FRANCISCO, March 24, 2021 — Varo Bank, the first all-digital nationally chartered bank in the US, today announced Perks, a trailblazing program combining a brand new cashback program designed to put money back in the hands of its customers along with our existing partnership offers. Perks is designed to both reward Varo customers and provide a platform to brands looking to attract Varo’s dynamic customer base with valuable offers.
This new cashback program is designed to easily reward customers for their everyday purchases – customers can use the Varo Visa debit card or the Varo Believe credit card* with participating merchants to earn cashback. Cashback is deposited into a linked Varo Bank Account once $5 in cashback is earned, with no points or gimmicks.
“We are excited to partner with great national and local brands to offer a truly accessible cashback program that benefits both the participating brands and our customers,” said Jaime Jerusalmi, Varo General Manager of Partnerships and Loyalty. “This new cashback program is one of the most flexible and easy to access – and best of all – the program makes cashback available to all customers without requiring a high-cost credit card.”
The Perks program complements Varo’s existing core banking products, all of which are designed to help customers stretch their money. Perks builds on our existing partnership offers and provides real cashback on everyday purchases with specific offers from great participating merchants like Walgreens, CVS, Macy’s, Kohl’s, Grubhub, Home Depot, McDonald’s, Advance Auto Parts, Sun Basket, fuboTV, Forever 21, and more.
“Varo’s new cashback program is designed to be seamless and rewarding for our customers,” said Colin Walsh, CEO and founder of Varo Bank, N.A. “We’re leveraging Varo’s scale, our cutting-edge tech platform, and our mission-driven focus to bring a banking benefit to everyone that has typically only been available to holders of expensive credit cards.”
With the new Perks program, Varo reaffirms its commitment to helping customers maximize their money, stretch their paychecks, and put more money directly back in their pockets. Varo already offers premium banking services including up to two day early payroll,** high-yield savings accounts with auto savings tools, and Varo Advance*** which allows customers to access short term small dollar credit for a low, transparent cost. Varo customers can access bank accounts with no minimum balance fees, no monthly maintenance fees, no overdraft fees, and can access fee-free ATMs from any of the 55,000+ AllPoint® ATMs located around the world.
About Varo Bank, N.A.
Varo Bank is on a mission to make financial inclusion and opportunity a reality for all – by empowering people with the products and support they need to create healthy financial habits and be in control of their finances. Varo Bank offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money effortlessly. Varo Bank is the first consumer fintech to be granted a national bank charter by the Office of the Comptroller of the Currency and was named one of Fast Company’s Most Innovative Companies for 2021. For more information, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varomoney. Member FDIC.
*The Varo Believe credit card must be repaid on time and in full to avoid late charges. Continued use of the Varo Believe credit card is contingent upon timely payment. Product terms are available in the Varo Believe Account Agreement & Disclosures.
**Early access to direct deposit funds depends on timing of the payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
***Varo Advance is a small dollar line of credit that must be repaid on time to continue access to the credit line. Fees apply. Product eligibility and terms are available in the Varo Advance Account Agreement.