Varo’s new Cashback program makes earning valuable rewards easy, fast and fun
SAN FRANCISCO, May 26, 2021 — Varo Bank, the first all-digital nationally chartered bank in the US, today announced that its Perks program is available for all Varo customers. Designed to be radically simple and richly rewarding, Perks offers easy access to rewards of up to 15% Cashback in app from local and national merchants. Later this year, the program will expand to include exclusive offers for Varo’s most engaged customers with personalized offers based on everyday spending patterns.
Perks is designed to maximize Cashback rewards on everyday in app purchases. Varo’s program has no complex points system and it’s easy to track accumulated Cashback right in the Varo app. Customers can make purchases using their Varo Visa® Debit Card with participating in-app merchants like Walgreens, Nike, Vons, Macy’s, Kohl’s, Grubhub, Home Depot, Dick’s Sporting Goods, Sam’s Club, Safeway, Disney+, Old Navy and more. Cashback rewards are automatically deposited into their Varo Bank Account once $5 in Cashback is earned.
“After an overwhelmingly positive response to Perks from early users, we’re thrilled to extend the program to Varo customers everywhere,” said Jaime Jerusalmi, Varo General Manager of Partnerships and Loyalty. “From our best-in-class lineup of participating merchants across all spending categories to our seamless in-app integration, every aspect of Perks is designed to make earning Cashback as straightforward as possible – and we’re only just getting started.”
The Cashback program joins the existing series of curated partnership products available in the Varo app including insurance, gig work or international remittances. Perks, along with Varo’s existing premium banking products, is wholly designed around advancing the financial health of its customers.
“We’re proud to offer even greater value to Varo account holders through a Cashback program that’s straightforward, satisfying and aligned with our customers’ existing spending patterns,” said Colin Walsh, CEO and founder of Varo Bank, N.A. “Historically, rewards programs have been largely limited to holders of expensive credit cards, which has left millions of consumers behind. Cashback Perks embodies our commitment to providing premium products, superlative benefits and innovative financial solutions to all.”
The new Perks program builds on Varo’s record of banking innovation to bring exceptional value, inclusive design and a premium experience to its customers. Varo is committed to helping customers stretch their paychecks and build a healthy, confident relationship with their money. Varo’s premium banking services include 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, 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.
*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.