The US-based all-digital Varo Bank has launched Perks, a rewards program combining a cashback program with the bank’s existing partnership offers.
The Perks program was designed to both reward Varo customers and provide a platform to brands seeking to attract Varo’s customer base with offers.
The cashback program was designed to 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 then deposited into a linked Varo Bank Account once at least US$5 is earned.
“We are excited to partner with great national and local brands to offer a cashback program that benefits both the participating brands and our customers,” said Jaime Jerusalmi, Varo General Manager of Partnerships and Loyalty. “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 were designed to help customers stretch their money. Perks builds on the bank’s existing partnership offers and provides real cash back on everyday purchases with offers from participating merchants such as Walgreens, CVS, Macy’s, Kohl’s, Grubhub, Home Depot, McDonald’s, Advance Auto Parts, Sun Basket, fuboTV, Forever 21, and others.
Varo customers also have access to bank accounts with no minimum balance fees, no monthly maintenance fees, no overdraft fees, and fee-free ATMs from any of the 55,000+ AllPoint ATMs around the world.