Greenlight (family fintech) has launched a new credit card called ‘Family Cash Credit Card‘ and it has an interesting rewards structure as follows:
Earn 3% when you spend $4,000+ monthly
Earn 2% when you spend $1,000 – $3,999 monthly
Earn 1% when you spend <$1,000 monthly
The card is in waitlist mode at the moment (meaning you can’t actually apply for the card). If you’re in one of the first 1,000 applicants when it does launch there is a $100 bonus when you spend $750+. People with the most referrals will be higher on the waitlist so I suspect it’ll be difficult to be one of the first 1,000.
Cards that earn 3% cash back on all purchases aren’t sustainable long term, but it’s more a matter of how long the 3% will last and if you can take advantage of it with enough spend to make it worth it. Greenlight has raised $500m in funds according to crunchbase.
Hat tip to SquareVehicle