The Point Card: A debit card with credit card-like rewards and perks

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Though credit cards offer a plethora of perks like welcome bonuses, access to airport lounges and rewards on everyday spending, there are some downsides to holding a credit card, like paying late fees and sky-high interest rates on revolving balances. In Nov. 2021, the average APR for credit cardholders paying interest on their balances was 16.44%, according to Federal Reserve data

For people who are prone to overspending, credit cards can be a bad choice because of high APRs, late fees and annual fees. For some, the interest and late fees end up costing more than the benefits they earn through welcome bonuses and rewards. Patrick Mrozowski was determined to solve this issue by creating a debit card that would earn rewards. 

“I realized that rewards and the incentives of credit cards are very misaligned because credit cards are fundamentally designed to get you into debt since credit card companies monetize off of the interest [that customers pay],” says Mrozowski.

Mrzowski — with the help of Sid Parihar and Kenan Pulak — went on to found the Point Card, a debit card that was launched in 2020 which caters to individuals considered HENRYs or ‘high earners, not rich yet.’ With the Point Card, debit cardholders can earn generous rewards on subscriptions, ridesharing and food delivery services and select companies.

Below, Select takes a look at what makes the Point Card different from credit cards and other debit cards, as well as its fees and rewards.

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Point Card debit card review

How does the Point Card work?

There are two versions of the Point Card: The Point Card™ Neon and The Point Card™ Titan. The Point Card Neon is a debit card while the soon-to-be released Titan is a charge card with more perks. Each provide cardholders with rewards on their spending and other benefits typically exclusive to credit cards, like cell phone insurance and zero liability protection.

Point Card Neon debit card

Most people will be eligible for the Point Card Neon, which costs $9.99 a month or $100 a year. Point does not perform credit checks — potential cardholders go through an online verification process that takes a couple of minutes, says Mrzowski. Since the Point Neon Card is a debit card, you won’t be able to build your credit score with the card.

Point Card Neon

  • Rewards

    5x points on select subscriptions, 3x points on select food delivery & rideshare services, 1x points on everything else, rewards on changing select retailers

  • Welcome bonus

  • Annual fee

    $9.99 a month or $100 a year

  • Foreign transaction fee

  • Credit needed

    None/No credit check required


  • You can earn generous rewards and have access to insurance and protections that you wouldn’t have with a traditional debit card
  • No credit check


  • Can’t revolve your balance because it’s a debit card
  • Annual fee of $100

After a cardholder has been approved, they’ll gain access to a bank account through Point. In order to spend money with a Point Card, cardholders will need to transfer money from another bank account or from payment apps — like Venmo, Cashapp or Apple Cash — into a Point account. Point accounts are covered through FDIC insurance for up to $250,000.

After that, cardholders can use either the physical or virtual card at retailers. Since Point Card is a debit card, cardholders can withdraw money from their account using any ATM. Point Card covers two withdrawals a month, reimbursing up to $8 in fees. However if you want more traditional banking features, you won’t find it here — the Point Card does not allow you to deposit cash or checks (either in person or through mobile deposit). You also won’t be able to write or send checks with the account.

What makes the Point Card distinctive from other debit cards is the protections, insurance and rewards you’ll get with the card. While most debit cards don’t offer zero liability protection, the Point Card will compensate cardholders for damaged or stolen items within 90 days of the date of purchase, up to $1,000 per loss. Most debit cards offer no rewards for spending, so offering uncapped rewards is a unique feature, although it does come at a cost since you’ll be paying an annual or monthly fee.

Point Card Titan charge card

A charge card, unlike a credit card, does not have a revolving line of credit. Cardholders don’t pay any interest and must pay their balance off in full after an interval of time. According to Mrzowski, those who have the Point Card Titan can choose how frequently they want to pay off their balance in full —  whether it’s every day, week or month. Since the Point Card Titan is a charge card, it can influence your credit score.

The Titan has a $399 annual fee and will be available sometime in spring of 2022. In order to be eligible for the card, individuals must make at least $100,000 in annual income or have $10,000 in liquid assets, including cash or investments such as stock and crypto. Currently, people can sign up to be on the waiting list for the card via the website

With both Point Card Neon and Point Card Titan, cardholders gain access to features like new purchase insurance, trip cancellation insurance, event ticket protection, extended warranty, phone insurance, car rental insurance and more.


Point Card Neon rewards

The Point Card Neon offers rewards on all spending. You’ll earn points at the following rates:

  • 5x points on select subscriptions such as Netflix, Hulu, Spotify and HBO Max
  • 3x points on select food delivery & rideshare such as Uber, Lyft, MTA, Instacart, Grubhub, Seamless, Uber Eats and Doordash
  • 1x points on everything else

Cardholders can only redeem their rewards as cash back deposited directly back into their Point account, and the redemption value is one point per cent. So essentially you’re earning 5% back on select streaming subscriptions, 3% on food delivery and rideshare services and 1% back on everything else

The Point Card also offers elevated cash-back rates with rotating retailers for a limited time. In the past the company has offered 5x points at Walmart, Amazon, Whole Foods and more.

Point Card Titan rewards and benefits

For people seeking a luxury card with more generous rewards and perks, the Point Card Titan could be a good choice because it allows cardholders to choose which spending categories they earn bonus points in.

Cardholders can choose two categories to earn 5x points per dollar spent and two categories where they earn 3x points per dollar spent. They can switch the bonus categories whenever they want.

5x categories:

  • Rideshare
  • Food delivery
  • Subscriptions
  • Fitness
  • EV charging

3x categories:

  • Travel
  • Dining
  • Groceries
  • Entertainment
  • Fashion

1x point on everything else

While the Point Card Titan has a higher annual fee of $399, you’ll get more redemption options and perks. You can redeem your points for cash back, transfers to airline partners and for cryptocurrency.

The Point Card Titan also offers additional benefits like Priority Pass airport lounge access and a TSA PreCheck® and Global Entry fee credit.

Alternatives to the Point Card

While the Point Card is compelling because it offers cardholders rewards, insurance and protections typically reserved for credit cards, credit cards do offer unique perks over debit cards. Credit cardholders can build credit, and there are many credit cards without any annual fees with generous welcome bonuses.

However, if you opt for a credit card, you should be diligent about making your credit card payments on time and in full in order to avoid paying interest and hurting your credit score.

The Chase Freedom Unlimited® is a no-annual-fee credit card that offers similar cash back categories to the Point Card Neon. It offers 3% cash back on drugstore purchases and dining at restaurants (including takeout and eligible delivery service) and 1.5% back on all other purchases. The card also offers a welcome bonus of 1.5% additional cash-back on all spending categories (on up to $20,00 per year).

Chase Freedom Unlimited®

  • Rewards

    Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases

  • Welcome bonus

    Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) – worth up to $300 cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.

  • Annual fee

  • Intro APR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

    14.99% to 23.74% variable

  • Balance transfer fee

    Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.

  • Foreign transaction fee

  • Credit needed

The Capital One SavorOne Rewards Credit Card is another no annual fee credit card with rewards categories similar to the Point Card Neon. It provides 3% cash back on dining, entertainment, select streaming services and grocery stores, and 1% on all other purchases. The Capital One SavorOne Rewards Credit Card also has a welcome bonus of $200 if you spend $500 within three months of account opening.

Capital One SavorOne Cash Rewards Credit Card

Information about the Capital One® SavorOne® Cash Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards

    3% cash back on dining and entertainment, 3% on eligible streaming services, 3% at grocery stores and 1% on all other purchases

  • Welcome bonus

    Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening

  • Annual fee

  • Intro APR

    0% introductory APR for the first 15 months that your account is open

  • Regular APR

    14.99% – 24.99% variable 

  • Balance transfer fee

    3% for promotional APR offers; none for balances transferred at regular APR

  • Foreign transaction fee

  • Credit needed

Lastly, if you’re thinking about being placed on the wait list for the Point Card Titan, you might consider a luxury credit card such as the Chase Sapphire Reserve® which has a $550 annual fee, and comes with perks like a $300 travel credit, Global Entry/TSA PreCheck fee credit, Priority Pass Select lounge access and a variety of travel and purchase insurance and protections.

Chase Sapphire Reserve®

  • Rewards

    Earn 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2022

  • Welcome bonus

    Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening

  • Annual fee

  • Intro APR

  • Regular APR

    16.99% to 23.99% variable

  • Balance transfer fee

  • Foreign transaction fee

  • Credit needed

But if you really want to stick with a debit card, consider the Discover Cashback Debit Account, which offers 1% cash back on all purchases on up to $3,000 in debit card purchases per month. This functions as a checking account, but you’ll earn cash back on your debit card purchases in addition to having access to fee-free cash withdrawal at 55,000 Allpoint ATMs and mobile check deposit.

Bottom line

Information about the Point Card™ Neon and Point Card™ Titan has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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