Current becomes first mobile bank to launch points rewards

All Current Members can earn points redeemable for cash; Launch follows bank surpassing $1 billion in member deposits

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Aug 04, 2020, 10:15 ET

NEW YORK, Aug. 4, 2020 /PRNewswire/ -- Current, a leading U.S. challenger bank serving Americans overlooked by traditional banks, today announced the launch of its points rewards program for all members. Current becomes the first mobile bank in the U.S. to offer points rewards on debit purchases for its members, who have now deposited over $1 billion in Current.

Current members can earn up to 15x points on purchases at over 14,000 merchants, including local businesses and national retailers such as Subway, Rite Aid, True Value and Cold Stone Creamery. Points are earned instantly after purchases at participating merchants and can be redeemed for cash in the Current app at a rate of 100 points per dollar.

"We are proud to lead innovation among challenger banks and to be the first to launch points rewards for our members," said Stuart Sopp, CEO and Founder, Current. "We are committed to building products that put more money into our members' pockets and help close the growing wealth inequality gap in this country. Over 130 million Americans are living paycheck to paycheck, and we are giving them additional cash back on their everyday purchases."

At gas stations alone, Current members are expected to earn $165 a year in cash back just from swiping their Current Card at the pump. New offers are added regularly and members can find all offers on a map in the Current app.

"With so many Americans working hard to make ends meet we will continue to build products that help improve our members' financial situations," Sopp said. "Reaching over $1 billion in deposits over the last year is a testament to the trust our members have put in us as their primary bank and that we are solving their banking needs."

About Current

We are a leading U.S. challenger bank built to meet the needs of people with unique lives who have been overlooked by the traditional banking industry. Our proprietary Current Core technology allows us to provide premium banking services for everyone, regardless of age or income, and improve the financial outcomes of our members without overdraft fees, minimum balance requirements, or hidden fees. We give members up to two days faster direct deposit paychecks, free overdrafts up to $100 with Overdrive™ , points on purchases redeemable for cash back, access to 55,000 free ATMs worldwide as well as 24/7 member support 365 days a year. To learn more about us, visit http://www.current.com or download our app on the App Store or Google Play.

Current is now backed through investments from Foundation Capital, Wellington Management Company, QED Investors, EXPA, Galaxy Digital, CUNA Mutual Group and Elizabeth Street Ventures.

Media Contact:
Erin Bruehl
Director of Communications, Current
[email protected]

SOURCE Current