Dave Inc. (NASDAQ: DAVE) announced the arrival of cash back rewards “for all Dave Spending members with the launch of Dave Rewards.”
Dave is the banking app on a mission “to create products that level the financial playing field.”
This new offering “enables Dave’s members to activate card-linked offers from over 100 top brands, including Burger King, Gopuff, Shake Shack, Redbox, and more.”
Jason Wilk, CEO of Dave, said:
“Bringing top-tier debit card rewards to our members, who are not typically approved for rewards-based credit cards, is a great example of Dave leveling the financial playing field. With inflation reaching historic highs, every dollar counts for the many people living paycheck to paycheck. This is yet another way that Dave provides a superior banking experience for the everyday American.”
The Dave Rewards launch also includes “a limited time promotional offer with gas stations across the United States, whereby all Dave members using their Dave Debit Mastercard® will receive 10% in cash back rewards on gas purchases.”
This promotion “is especially important given the rapid rise in gas prices over the past two years and the financial burden this has caused for the everyday American.”
According to AAA, the average price for regular gas today “is approximately $4.62 whereas it stood at $3.28 when the year began and under $3.03 at this time last year.”
Through this partnership, Dave Debit Mastercard cardholders “will be automatically enrolled and can simply shop with their card to experience seamless cash back.”
Brands will see “an increase in their promotional reach through this partnership and retailers will benefit as the promotions that are already on their website will now be available to Dave’s members.”
Unlike other fintech competitors, Dave does “not limit how much cash back its members can earn per month.”
Wilk continued:
“The rewards program will help Dave members reduce some of their financial burden as they can now get cash back on everyday shopping activities and reduce their overall cost. Rewards also enables us improve retention and increase lifetime member value which in turn, provides a better member experience. Let’s face it – the cost of living has risen significantly and inflation is not going away anytime soon. We want to help our members – and with Dave Rewards, we are.”
As covered, Dave.com is on a mission “to build products that level the financial playing field.”
Dave’s banking app comes “with no minimum balance or overdraft fees, new job opportunities, and helps members access up to $250 advances without paying a fee.”
Dave has over 6 million members, “is publicly traded on the Nasdaq, and has the backing of Tiger Global, FTX, Norwest, Mark Cuban, SV Angel, TCG, Section32, JP Morgan, and Capital One.”