You earn five percent (5%) Cash Back Rewards when you, or an authorized user, use a Card to make up to $2,000 of purchases per year (minus refunds and returns) with eligible home improvement merchants and then one percent (1%) thereafter minus refunds or returns. Note, virtual cards can also earn the same Cash Back incentives as the physical debit card you receive for your Baselane Banking account. See here, for more details on virtual cards.
For Bonus Cash Back Rewards at 5%, this equates to Five Cents ($0.05) in Cash Back Rewards for each One Dollar ($1) spent on eligible home improvement purchases, and for other Cash Back Rewards, this equates to One Cent ($0.01) in Cash Back Rewards for each One Dollar ($1) spent.
Purchases with the following select merchant codes are eligible for the Bonus Cash Back Rewards at 5% (up to a maximum of $100 in Bonus Cash Back Rewards on a maximum of $2,000 in eligible purchases): 5200 – Home Supply Warehouse Stores and 5251 – Hardware Stores.
How do I redeem my Cash Back Rewards?
You may redeem your 1% Cash Back Rewards starting at $10, with no maximum redemption limit. When you elect to redeem your 1% Cash Back Rewards, your funds will generally be deposited into your account instantly. To do so, follow the steps below:
Go to the Baselane Banking tab
In the ‘Summary’ field at the top-left, you will see the ‘Total Balance’, ‘Current APY’, and ‘Available Cash Back’
Under the ‘Available Cash Back, select the blue ‘Redeem’ button
Select which bank account you’d like to redeem the funds into, input the amount of available cash back you’d like to redeem
Select the blue ‘Redeem Cash Back’ button at the bottom of the page to complete this
Please note that 1% Cash Back rewards may not show up in your redeemable balance until one business day after the transaction has posted (transactions can remain in a 'pending' state while being processed). For all Cash Back rewards above 1%, Cash Back is credited once per month to your account with a maximum of $2,000 annual spend per calendar year.