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 types of merchants are eligible for the Bonus Cash Back Rewards at five percent (up to a maximum of $100 in Cash Back Rewards on a maximum of $2,000 in eligible purchases): Home Supply Warehouse Stores, Hardware Stores, General Contractors – Residential & Commercial, Heating, Plumbing & Air Conditioning Contractors, and Electrical Contractors.
You can redeem your 1% Cash Back Rewards at any time on your Baselane account. 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 ‘Reddem Cash Back’ button at the bottom of the page to complete this
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. For all rewards above 1%, Cash Back is credited once per month to your account with a maximum of $2,000 annual spend per calendar year.