#Cards / Point wants to provide credit card rewards with debit cards

… While Point is technically providing a bank account, the company focuses on rewards associated with a debit card.

[CEO/co-founder:] “I started Point as a solution about everything that is frustrating and complicated about credit cards. The incentives between credit card companies and cardholders are misaligned … What would American Express look like today?” he says to sum up Point’s vision. It comes down to two important principles – being in charge of your budget so that you don’t end up with debt and unlocking rewards from brands that you actually interact with.

Many challenger banks want to provide a simple banking experience for the underbanked. Point doesn’t have the same positioning. Creating a Point account is more like joining a membership program… As the name of the startup suggests, you earn points with each purchase. You get 5x points on subscriptions, such as Spotify and Netflix, 3x points on food, grocery deliveries and ride sharing, and 1x points on everything else. Points can be redeemed for dollars…