The Benefits of Using Mobile Wallets
We are all busy, running around doing errands or shopping for back to school items. But this year, we have a tip that can help make your trips run a little bit smoother; all you have to do is add your debit and credit cards to your mobile wallet. You have probably heard of Apple and Android Pay, but if you are like some of us, you might not have gotten around to fully implementing this way of completing payments. With everything going on, you are probably trying to limit how many surfaces you touch when in a store, so now is the perfect time to take advantage of Apple and Android Pay. Adding your Rewards debit card to your phone can help you out in 5 different ways:
1. Saves time
Your time is valuable, whether you are online shopping or inside of a store, with Apply and Android Pay, you won’t have to waste time entering in a single piece of information. Once you get used to taking your phone out and pulling up your mobile app, you won’t ever go back to credit card or cash payments!
Apple and Android pay is a more secure way of completing a purchase compared to a debit or credit card. Instead of using credit card data, all transactions are made using tokens. Apple and Android partner with each bank prior to the ability to add your card to the app so the bank’s customer can use Apple and Android pay. As a result, the merchant never has access to the customer’s card data.
3. Trims your wallet contents
Having a full wallet and trying to fit it into your purse or pocket can be a pain on its own. Only having to carry around your phone, and having access to Apple and Android pay, would help limit the cash and credit cards you need in your wallet. Everything else is going virtual, why not put your wallet on your phone as well!
4. Contactless payment
If there was ever a time to transfer to the contactless payment option, now is the time. With Apple and Android Pay, there is no need to touch a keypad or handle cash. Instead just showing your phone to the merchant allows the transaction to go through and you can leave without touching unnecessary items.
5. Still will receive rewards
What about your cash back rewards? Don’t worry, once you hook your Rewards debit card up on your Apple and Android Phone, you will still receive 1% cash back on all other purchases.
If you aren’t convinced already, if you ever lose your phone Apple and Android Pay make it very easy to disable your account. No need to cancel your debit cards and ordering new ones, well, unless that gets lost too! Wondering how you can set it up? All you have to do is download the correct app for your specific smartphone and add in your card information.
The Debit Card Rewards Program (Cash Back Rewards) will provide 1.00% cash-back on all Qualified Purchases made by eligible Rewards Checking account holders if the account holder does any of the following; meet the requirements, is grandfathered in, or keeps an average balance of $2,500 or greater within the calendar month in their Rewards Checking Account, or receives total deposits of $2,500 or more in their Rewards Checking account via qualifying Direct Deposit within the month. Qualifying Direct Deposits are Automated Clearing House (ACH) credits, which may include payroll, pension or government payments (such as Social Security) by your employer, or an outside agency. LendingClub Bank may require documentation to verify that credits are Qualifying Direct Deposits. The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as LendingClub Bank does not provide tax advice. Qualified Purchases include signature-based purchases made with a LendingClub Bank issued Debit Card tied to a Rewards Checking account enrolled in the Debit Card Rewards program. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and how the transaction is transmitted to LendingClub Bank at the time of processing. We reserve the right to determine if a transaction was a Qualified Purchase, and to establish additional types of Qualified Purchases that could be made available in a variety of ways. Any goods or services purchased with the LendingClub Bank issued Debit Card that are returned or otherwise credited to your Account are not qualified purchases. Unlawful purchases and purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Cheques, gift cards, Cryptocurrency, Casino Chips, Peer to Peer Payments, prepaid debit cards, account openings, loan payments, or other cash equivalents) made with your LendingClub Bank issued Bank Debit Card are not Qualified Purchases. We may require you to provide documentation to validate that certain purchases are Qualified Purchases. LendingClub Bank reserves the right to modify or discontinue this program at any time. Your enrolled account must remain open, active, and in good standing to participate in the program, meaning: No NSF (non-sufficient funds) items during the preceding twelve calendar months in your checking account (regardless of the type of checking account). An eFunds check must show no negative history in the preceding twelve months and all monthly servicing fees must have been paid in full for the 12 preceding months. LendingClub Bank reserves the right to modify the description of “good standing” at any time. If you or the Bank closes your account for any reason before the end of the statement cycle, you will forfeit all rewards accrued through your linked Debit Card during that statement cycle.