Prize-Linked Banking App PrizePool Launches Debit Card With Unique Benefits

The PrizePool Debit Card earns cardholders tickets to the weekly drawing, increasing odds of winning a grand prize of $10,000 and reimbursement on purchases

SAN FRANCISCO–(BUSINESS WIRE)–PrizePool, the popular prize-linked financial app, announced today the launch of the first-ever PrizePool Debit Card. The card, which is issued by Evolve Bank & Trust, member FDIC, and powered exclusively by the Mastercard network, offers Americans even more chances to win the company’s weekly prizes along with additional rewards.

PrizePool was founded in the midst of the pandemic, with a mission to incentivize Americans to save more and build a better financial foundation. To date, the company has enticed tens of thousands of Americans to save millions of dollars by offering FDIC-insured* deposit accounts provided by partner bank, Evolve Bank & Trust, Member FDIC. PrizePool deposit accounts pay a guaranteed bonus rate of 0.30% APY – six times more than the national average interest rate** – and has awarded over $1M in prizes.

Savers on PrizePool are automatically entered into a weekly drawing every Friday, as long as they have a minimum of $1 in an account. PrizePool aims to make saving fun and engaging while also helping customers increase their savings, and never lose it. The company has nearly 6,000 winners weekly and a payout of $50,000 every single month including a monthly $10,000 grand prize.

“We want to encourage Americans to save when so many don’t have an emergency fund, and there’s a way to do this while they’re paying for necessities,” said Frank Chien, Co-founder and CEO of PrizePool. “The PrizePool Debit Card will be a way for our savers to access their money for everyday costs while earning for their future.”

The PrizePool Debit Card benefits include:

  • $0 fees
  • For every $1 spent on the debit card, 30 tickets earned for PrizePool’s weekly drawing
  • Every debit transaction also has a chance to be reimbursed*** – there are no daily or lifetime limits on how many times a single person can win a reimbursement
  • Advanced security features including Mastercard ID Theft Protection™, Zero Liability and Price Protection

PrizePool’s Debit Card encourages people to use the account for daily expenses wherever Mastercard is accepted, incentivizing savers who are creating a good financial foundation by using money they currently have as a way to budget and avoid racking up debt.

About PrizePool

PrizePool’s mission is to incentivize all Americans to save more and build a better financial foundation. PrizePool ups the game of today’s boring, low-growth deposit accounts. It gives customers a new, fun place to save – one where their money is their chance to win real, cash prizes guaranteed to total $50,000 every month. Even if savers don’t win cash prizes, the account is FDIC-insured* and will earn a 0.30% APY bonus. By automating and gamifying savings, PrizePool not only benefits savers by making financially-sound decisions but also helps them stay actively engaged in their savings and financial goals. For more information please visit www.getprizepool.com. PrizePool is a financial technology company with banking services provided by Evolve Bank & Trust, Member FDIC, available nationwide and can be downloaded on iOS and Android with no fee. Follow PrizePool on Twitter @prizepool.

Disclosures

*FDIC coverage is provided through Evolve Bank & Trust, member FDIC

**According to the FDIC’s Weekly National Rates

***Up to $2,000 per transaction for debit card reimbursements

Contacts

[email protected]

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