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Update 7/14/22: Enzo have announced some PayPal changes:
Unfortunately due to changes in how PayPal / the card networks process PayPal Billpay transactions, many of these transactions (>75%) of them no longer count as purchases; what this means is these transactions are still being processed normally, but the majority of them now do not earn cashback. We are working to add the functionality on the app so you can see which ones qualify as purchases, but we wanted to make customers aware of this. We apologize for any inconvenience this may cause.
In our effort to continually make enhancements and respond to customer feedback, we have modified our cashback program to make all merchants eligible for 1% cashback up to $2500 per year of total cashback. This applies to both premium and non-premium customers.
Update 6/27/22: Interest rates will increase to ย 2.15% on August 1, 2022. Additionally they state that once they hit 25,000 customers they plan to reward all our Founding Members by raising the interest rate to 3.10% on the Enzo Checking Account.
Update 6/16/22: Enzo has increased the interest rate to 1.49% APY which is at/near the top for all high yield accounts. Interestingly, they promise to track the feds rates going forward (ht Anton):
Taking the upper bound of the federal funds rate target range as established by the Federal Open Market Committee of the Federal Reserve, subtracting one-tenth (.1) of a percentage point from the applicable rate given as a percent, and then multiplying the result by 0.9.
Update 5/5/22: They are now offering 1% back on PayPal purchases.
Good news! All Enzo Deposit Account members can now earn 1% cashback for qualifying PayPal purchases up to a maximum of $2,500 per calendar year.
1% PayPal cashback is retroactive as of May 1, 2022
Qualifying PayPal purchases are purchases using the Enzo virtual or physical debit card.
All members are eligible for 1% PayPal cashback and only subject to the annual $2,500 cashback maximum.
Update 3/31/22: Theyโve now capped the 2% cashback on rent payments to $20/month and $150/year (in addition to minimum balance requirement).
1/25/22: looks like the $50 bonus ends today.
Members who sign up for an account by January 25, 2022 are eligible to receive a $50 Sign Up Bonus.ย All sign up bonuses will be credited by January 31, 2022.
The Sign Up Bonus program will beย paused as of January 26, 2022.
Update 1/19/22: Rent payments have been increased from 1.5% to 2%.
Enzo is a new fintech that is in Beta offers an interesting rewards program, they have raised $3 million according to Crunchbase.
Rewards Program
They offer the following rewards:
10% cashback on Uber
5% on DoorDash,
1.5% on rent, limited to $65 per calendar month and $500 per calendar year.
Earn unlimited 1.25% cashback on everything else.
Once the monthly and/or annual limits have been reached, you will continue to earn 1.25% on everything (excluding rent). Cashback on rent is limited to one transaction per month.
Sign Up Bonus
Some people are being offered $50 when signing up for the Android app. Looks like you need to have be part of the wait list to get this bonus.
High Yield Account
This account currently earns 0.5% APY, which is competitive for a basic high yield savings account.
Our Verdict
The main appeal of this account is the 1.5% cash back on rent payments. That is capped unfortunately, your rent would need to be $33,350 annually to hit that cap. I suspect we will see some more sign up bonuses for this account, but I donโt expect the rent bonus to last too long as that doesnโt seem sustainable.
Soft pull to open
No chexsystems pulled
Hat tip to fearthez
This was published by Doctor Of Credit, to read the complete post please visit https://www.doctorofcredit.com/enzo-earn-1-5-on-rent-payments-ach-10-on-uber-more/.