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Purchase Rewards FAQs

Everything you need to know about our new debit card rewards program.

Starting September 9th, BankFive debit card holders will have access to a new rewards program that offers cash back on everyday purchases at participating retailers. Specific questions about the new Purchase Rewards program are answered below, but if you have a question that is not answered here, please don't hesitate to contact us via the button below, or by calling us at (774) 888-6100.
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What is Purchase Rewards?
  • Purchase Rewards is a program that lets you earn cash back by using your BankFive debit card at participating retailers and restaurants. With the Purchase Rewards program, you receive targeted offers within your Online Banking or Mobile Banking account, based on how you shop. The more you use your BankFive debit card, the more offers you can receive, and the more cash back rewards you can earn.

Do I need an Online Banking account to participate in the Purchase Rewards program?
  • Yes. Because the offers must be activated via Online Banking or the BankFive mobile app, you must be a registered Online Banking user in order to participate in the Purchase Rewards program. If you are not registered for Online Banking, please visit our Online Banking page to learn more about our Online Banking platform and access a link to our Online Banking Registration Form.

Is the Purchase Rewards program free?
  • Yes. There is no cost associated with Purchase Rewards. This program is just another benefit of using your BankFive debit card.

How do I sign up for Purchase Rewards?
  • You don't have to sign up. All BankFive debit card holders will be automatically enrolled in the program when it begins on September 9, 2019. Just log into your Online Banking or Mobile Banking account and look for the Purchase Rewards box. Once you've started using your debit card on a regular basis, you should begin to see individual offers populate in this box. Clicking the "View all offers" button will take you to a page detailing each of the cash back offers available to you.

How do I use Purchase Rewards?
  • Once you have offers available to you, click on them in order to activate the offers. We recommend reading the details associated with each individual offer, as each offer has different specifications and requirements associated with it. Then, redeem your offers by shopping at those retailers and restaurants with your debit card. Your cash back rewards will be automatically deposited into your account in the weeks following your qualified purchases.

When will I receive cash back for the offers I redeem?
  • Your cash back rewards will typically be deposited into your account by the end of the month following the month in which the offer was redeemed. In other words, if you redeemed an offer in September, you should see the cash back reward credited to your account by the end of October. You can keep track of your redemptions by clicking into Purchase Rewards via the "View all offers" button in Online Banking and clicking on the "Earned Deals" tab.

If I have more than one account, will I see the same offers for both accounts?
  • Offers are matched on an account-level, based on the purchases made with that account's debit card. If you make different purchases with different accounts, you will see different offers for those accounts. Please note that if you activate an offer for one account, you must use the debit card associated with that account to redeem the offer.

If there are two debit cards on the same account, can both receive the same reward?
  • No. Offers and rewards are based on the account, not the debit card associated with the account. If an offer is available in an account that has more than one debit card, whichever debit card redeems the offer first will trigger the reward, and the reward will be marked as "used".

Is my personal information shared with the participating retailers and restaurants?
  • No. We do not share any of your personal information with the retailers or restaurants that participate in the Purchase Rewards program.

Are my cash back rewards taxed?
  • No, the rewards are not taxed as income.

If I return an item, do I lose the reward?
  • No. Because we do not share your personal information, the rewards cannot be lost after you earn them.

How do I opt out of the Purchase Rewards program?
  • After the Purchase Rewards program launches on September 9, 2019, you can opt out of the program by logging into Online Banking and clicking the "View all offers" button in the Purchase Rewards box, and then clicking the "Preferences" tab. In the "Preferences" tab, click the "Opt out" button. Please note that if you choose to opt out of Purchase Rewards, you will no longer receive cash back deals from retailers and restaurants.
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