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Checking Rewards FAQ

Open Checking and get access to benefits like cell phone insurance and rewards like automatic cash back rewards, along with no account fees, overdraft fees, or minimum balances.

Articles by Betterment Editors
By the Editorial Staff Betterment Resource Center Published Sep. 17, 2020 | Updated Jul. 21, 2021
Published Sep. 17, 2020 | Updated Jul. 21, 2021
7 min read

TABLE OF CONTENTS

For Checking questions related to eligibility, transfers, account maintenance, mobile check deposit, or your Betterment Visa® Debit Card, please visit our general Checking FAQ.


What are cash back rewards?

Cash back rewards allow Betterment to offer Checking users cash back on purchases with thousands of merchants. If you have an activated Betterment Visa® Debit Card, you’re automatically eligible for cash back rewards. Cash back offers are automatically applied to your account.

You can find current Checking cash back offers in the Earn Rewards section of your Betterment account.

How can I earn cash back?

You can earn cash back by making eligible purchases at select merchants with your Betterment Visa® Debit Card, with both online and in-person offers available. Current cash back offers available to you are shown in the Earn Rewards section of your Betterment account.

Once you find your favorite offers, simply pay with your Betterment Visa® Debit Card at checkout. In-store offers are automatically available, while you will have to shop through the Betterment app to redeem online offers. Cash back will be automatically deposited into the Betterment Checking account that you used to make the eligible purchase.

Purchases that do not fulfill a specific cash back offer in your account are not eligible for cash back.

Do cash back rewards apply to online or in-store purchases?

Cash back rewards may apply to both in-store or online purchases. To see if an offer is eligible for cash back with an online or in-store purchase specifically, you will want to view the offer details. You can find all cash back offer details in the Earn Rewards section of your Betterment account.

  • In-store offers are automatically available by using your Betterment Visa® Debit Card at checkout.
  • Online offers must be completed through the Betterment app’s Earn Rewards section. To earn cash back, open the offer and tap the “Shop” button. You’ll be redirected to the merchant’s app or website, where you can complete the purchase with your Betterment Visa® Debit Card in order to be eligible.

When will I receive my earned cash back?

Cash back will be deposited into your Checking account between 1 and 90 days (depending on the merchant) after making an eligible purchase. You’ll be able to track the estimated reward amount as well as its status (pending or completed) by clicking into the original transaction on your Checking Summary. When your cash back is deposited into your Checking account, you will see it as a separate transaction.

Note: The final reward amount may be different from the estimate by the time it is deposited into your account. An example of this is if a gas station authorized your card for a dollar amount that is different from the final transaction amount.

What if I feel like I’m missing some earned cash back?

Our team is happy to assist you if you feel that you are missing any earned cash back within 90 days.

If the transaction in question is completed, please email us at cashsupport@betterment.com.

Will my cash back rewards offers expire?

Offers are only available when they are present in the Earn Rewards section of your Betterment account. Before making your purchase, we recommend checking your Earn Rewards section to make sure a specific offer is still available.

Will my earned cash back rewards expire?

The cash back rewards that you receive from completed, eligible transactions will not expire. These funds are placed directly into your Betterment Checking account once available.

Are there any limits to the amount of cash back I can receive?

Certain offers may have limits to the amount of cash back you can earn from them. Each offer is different, so checking the terms for each offer will provide information on any limits to how much cash back can be earned. For more information on a specific offer, you can go to the Earn Rewards section of your account and click on the offer.

What is Dosh?

Checking’s cash back rewards are powered by Dosh. When you make a transaction with your Betterment Visa® Debit Card, we’ll send the transaction to Dosh to check if it’s eligible for a reward. If so, Dosh will let us know the reward amount and then work with the merchant to complete the reward.

What information do you share with Dosh?

Betterment and Dosh respect your privacy and take precautions to ensure the security of your data. Betterment only shares the data necessary to determine whether you are eligible for a cash back reward. Personal details, such as your name, address and Visa debit card number are not shared with Dosh.

For more information on Dosh’s privacy policy, view the terms of service. You can also view Betterment’s privacy policy.

What is Sure?

Sure is an insurance technology company that powers insurance benefit programs for customer-centric organizations like Betterment.

Cell phones have become an everyday necessity for the average person. If your cell phone is damaged or stolen, getting it repaired or replaced is often not optional.

Fortunately, coverage is available for damage to or theft of your cell phone through Betterment Checking and our insurance partner Sure.

This benefit is available if you are a valid Betterment Visa® Debit Card holder and you charge your full monthly cellular wireless phone bills to your Visa debit card for the billing cycle before the month in which the incident occurs.

Eligible cell phones are the lines listed on your most recent monthly billing statement for the billing cycle prior to when the incident occurred.

Who is eligible?

Betterment Checking customers who have a Betterment Visa® Debit Card are eligible to receive this benefit.

How do I enroll?

Enrollment is not necessary. Simply activate your Betterment Visa® Debit Card and make payments to your monthly cellular wireless phone bill using that Visa debit card.

How much does it cost?

The cell phone protection benefit is provided to Betterment Checking customers, who are paying for their monthly cellular wireless phone bill in full with their Visa debit card, at no additional cost.

Please note that any claims made are subject to a $50 deductible per claim.

How much coverage is available?

The maximum benefit limit is $600 per claim with a maximum of two claims per 12 month period. Cell phone protection is subject to a $50 deductible per claim.

When does my cell phone protection begin?

Cellular Telephone Protection applies when you make your monthly cell phone bill payment with your activated Betterment Visa® Debit Card. Coverage begins the first day of the calendar month following a full payment of the cell phone bill and remains in effect until the last day of the calendar month following payment.

For example, if your cell phone bill is due on August 15th, and you pay it on that day using your Betterment Visa® Debit Card, coverage begins on September 1st.

What does this insurance benefit cover?

This benefit is supplemental coverage, which means that it will reimburse you for theft of, or damage to, your cell phone not otherwise covered by another insurance policy (for example; cell phone insurance programs, or your homeowner’s, renter’s, automobile, or employer’s insurance policies).

Claims made are subject to a $50 deductible per claim.

  • If you do not have personal insurance, the benefit reimburses you for the covered theft, or damage for your cell phone.

For more information, please refer to the policy details.

What is not covered?

The benefit will not provide reimbursement for the following, but not limited to:

  • Cell phones which have been rented, borrowed or are part of pre-paid or “pay as you go” type plans.
  • Cell phones purchased for resale, professional, or commercial use.
  • Cosmetic damage to the cellular phone or damage that does not impact the cellular phone’s capabilities and functionalities.

For more examples of what is not covered, please refer to the policy details.

How do I file a claim?

Claims must be filed with sixty (60) days of the date of damage or theft. To file a claim:

  1. Visit betterment.claimservicing.com
  2. Fill out the claim form, attach requested documentation, and click submit.
  3. You will receive an email to electronically sign your claims form.
  4. A claims representative will contact you to finalize your claim.

For insurance support, please contact Sure, our insurance partner, at betterment@sureapp.com.

How do I add my Betterment Visa® Debit Card as a payment option with my phone service provider?

Contact your provider for instructions on how to add your Betterment Visa® Debit Card as your default payment method in your account.

Please note that you must use your Betterment Visa® Debit card to be eligible for cell phone protection. If you pay your bill with your Checking account and routing number instead, you will not be eligible.

For your reference, please see below direct links to some of the largest cellular providers in the U.S.:

What else should I know?

  • If the cell phone is damaged, do not discard it until the claim has been fully reviewed.
  • If your cell phone is stolen as a result of criminal activity, you must file a police report within 48 hours of the event.
  • If you do not make a cell phone bill payment in a particular month, your coverage will be suspended. Coverage will resume on the first day of the calendar month after the date of any future cellular wireless phone bill payment made with the eligible card.

I have more questions, who should I reach out to?

For more in-depth questions regarding this benefit, please contact the Insurance Benefit Provider via email at betterment@sureapp.com.

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Betterment Checking

Checking accounts and the Betterment Visa Debit Card provided by and issued by nbkc bank, Member FDIC. Funds deposited into Checking are FDIC-insured up to $250k for individual accounts and up to $250k per depositor for joint accounts. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa® 1% foreign transaction fee worldwide, everywhere Visa is accepted.

Cell Phone Insurance

Content and associated insurance products are provided by Sure HIIS Insurance Services, LLC (“Sure”), a licensed seller of insurance. The above does not in any way constitute an endorsement or referral by Betterment of the products or services offered by Chubb or Sure. Claims must be filed within sixty (60) days of the date of damage or theft to be eligible. Exclusions may apply. Insurance is issued and managed by the Chubb Group of Insurance Companies, 202B Hall’s Mill Road, Whitehouse Station, New Jersey, 08889. Terms subject to change.

Cash Back 

Eligible when using your Betterment Visa® Debit Card. Cash back merchants and offers may vary. You’ll see rewards, which are deposited back into your Checking account, in as little as one day after making the qualifying purchase, but it may take up to 90 days depending on the merchant. In order to find you relevant offers, we share your Betterment Visa Debit Card transaction information (and location, if you choose) with our rewards partner,  Dosh. Shared data is anonymized and Dosh is prohibited from selling shared data to any third parties. See Terms and Conditions to learn more.

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