Enzo App review

Enzo Rewards

• 2.0% cash back on rent (not available for new customers, existing customers will earn cashback on rent until June 2023)
• 10% cashback on Uber
• 5% cashback on DoorDash
• 1% cash back on PayPal purchases (there have been some issues lately with this – PayPal transactions no longer count as purchases)
• 1% cashback on everything else
• Enzo’s high-yield savings account  earns 3.56% APY (from 11/3/2022)
• Early customers also get equity in the company

Total cashback is limited to $20 per calendar month and $150 per calendar year. Once you reach your monthly or annual limits, you will earn $0.25% cashback. You will need a minimum balance of $2,000 or $1,500 in direct deposits per month to get the high rewards rate.

The most interesting reward feature is the 2% cashback on rent. Since the product is still in beta phase, customers need to manually tag their payments as rent payments. In the future, the company hopes to automate this process to reduce abuse.

How cashback works

You will get the cashback for the previous month in your Enzo checking account a few days after the end of the month. Cashback has a monthly cap of $20 and an annual cap of $150. Once you reach your cap, you will continue to earn 0.25% cashback on purchases.

Deposit is FDIC insured

Your money with Enzo is insured by the FDIC for up to $250,000.

Sign up bonus

Sign up bonus is currently not available. But the company offered a $50 sign-up bonus recently.

Getting equity in Enzo

Here are the terms and conditions for getting equity in the company

To receive Enzo stock you must be registered on the Enzo waitlist. You can earn a maximum of 250 Enzo shares for qualified referrals. Total shares under the Waitlist Equity Program (“WEP”) shall not exceed 100,000. WEP is subject to terms and conditions and does not require opening an Enzo account. Enzo reserves the right to modify the program at any time. Terms for receiving equity will be available soon upon request.

Referral reward

When you refer someone to Enzo, you get 1 share for every 3 referrals. The maximum number of shares you can earn through referrals is 250.

Enzo is not a bank

Enzo is a fintech company. Banking services are provided by Blue Ridge Bank. Enzo has partnered with another company, Unit, for its backend technology. Customers have access to funds in their checking account through Enzo’s debit card.

Future products

The company has plans to offer mortgage and investment products in the future. The timing of the launch of these services has not been announced. Another product the company may offer is cashback on mortgage payments.

Does not work with Zelle

Enzo is a checking account with a debit card. It does not work with Zelle. So you cannot earn rewards for paying rent with Zelle.

Comparison to Bilt

Enzo is a checking account + Visa Debit card whereas Bilt is a credit card. Enzo works everywhere, whereas Bilt only works at specific rental properties.

Risks of new financial apps

While Enzo’s rewards are lucrative, it’s not clear how Enzo will sustain the reward structure long-term. Other financial companies such as HM Bradley scaled down their rewards after their initial launch. Any money you put in Enzo is protected by FDIC for up to $250,000.

Credit Cards Offers & News

• Citi has added Wyndham as a Thankyou transfer partner. You can transfer Thankyou points to Wyndham at a rate of 1:1 for annual fee cards and 1:1.08 for no-annual-fee cards. Citi recently added Choice as a hotel transfer partner at a rate of 1:2. It’s nice to see Citi adding hotel transfer partners. Granted, none of these are high-end hotels.
• The new Capital One Premium ‘Venture X’ Card is open for sign up. The premium card offers 100,000 Points (after $10,000 in purchases in the first 6 months) + $200 Signup Bonus ($395 Fee, $300 Travel Credit, 10K miles Annual Bonus).  Must use Capital One Travel for $300 travel credit.
• In-branch offer of 100,000 points (+waived annual) for Chase Sapphire Preferred card has ended in early November
• Amazon Prime Rewards card has a sign up bonus $200 (highest I have seen). The card gives you 5% cashback at Amazon and Whole Foods, 2% at restaurants, gas stations, and drugstores, and 1% everywhere else
• Amazon confirmed that it will stop accepting Visa credit credit cards in the UK. There are rumors that Amazon will drop Visa in the US too. The company is currently in talks with Mastercard and American Express.

Other Deals

• PayPal/Venmo has a $10 reward when you make $10+ purchase at Panda Express with PayPal or Venmo QR code. You can do this offer twice – once with PayPal and once with Venmo.
• Starting sometime in 2022, you will be able to pay at Amazon.com using Venmo.
• Discover has 20-25% off on popular gift cards when redeeming points. Notable ones:
  Bath & Body Works – 25%
  Chipotle – 20%
  AirBnB-20% (Expired)
• Newegg.com has $110 Home Depot e-gift card for $100. Limit 3. Usually, gift card purchases at Newegg don’t stack with cashback from shopping portals but it’s worth trying.
• If you want to grab a good deal on a Southwest flight, the airline will release its flight schedule and prices for these dates – 4/24/22 to 6/4/22. Southwest used to release prices for 6 months before, now it’s only doing 3 months.

My Money Planet has partnered with CardRatings for our coverage of credit card products. My Money Planet and CardRatings may receive a commission from card issuers.

The subscription offer includes light roast, dark roast, hazelnut, decaf, iced coffee, or hot tea of any size. The offer does not include espresso drinks, cold brews, iced tea, cappuccino or other beverages.

If you are a coffee snob and spend a ton of money on Starbucks, this is your chance to cut your coffee bills and still continue your coffee obsession. Panera Bread’s coffee ranks very high and is comparable to Starbucks according to this report from Newsday.

To sign up for the subscription, you must first join the MyPanera loyalty program.  Panera is using the coffee subscription as a loss leader, hoping that customers who come to Panera for coffee will also purchase its other products.

Panera Bread updated its coffee offerings last year as part of a broader overhaul of its breakfast menu. As part of the revamp, each store grinds its beans every day and brews coffee at least once an hour. Panera added almond milk at the coffee station for no extra charge, along with other dairy creamers.

Panera Bread mobile ordering and overall customer service is by no means as good as Starbucks but for the price, it’s a great value for those who are looking for something more than their bland yet free office coffee.

Coffee at Panera is self-serve, which may not be suitable for everyone.  One of the things I love about Panera’s coffee is that it shows when the coffee was brewed.

Subscription for coffee is not entirely new. Last year, Burger King introduced a $5 a month subscription program for a small cup of coffee. The offer included only one cup per visit and no refills.  The program was discontinued after a few months.

Panera has over 2,200 locations.  If you are a coffee aficionado, click this link to sign up or sign up at a Panera kiosk.

Panera Bread is owned by the parent of  Krispy Kreme, JAB Holding.

But a Bank of America credit card (and debit card) offers a unique perk that you will not find with most cards.  It gives you free admission to museums on the first full weekend (Saturday and Sunday) of each month.  The program, called Museums On Us, has been in place for more than 20 years. It’s a great perk to have if you love visiting museums or you have kids who love to go to museums.

If you have a cashback credit card from Bank of America, you will get cashback and this additional perk of free admission to museums.

How does it work?

A Bank of America credit or debit cardholder can get free admission to participating museums on the first full weekend (Saturday and Sunday) of the month.  You can find the full list of 220 participating museums here.

If you have a Bank of America card, and if you add your spouse as an authorized user, both of you will get free admission.  You will need to present a photo ID and your credit card in lieu of payment.

You can visit as many museums as you wish during the first full weekend of every month.  If you are a museum hopper, this can be a great way to spend your weekend at multiple museums.

Are there any exceptions or exclusions?

The free admission offer only applies to regular museum visits.  It does not apply to special exhibitions and fundraising events.

What about the kids?

At some museums, kids get free admission.  At others, you will pay an admission fee.  The admission fee for kids is usually a reduced fee.

If your kids have a Bank of America account, that will get them free entry.

How much money can you save every year?

Admission fees vary from museum to museum.  Let’s say it’s $10 per person and you have two cards in your family.  Let’s also assume that you visit 6 museums in a year.  That’s a savings of $120.  Obviously, your savings will be much higher if you visit more museums during the year or have more family members with Bank of America cards.

Bottom Line

Bank of America’s Museum on Us program allows you to save money on museum visits.  Free admission to participating museums is valid on the first full weekend of every month.  It works great for people who love visiting museums, and for families with kids.

Book Early

Airlines increase prices in the last few weeks before the departure date.  Book flights 1-3 months prior to travel date for domestic flights.  For international flights, book 5-10 months in advance. In addition to getting a good deal on prices, you may also be able to score better seats on the flight.

Be Flexible

Be prepared to fly out of another airport that is close to you because your home airport may not offer the best deals.  A couple of hours’ drive may save you hundreds of dollars.

Also, be prepared to travel mid-week, and return on a Saturday, not Sunday.  Prices tend to be high on Mondays and Sundays.  Flying on actual holidays such as Thanksgiving Day, and Christmas will give you good deals as fewer people fly on those days.

Have an open mind when planning vacations.  If you can travel to places where deals are available, you will save a bundle on your vacation.

Book Single Tickets, Not Group Tickets

When searching for tickets, look at ticket prices for one person and not for the entire group.  Airline price algorithms will give you the highest price for all the tickets, even if some of the tickets are available for a lower price.  For example,  let’s consider that you are booking tickets for a party of four.  Two tickets are available for $100, the third ticket is available for $150, and the fourth for $200.  If you book as a group, the pricing algorithm will show you four tickets available for $200, the highest price.

Book tickets separately, and then see if you have the option to choose seats together when you check out.

Sign Up For Alerts On City Specific Sites

Sign up with websites that offer city-specific flight deals such as escapehouston.com or escapeaustin.com.  These websites monitor flight deals for those cities and send you alerts.

Consider Discount Airlines

Discount airlines such as Southwest, Frontier, and JetBlue offer great prices on domestic flights if you book early. If you are traveling to Europe, consider Norwegian airlines.

Use Award Miles and Travel Points

If you have a credit card that offers miles or points, use them when you travel.  Some credit card companies such as Chase have their own travel portals where you can redeem the miles.

Credit cards also give you the ability to transfer miles to specific airlines, and then you can book the tickets directly on the airline’s website.

Use 24-Hour Cancellation Policy To Your Advantage

US regulation allows passengers to cancel the flight ticket free of charge within 24 hours of booking, if they booked directly with the airline at least seven days before travel for domestic travel.  If you are booking with OTAs such as Expedia and Priceline, understand their cancellation policies.

If you see a fare you like, go ahead and book it.  You will have 24 hours to think about it.  If you think it won’t work out, go ahead and cancel it within 24 hours and get a full refund.

Clearing Browser Cookies Gives You A Better Price

Clearing your cookies in your browser makes no difference to your price. If you see a different price after clearing the cookies, it means that price has changed for everybody, not just you. Changing to a different browser also has no impact on prices.

The myth is based on the idea that when you repeatedly search for a certain route, airlines will increase the price for you.  While it’s true that companies (not just airlines) use data cookies to store information about you,  it has no impact on the prices shown to you.

Flight Tickets Are Cheaper On Tuesdays

Years ago, airlines would load their fares on Tuesday.  So you had a chance to get cheap tickets on Tuesday.  But that system has not been in place for years, if not decades. Today, ticket prices are dynamic – they change daily, sometimes hourly.  Similarly, there is no time of the month or year to buy cheap tickets.

Dress Well To Get Upgrades

Even people who have status on airlines have trouble getting upgrades.  Dressing well for your flight helps you much in scoring upgrades.

Best Deals Are Available Last Minute

Last-minute travelers are usually business travelers who are not very sensitive to price. So airlines increase the price closer to the date of travel. If you wait till the last minute to buy tickets, you will be paying sky-high prices in most cases.

Buying Early Means Better Prices

The ideal time to book a domestic ticket is 1-3 months before a departure.  But if you buy too early – say 6 months ahead, you may have a lot of options but prices may not necessarily be cheaper.

All Travelers In A Group Must Purchase Ticket Together

Airlines can have 10 different prices for the same ticket due to algorithms. If a flight has a ticket for $70, a second ticket for  $100, a third ticket for $125, and if you book as a group, you will get 3 tickets for the highest price of $125 per ticket.

Always search for tickets for one person, and try to find seats together for your group when you are checking out so you can be seated together.

Non-Refundable Tickets Are Never Refundable

Non-refundable tickets are refundable under certain conditions. If you are booking a ticket for travel within the  United States,  you are entitled to a full refund on refundable tickets within 24 hours long as your flight is at least 7 days away with no cancellation fee.

Bottom Line

It’s not easy to get a good deal on airfare.  Being aware of the common myths will make you an informed buyer.  You can ignore these myths and focus on other things that help you get airfare for your next vacation.

But if you are willing to spend some to understand how credit card points or miles work, you will quickly realize that they offer much better rewards than simple cashback. For the rest of the article,  we will discuss credit card points rather than credit card miles because there are more points credit cards on the market. Miles credit cards are generally offered by airlines, though there are exceptions.

Cash Back Vs Points – How do they work?

A simple 2% cashback credit card will give you 2% cashback on all purchases.  If you spend $20,000 a year, you will $400 a year in cashback.

Points work exactly the same way except you get points instead of cash.  Many cards on the market offer 1 point for every dollar spent. If you spend $20,000 a year, you will get 20,000 points.  Some credit cards may offer 2 or 3 points per dollar spent on specific categories like travel and dining.

You can typically redeem points for flights or hotels at 1.5 cents to 2 cents per point. The value of points from credit cards can give you more than the 2% cash back you can get from a cashback credit card.

How To Redeem Points

There are a number of ways to redeem the points.  First, credit card companies like Chase and American Express have their own travel portals where you can book flights and hotels using your points.  Second, you can transfer your points to travel partners – airlines, hotels, car rentals, etc.  Points can be transferred on a 1:1 ratio in most cases, but it can differ based on the transfer partner.

For example, it’s possible to book a basic economy United flight for as little as 5,000 points.  Similarly, you can book a room at Hyatt for 5,000 points.  First-class tickets and luxury hotels cost more points.

By using points to book flights and hotels, you can get much more than 2%.  Look up the flight ticket on Expedia, and compare it to how many points it costs, and you calculate the value of your points for that transaction. Anything close to 2 cents per point is pretty good.

Who Is An Ideal Customer For a Points Card?

Points credit cards are ideal for people who travel.  You don’t have to be a Monday-Thursday travel consultant. Even if you take only a vacation or two, these cards can be incredibly useful.  Your annual spending on the credit card will easily pay for flights or a couple of nights at the hotel.

If you don’t travel at all or stay at hotels, then you are better off with a cashback card.

You Need A Points Strategy For Earning and Redeeming

To fully enjoy the rewards of points-based credit card, you need a plan.  You need to be organized and have a strategy in place as to when to pay cash, and when to pay with points. People with multiple credit cards also need to choose which credit cards to use where?  For example, the credit card that offers 3X points on dining is the one you should use at a restaurant.

But once you start putting your plan in practice, things get easy.  You will intuitively know which card to use where, and how to redeem points for maximum benefit. Sometimes, you are better off using points for flights, other times you will get the most of the points by using them to book a hotel.

Bottom Line

Credit cards offering reward points work great for people who travel. You can use points to pay for hotels, flight tickets, and car rentals.  To fully enjoy the benefits, you need to be organized with your spending and need to plan ahead when redeeming points. If you don’t spend much on flights or hotels, you are better off with a simple cash back card.