Aven has launched a new referral offer on the Aven credit card. This card is different to the card linked to home equity. Base details are as follows:
- No annual fee
- Card earns 3% back on up to $10,000 in spend, then 2% cash back on all purchases
Currently if you use a referral you’ll earn 4% cash back on up to $10,000 in spend. For every person you refer that will be increased by 1% up to a maximum of 10%. This means you need to refer 6 people to max your own promotion out. In addition the bonus is tiered (so if you refer 6 people you’d be earning 10% on the first $10,000 and then 9% on the next $10,000). They provide the following example:
Example: Assume that Cardholder is currently earning 3% cash back on their first $10,000 of Net Eligible Purchases annually and so far has $2,000 in Net Eligible Purchases applied towards that $10,000 maximum. A Recipient then uses the Cardholder’s Invite Code to open an Aven Rewards Card account. When that account is opened, Cardholder moves up to the 4% cash back tier – i.e., Cardholder begins earning 4% cash back on their next $10,000 of Net Eligible Purchases. After that $10,000 is spent, Cardholder drops back down to the 3% cash back tier – i.e., Cardholder reverts to earning 3% cash back. Because Cardholder already had $2,000 of Net Eligible Purchases in that 3% cash back tier, Cardholder will receive 3% cash back on the remaining $8,000 in that tier, after which Cardholder will earn cash back pursuant the Cash Back Terms and Conditions and Cardholder’s account agreement.
Full terms here. Many readers will be familiar with Aven from the $5 weekly promotion for having a high credit score.
Obviously the deal is great if you can refer 6 people (or even less) and can spend large amounts. If you can’t do that then I don’t think it’s particularly attractive because 4%/3% on $10,000/$10,000 in spend is only an additional $300 compared to a flat 2% cash back card. I will also say that somebody from Aven reached out regarding this promotion (we didn’t receive any incentive for posting about it and won’t share our own referrals) so I suspect any unnatural spend will be noticed. For me this is an easy pass.
Please do not share your referrals in the comments below, they can be shared in this linked thread.
