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What is a Refer a Friend (Personal Referral) Program?
Many Prepaid debit cards offer refer a friend programs. These programs offer cash referral bonuses that are paid by the card issuer when you refer a friend or family member to sign up for the card (as a new customer). They are sometimes called affiliate programs and/or links, though these terms usually refers to a commercial website (not a a personal referral).
How Do I Get Paid?
The person you refer must typically sign up for a new card (can not be an existing customer or card member) and then must also sign up for direct deposit, which is typically going to be their payroll or government benefits check. The amount of direct deposit that is required varies, but is typically a minimum of $40.
Also, you and the friend you refer usually BOTH get a cash referral bonus, which effectively doubles your referral payout amount and is obviously an appealing aspect to these programs that you might not see in other referral programs. Please note, though, that these programs are legit and are not a pyramid scheme (you don't get paid on multiple levels).
Payout Bonus Doubled– Updated 7/22!
Chime has Increased Their Referral Bonus to $100 (was previously $50)!
Chime Refer A Friend Bonus Review: You and your friend (or family member) will earn a cash referral bonus of $100 (one hundred dollars) (previously $50) when you tell your friends and family members about Chime (the largest digital bank with well over 5 million customers) and they sign up for a Chime Visa account – details within the app when you apply (your friend must sign up for direct deposit in order to qualify for referrals).
Account holders earn referral bonuses for multiple friends and family up to $1,000 each year (previously $500). Can we say easy money as it's just a link you send your friend and it only take a few mins to sign up – be sure to log in to the app to verify this offer after you sign up.
Fun Fine Print from Chime's Site: “We currently offer a referral bonus every time you refer someone new to Chime using your referral link, and they receive a single qualifying direct deposit of $200 or more! Your friend must enroll and complete a single direct deposit of $200.00 or more from their payroll provider within 45 days of opening their new account. If the terms are complete, both you and your friend will get $100 each.”
Brinks, the same company that brings you home security products, is also now in the prepaid card market. If you refer family and friends and you could qualify for a $20 referral credit (not a cash bonus). After each friend or family member you refer to the Brink's Mastercard applies and gets approved for a MasterCard (everyone is approved), they must load at least $40 in cash or can do a direct deposit of their paycheck in order to get the $20 credit.
You and the person your refer will receive a $20 account credit (not cash) and you can get an unlimited number of Refer-a-Friend rewards. No rebate will be credited to either party's account if the referred person had another Netspend card (Netspend issues several different prepaid cards) at any time during the previous 180 calendar days before the day the $40 cash load requirement is done.
Western Union has partnered with Netspend (that issues this MasterCard) to offer friends and family members $20. The person you refer must activate their card and then load $40 cash on their card for you to get your referral bonus (and for them to get their money).
If you accrue $600 or more in Refer–a–Friend cash rewards (that are credited to your card) in a calendar year, Netspend will mail you an IRS Form 1099–MISC reflecting the total Refer–a–Friend rewards (this is a standard tax policy of any refer a friend program).
No reward will be credited to either party if referred individual had another Netspend managed card (they issue a lot different prepaid cards) at any time during the previous 180 calendar days before the day the $40 cash load requirement is fully met.
{Update 2019} We regret to inform you that Rushcard appears to have ended their referral program as they were bought out by Green Dot. The previous terms are still below for info. purposes – if you have any other info, please post in our comments section below.
You can earn up to $600 each year with the RushCard Refer-A-Friend bonus program. For each friend or family member that gets a new card (must be a new customer), creates a PIN, and funds their Rush Card prepaid Visa (they must add funds to their account), you (and your friend) will get a $30 cash rebate bonus added to your RushCard. You can earn a maximum annual rebate up to $600 per year.
As a Paypal prepaid MasterCard cardholder, you can receive an unlimited number of Refer-a-Friend $20 cash bonuses as long as the program is active (and your referral will get $20 too). Like the RushCard program above (both programs are run by Netspend) the person you refer must apply and get approved (approval is guaranteed) for a new Pay Pal card for you to get credit.
The friend or family member you refer must also activate their card and load $40 on their MasterCard. Certain conditions apply- be sure to read all the terms and conditions carefully before you apply.
It's basically the same referral bonus of $20 (a credit to your prepaid account) that Netspend offers on its main prepaid card and, like with Netspend's flagship card, you referral must do a cash load (fees may apply) on to their new account in order for you both to get paid.
Many prepaid Visa and MasterCards offer a refer a friend program to reward their customers for referring friends and family members (and even strangers) to sign up for their card. If you are happy with your card (to the degree that you feel comfortable telling others about it), then taking advantage of these programs can be financially lucrative. The best payout offer in terms of payout is offered by the Chime Visa at $100 per referral (see link below- up to $1,000 in earnings per year).
But one downside of Chime is that you can not refer an unlimited number of friends like you can with Netspend. So, the best program really depends on how many folks you plan on referring. The bottom line is that if you plan on having less than 10 referrals, then Chime is best. But if you have a potentially larger referral network (over 25 so that you earn more than $500), then Netspend would be a better option. Click here to read our reviews of the current best prepaid cards on the market and apply online in mins.
One very low fee card option is the new No Fee Chime Visa Debit Card, (Referral Link) which can managed entirely from your smartphone and charges no overdraft fees, no monthly service fees and no transfer fees. No Chex systems. No minimum balance is required and Chime features over 38,000 fee-free MoneyPass® and Visa Plus Alliance ATMs (there is a map of all fee-free ATM’s in the app).
And for a limited time, earn a Cash referral bonus of $100 when you tell your friends and family members about Chime and they sign up (and they'll earn $1,000 too)- be sure to check out the details within the app after you apply!
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Are refer a friend annual cash payouts taxed if they exceed $600?
Are refer a friend annual cash payouts taxed if they exceed $600?