This was posted 1 year 11 months 11 days ago, and might be an out-dated deal.

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1% Cashback on All Spending + No Annual Fee @ Dosh Card

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Use the Dosh card, get 1% Cashback. Paid monthly, no annual fee.

The Dosh card is a prepaid card, it is accepted in all places where Visa credit is accepted (doesn't work in eftpos only stores).

You deposit via standard bank transfer and you can withdraw using bank transfer as well. No fee to move money in or out. It takes a few business hours to transfer money in and one business day to transfer out.

You can also use Account2Account to top up but this involves giving them your online banking password so if you're not comfortable you can use standard bank transfer instead.

Referral Links

Referral: random (173)

Referrer gets $15

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  • +6

    giving them your online banking password.

    What??

  • +1

    How do they even make money to afford this?

    • I'm guessing they're hoping to achieve scale and with that comes huge amounts of $ sitting in the eWallets of users which they can earn interest on.

    • They got $5m from investors earlier this year, I guess this is what they're spending it on.

  • +1

    I just realised this is a debit card. How in the world can they give a 1% cashback on a debit card?!

    This is edging on too good to be true. Is this sustainable for them or are they just burning through venture capital funding?!

    • +2

      They are hoping your affiliate revenue(which this business seems to be) is higher than the cost to issue you a card over the lifetime of your account.

      That being said it's a highly unprofitable venture, the average customer they will likely never recoup their initial costs of customer acquisition + initial card fee etc.

      • Could you explain what you mean by affiliate revenue? Are they earning commissions on purchases?

        Edit: oh I see the Dosh for Business stuff, kind of like Alipay or Venmo or something.

        • +1

          They also have affiliate cashback deals, like Cashrewards and Kiwiwallet, e.g. 5% cashback at Countdown this month if you shop through their tracked link.

      • The affiliate only works for online and through the appropriate link.

        This is basically for any purchase (with some exclusions) made at a shop or online.

    • +1

      Because most places in NZ are on blended rates so paying 2.something percent to the banking system for doing nothing with debit cards. That is why banks give out paywave debit cards like candy to people and encourage paywave usage.

      • this

      • Yes - When I was in that position, we negotiated separate rates for each type, so Visa and Mastercard we paid something like 2.25%, Amex 4% (we just refused to take it after a while), but debit cards were, I think, free to take.

        There was no pay-wave back then, so no idea how that is charged.

        • Most locally issued debit cards wont work when inserted and you have to instead use them as eftpos cards on cheque or savings which is why they are free. Any that offer rewards will use the credit button when inserted and therefore charge the merchant the fee, just like if you paywave any debit card.

          When we asked noone would do the seperate rates, if you could get it then it has higher rates for platinum and some other card types and lower for debit, but again the banks in the past issued a lot of platinum branded cards that are nothing but normal cards so just gets them extra money from the few places that are not on blended.

    • It's basically same as Chime in the states. they'll start offering overdraft soon and start fleecing defaulting customers.

  • +1

    Excludes gambling and cryptocurrency purchases, but aee there any other sites that you could use to make a purchase using Dosh, get 1% cashback, then withdraw the purchase as cash?

    • haha .. pretty sure your account would get flagged pretty quick 😂

      • +3

        It's called manufactured spending. Very little opportunities to do this repeatedly in NZ.

        In the US, you can open a new bank account with a bank and make your first deposit on your credit card.

        There was also the loophole where the US mint was trying to encourage people to use $1 & $2 coins instead of the paper versions and you could buy the coins at face value from the mint and pay for it on your credit card with no surcharge. People were buying thousands of coins and then just depositing them back into their bank account.

    • Hey mate can you name some sites? I been searching but no luck.

  • So this is a kind of prepaid credit card essentially? Can you move money back out of dosh?

    • +1

      Yep. Move into any nominated bank account.

      • Is there a charge to move money back?

        • +1

          Copied from their website.
          "There are no fees to move money from your Dosh account back to your NZ bank account."

  • Any benefits of signing up using a referral code? Or is it just a nice New Year gift for the cheapie?

    • Both parties get $5 I think

      • No, only the referrer does.

        • I signed up using referral code from here and got $5. Looks like both parties will get $5 ea.

          • +1

            @User: Only way that could have happened is you put your referral in the randomiser and someone used your link

        • @Bill - Is that from experience?

          • @updog: Why do you ask? I'm certain.

  • Any info on when using it the Visa Debit card overseas?

    • 2% fee. Better to use another card.

  • hi, how long does Top up payment 'Add' would reach Dosh account, standard bank to bank payment time?

    • Yes

  • Just got mine. Works as a credit card only. You can't use it as a debit card for places that charge a surcharge or don't accept credit cards.

    • But it is advertised as a Debit card?? https://www.dosh.nz/dosh-card (ctrl+f debit). Seems backwards if that is the case.

      • It is a debit card in the sense it is prepay only. No overdraft.

        But it is charged to the merchant as a credit card, and there is no check account.

        • Technically, it is charged to the merchant as a prepaid card (which is similar but not exactly the same as credit).

          As a consumer, you are correct that you use it by pressing "Credit" or by paywave.

          • @36wish: Didn't know prepaid card was a charge option. I assume the merchant is still stuck with some fees, so you'll still have to pay any surcharges if they require. For any places that don't accept credit card, you'll have to carry a normal debit card as this one can't function as one.

            • @Bill: It's in the same category as a Prezzy card.

              you'll have to carry a normal debit card as this one can't function as one

              Yes

          • @36wish: If it acts like debit card, but press 'credit' on EFTPOS machine, then it does or doesn't trigger surcharge when the merchant states xx% surcharge.

            • @CJ: I would have to guess that, if the purchaser presses 'credit', then the merchant would get charged as a credit card, so reasonable for them to pass those additional costs onto the purchaser choosing that payment method.

              • @Alan6984: I haven't got any visa debit from normal bank. By chance you know if users get charged surcharge when using visa debit? User press Credit on machine?

            • @CJ: It acts like a credit card and there will be surcharge.

              • @36wish: I agree - the button you press (accepting you likely have to choose the one your card provider tells you to use) will determine the type of charge the merchant gets hit with.

      • The activation email says.

        · When inserting your card at a payment terminal in store, select Credit as the account (though it isn’t a credit card, prepaid cards in NZ are linked to the ‘credit’ option on payment terminals)

  • I just got an email "It's that time again… we're doubling your referral bonus!" so I get $10. Targeted.

  • Got the cashback just then.

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