Karat Card rewards basics

Karat offers 1x rewards across all spend. Every dollar spent on a settled eligible purchase earns 1 point. Points are redeemable for statement credits and more, and they don’t expire.

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Pending vs. redeemable points

Rewards are earned on settled transactions, pulled daily. Points appear as pending for up to 30 days before becoming redeemable. In your rewards dashboard you will see redeemable points and pending points (earned but not yet redeemable).

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Refunds

If a purchase is later refunded, the points earned on that purchase are removed from your balance. If the original points were still pending, pending points are reduced; if they had already become redeemable, redeemable points are reduced. Refunds are matched to the original settled purchase, so only the points tied to that specific transaction are clawed back.

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What doesn’t earn rewards

These don’t earn rewards:

• Foreign transactions. This includes purchases processed outside of the U.S. or transactions made in a foreign currency, even if the merchant is based in the U.S.
• ATM withdrawals
• Fees
• Interest

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Rewards program terms

The rewards program is governed by the Karat Rewards Program Terms. You accept these terms when you apply for Karat Banking or the Karat Card: they appear alongside your banking and card agreements in the final onboarding step. If the terms change while your application is in progress, you may be asked to review and accept them again before submitting. _{Karat is a fintech company, not an FDIC-insured bank. Banking and Card services provided by Grasshopper Bank, N.A., First Internet Bank of Indiana, and Cross River Bank, Members FDIC.}