The Porte debit card is designed for people who want access to their wages early and wish to donate money to charity. With the Porte debit card, 0.05% of each purchase you make is donated to a charity of your choice, as long as they are participating. You can also earn rewards via participating businesses when you use the Porte debit card. Let’s take a closer look at the key pros and cons of the Porte debit card right now.
👨🏫 How Does Porte Bank Work?
Porte works by donating to charities without charging you anything. However, there are only a few participating charities, so you’ll need to select the one you are most interested in donating to from the four available. Another big feature of Porte is that it allows you to get paid early, and you may be able to earn up to 10% in cashback rewards.
The purchases that you make to get the rewards must be with one of their participating retailers. The participating retailers change every four to six weeks. This means Porte card is more likely to appeal to you if you’re actually enthusiastic about shopping with these retailers. Porte is an online bank, but there have been criticisms about its customer service standards. If you’re not already a customer but want to make an enquiry, you could find it difficult to get through to a customer service assistant. However, you may be more successful if you try emailing rather than calling them.
⚙️ Key Features of Porte Bank
Porte allows you to donate to several charities without charging you for this. 0.05% of every purchase you make with your card can go to one of four charities. These currently are GLAAD, The Humane Society of the United States, The National Park Foundation and Save The Children. If you get paid through direct deposit, you can have the paycheck processed up to two days earlier than you normally would. You will be enrolled onto the rewards program automatically once you become a Porte customer. You can make cash deposits with Porte, though you will need to pay $3.95 for each deposit. There is an overdraft service, but this is optional. This facility will cost you $20, though this should be waived if the amount you’re overdrawn by is repaid within 24 hours. Purchases will be declined if you don’t have enough cash in your account and haven’t opted in for the overdraft feature. You can also gain access to a high-yield savings account. This will give you 3.00% APY on any balances up to $15,000. You’ll get 0.50% above this level.
💸 How Much Does Porte Bank Cost?
One of the biggest draws of the Porte debit card is that you don’t have to pay any regular fees for using your account. Many people have been attracted to this service due to the lack of monthly fees.
📱 The Porte Bank App
The Porte App is available to users of the Android and iOS operating systems. You can download the app from their stores or from the Porte website. Once you have downloaded and installed the app, you can launch it then register within it. You’ll need to enter your name and email address and agree to the terms before entering the verification code sent to your inbox.
🔒 Is Porte Bank Safe and Secure?
Porte’s is partnered with MetaBank, which has good online ratings for trustworthiness. It has been given a B by the Better Business Bureau, which indicates quick responses to complaints, honest advertising and transparent business operations. Porte hasn’t been involved in any public scandals over recent years. Those looking for an ethical bank may be pleased to note how easy it is to donate to charity via the app.
👍 Advantages of Porte Bank
Charity donations possible
High interest rate for savings
Cash back earning possibilities
Get your paycheck two days early
👎 Disadvantages of Porte Bank
Complaints department has mixed reviews
Checking account required for savings account
Limited number of retailers and charities
There’s no doubt that the Porte debit card offers a range of benefits for those seeking a new banking service. If you use your Porte debit card frequently, you could find yourself donating a substantial sum to charity, and it won’t cost you anything. You don’t have to pay any monthly fees to maintain access to your account, although you may need to pay a fee if you go overdrawn and can’t repay the overdrawn amount quickly.
The ability to get paid early has drawn many customers to the Porte debit card. As long as you get paid through direct deposit, you could get access to your hard-earned money up to 48 hours early. The rewards scheme may also be appealing to you if you shop with one of the partnered retailers. If not of these retailers appeal, then it may be best to look elsewhere for another checking account offering rewards.
Although its possible to make cash deposits, this will cost you, so it’s best to only do this when absolutely necessary. Porte will charge you less for going overdrawn than many other financial services, who tend to charge around $35. This is almost twice as much as you’ll be charged by Porte. Porte may also benefit you if you’re seeking a high-yield savings account offering a generous interest rate.
Unfortunately, you won’t be able to open a joint account with Porte. This could cause you to look elsewhere if you’re looking for a banking service for you and your partner. It’s also important to not that you won’t be able to write checks with Porte either. However, these can be deposited with the app. Another drawback is that there is no online chat or physical branch to go into. If you need to speak to a member of the Porte team, you’ll have to give them a call once you’re a customer.
All in all, Porte does offer a range of appealing benefits, but it’s essential to be aware of the drawbacks before you go ahead and sign up for an account.