Step Premium Rewards Program Terms and Conditions

1. Rewards Terms. These Step Rewards Terms and Conditions (“Rewards Terms”) are entered into by and between you and Step and governs your participation in the Step rewards program and any related promotion, product or services we may offer you (“Rewards Program”).  Through our Step App and as part of our Rewards Program, we may provide you with the opportunity to earn benefits or rewards, in the form of Points, cash, cryptocurrency, stock, or any other form of rewards at our discretion (“Rewards”). By accessing or participating in the Rewards Program using your Step Card to make qualifying purchases or taking any action for which you are eligible to earn Rewards, you agree to be bound by these Rewards Terms. Please carefully read these Rewards Terms. The Rewards Program and related services are deemed to be a Step “Service”, as that term is defined in our Terms of Service. While you may earn Rewards under these Rewards Terms by use of your Step Card, our Rewards Program and the Rewards are not part of the account and card agreement governing your Step Card issued by our Banking Partner. Banking Partner is not a party to, nor has any liability to you under these Rewards Terms. The Services provided hereunder by us are independent of the services Banking Partner provides you in relation to your Step Account and Step Card under the account and card agreement you have with Banking Partner.  

B.1. Earning Rewards. We may provide you the opportunity to earn Rewards when using your Step Card to make qualifying purchases. If we do, we will provide you with information and terms about the Rewards to allow you to choose a type of Reward. You may enroll in one or more Rewards by accessing the “Rewards” tab within your Step App and selecting the Rewards you are interested in. At our discretion, we may limit enrollment including the number or the types of Rewards available for enrollment at any given time or the total amount of Rewards you may be able to accrue in a given time period. In order to enroll in any Rewards Program and receive any form of Rewards, you must have an active Step Account that is in good standing and you should have valid credentials and be able to log in your Step App. Rewards earned under our Rewards Program will be deposited within seven (7) days after a qualifying purchase or condition (as disclosed within your Step App while you enroll in each Reward) is finalized. In order to be eligible for Rewards, your Step Account must be active and in good standing. 

B.2. Redeeming Rewards. We may offer you the ability to redeem Rewards in different ways:  

• B.1.a. Cash Back Rewards. If you choose to receive Rewards in the form of cash, you can redeem earned Rewards for cash through an electronic deposit to your linked Step Account. We may require you to meet certain threshold levels of Rewards before redemption. Redeemed cash Rewards will be deposited into your linked Step Account within seven (7) days.

• B.1.b. Cryptocurrency and Stock Rewards. If we make available to you and you choose to receive cryptocurrency or stock Rewards, a value of cryptocurrency or stock commensurate to the cash amount you would have been eligible for will be purchased from a corresponding program partner. You will need to register for an investment account with our applicable program partners through the Step App or through the program partners directly (the “Cryptocurrency Account” or the “Stock Account”) and agree to such program partners’ account agreements, privacy policy, and terms and conditions (as may be required by the program partner) and any additional “platform” agreements (e.g., a Step Cryptocurrency Platform Agreement) we may add to our Terms for operating as the platform that enables your interaction with our program partners. Your Cryptocurrency and/or Stock Accounts will be accessible to you through the Step App, under the Investments tab. You will need to be logged into the Step App to be able to access the Investments tab. By registering your Cryptocurrency and/or Stock Account with our respective program partners, you will be able to purchase, hold or sell cryptocurrency or stock Rewards in exchange for the cash equivalent, less any trading fees, of such Rewards through the Step App. You acknowledge that the value of the cryptocurrency or stock asset may change in value (up or down) based on market conditions and that we are not responsible for any change in value of the assets once it is deposited into your Cryptocurrency Account. You can view the list and balance value of assets you own in your Cryptocurrency Account or Stock Account directly within the Step App. We will use the latest pricing details provided by our respective program partners to display the equivalent currency values of your investment asset balances. If you fail to successfully open and register a Cryptocurrency Account or Stock account with the program partners or are otherwise restricted or suspended out of such accounts for any reason or are otherwise unable to receive rewards in the form of cryptocurrency or stock, we will deposit an equivalent cash amount of the Rewards to your linked Step Account. Redeemed cash Rewards will be deposited into your linked Step or Stock or Cryptocurrency Account within seven (7) days. 

C.1 Eligibility. A user may qualify for additional “premium” benefits (“Premium Rewards”) by: (i) receiving a minimum direct deposit amount into their Step Account; and/or (ii) subscribing to an annual subscription and paying the associated subscription amount for their Step Account (“Premium Rewards Eligibility”). 

• C.1.a: Qualifying Deposit. Users who receive a minimum direct deposit, as advertised in our website or the Step App, of a paycheck, retirement benefits, other income from certain third parties, such as an employer or payroll provider, or users who receive any other incoming minimum deposit from qualifying sources as may be advertised in our website or the Step App  (“Premium Qualifying Deposit”) may be eligible for Premium Rewards. Minimum direct deposit or other deposit amounts are subject to change at our sole discretion. If qualifying through direct deposit, transfers from peer-to-peer transfer services such as Paypal or Venmo or other Step users, one-time direct deposits such as tax refunds, mobile check deposit, and cash deposits are not Premium Qualifying Deposits. Direct deposit setup may take up to two (2) pay cycles to process. Subsequent to meeting the Premium Qualifying Deposits requirement, a user will qualify for their Premium Rewards from the day they meet the qualification criteria to the end of the next (consecutive) billing cycle (“Premium Rewards Period”). If, at any time, the user does not meet the Premium Rewards Eligibility requirements, the Premium Rewards will cease and the user will no longer receive the benefits once the Premium Rewards Period ends. A user may become re-eligible by meeting the Premium Rewards Eligibility requirements. 

• C.1.b: Annual Subscription (Step Black). Users may elect to enroll in an annual subscription for Premium Rewards by paying an annual subscription fee (“Step Black”). In addition to the Premium Rewards, certain additional benefits may be provided to Step Black users, including provisioning the Step Black user one “Step Black” metal card (“Step Black Rewards”). When you enroll in Step Black, the annual subscription will automatically renew every year unless you give us notice to cancel prior to the renewal. Subsequent to enrolling in Step Black, a user will qualify for their Step Black Rewards from the day they meet the qualification criteria and continuing for a period of twelve (12) months, and subsequently for additional twelve (12) month periods unless the user cancels their membership prior to the yearly automatic renewal deadline by providing notice to support@step.com or by reaching customer support within the App. 

C.2 Premium Reward Categories. Upon qualifying through C.1.a. or  C.1.b. above, a user is eligible for Premium Rewards. This may include one or more of (based on how the user qualifies): Step Earn Rewards, Step Spending Rewards, or Step Partner Rewards. 

• C.2.a. Step Earn Rewards. 

  We may offer you the ability to enroll in a feature to earn additional funds (“Step Earn Rewards”) on eligible savings goals you set within the “Savings Goals” section of the App (“Eligible Savings Goals”). Only funds allocated to one or more such “Savings Goals” (as defined in Section III.D.11 of the Step Visa Card and Secured Account Agreement) will qualify as Eligible Savings Goals and be eligible to earn these Step Earn Rewards. Any amounts you allocate to one or more such Savings Goals through the Step App will automatically be eligible after you qualify for Premium Rewards. If your Step Account is closed for any reason, the Eligible Savings Goals will be automatically closed, and any remaining funds in such Eligible Savings Goals, including any Step Earn Rewards payments, will be aggregated with the remaining funds in your Step Account. To remain eligible for Step Earn Rewards, your Step Account must remain open and in good standing, and you must continue to satisfy. 

  • Your Step Earn Rewards are not interest payments, but are rewards paid directly by Step. You will accrue Step Earn Rewards on a variable annual percentage yield basis (“Rewards Basis %”) of  your Eligible Savings Goals balances. We may, based on market conditions, adjust the Rewards Basis % for the Eligible Savings Goals at our discretion. 

  • Step Earn Rewards will be compounded monthly to your Eligible Savings Goals for the time period you remain eligible for Premium Rewards. Step Earn Rewards will be credited to your Step Account on a monthly cadence and will be reported in your monthly statements. We reserve the right to limit the maximum amount of  Step Earn Rewards you may earn on your Eligible Savings Goals balance (“Maximum Amount”). Any amount deposited that exceeds the Maximum Amount will not earn these rewards. Users having qualified for Premium Rewards through Premium Qualifying Deposit may be awarded a different Rewards Basis % than users having qualified for Premium Rewards through Step Black. 

  • We will make available to you electronic periodic statements in the Step App for you to view and print for your records. Step Earn Rewards will be reported on IRS Form 1099-MISC where applicable. Regardless of whether we provide such forms, it is your responsibility to report any Step Earn Rewards you may earn in your tax filings. Step is a financial technology company, not a bank. Step Earn Rewards is not an annual percentage yield tied to a savings account. Step Earn Rewards is a promotional cash reward and may be discontinued, restricted, or changed at any time. 

• C.2.b. Spending Premium Rewards. 

  • We may offer you the ability to redeem Rewards in different ways, as outlined in Section B, General Rewards, above. If we offer Rewards in points collected for purchases (“Points”), certain purchases may earn different multiples for earning Points. For example, food purchases at restaurants may be worth 2 or 3X Points than a standard transaction earning 1X Points. In addition, users that have qualified for Premium Rewards through Premium Qualifying Deposit may be awarded different multiples or different types of Points categories compared to users having qualified for Premium Rewards through Step Black. A chart of award categories and multiples is available on our website here. 

  • Points will be deposited within the user's Step Account, visible in the Step App within seven (7) business days of a transaction being posted. Points may be redeemed for awards after certain threshold levels of points are reached for cash, crypto or stock (when available). See Section B.2. above for Redeeming Rewards. 

  • Points do not have monetary value independently outside of these redemptions. All points are forfeited if not claimed or redeemed before your Step Account is closed. Points do not expire. 

  • We can change these terms and/or change, suspend, or terminate any part of the Rewards offering at any time and for any reason. These changes may prevent you from earning and/or using Rewards, decrease Rewards value, or cause you to lose Rewards. We will notify you in advance in writing if we make material changes to the terms. 

• C.2.c. Partner Rewards.

  • We may offer Step Black users the opportunity to participate in certain specialized offers or benefits with our partners that we will make available from time to time in the Step App. Separate terms and conditions may apply. 

• C.2.d Elevated Referral Rewards.

  • Higher referral rewards may be offered to Premium and Step Black users as periodically offered/advertised and may be subject to change.

You will not earn Rewards for any purchases that you return, cancel, dispute, or for purchases that you received a refund from a merchant or as a result of a chargeback. Rewards that were already credited to your Cryptocurrency/Zero Hash Account/Step Account may be reduced, reversed, forfeited, in whole or in part, if qualifying purchase is returned, charged back, or otherwise canceled (“Reward Reversal”). Regardless of whether you earn your Reward in cash, Points, or in another form (e.g., stock, cryptocurrency), if there is a Reward Reversal, you acknowledge, consent and agree that we will have the right to instruct a return of the Points or of an amount equivalent to an original cash value of the Reward at the time you earned the Reward from your linked Step Account. To the extent that a Reward Reversal results in a negative balance in your linked Step Account, it is your responsibility to restore the balance in your Step Account to at least $0.00 in a timely manner. Failure to do so may result in a Delinquent Status and/or account closure on your Step Account.  

Availability and the number of Rewards we offer for enrollment are subject to change at any time in our sole discretion. 

We (or the cryptocurrency or stock or other program partner) may withdraw or terminate your use of Reward, or refuse to provide any Reward, if we suspect that there is fraud, a breach of the Agreement, a violation of applicable law, or other misuse of Rewards, for any reason set forth in the Agreement, and for any reason in our reasonable discretion, in accordance with applicable law. Further, our relevant program partner may have the right to suspend or terminate, suspend, or freeze your respective Cryptocurrency Account or Stock Account if they suspect there is a fraud, a breach of the user agreement you enter into with the respective program partner, a violation of applicable law, or any reason set forth in such program partner user agreements. If we terminate your Reward (or a program partner terminates your Reward) for these reasons, you will forfeit all rights to such Reward.

Rewards are not transferable.