What is cashback?
As part of the rewards Float offers from time to time, Float customers are eligible for a portion of their monthly spending to be paid back to them as cash credit to their account when their business spends beyond a certain monthly threshold.
What are the current cashback terms?
Float customers on the pre-funded program receive 1% cashback on all spend beyond $25k for a given month.
For example, if you spent $50,000 in July, you will receive $250 in cashback on August 1st.
($50,000 - $25,000) * 1% = $250
Float customers on the charge card program are provided with two options depending on the chosen credit term:
1. 1% cashback after first 25k spend, if you are on 15-day payment terms
2. no cashback if you are on 30-day payment terms
Please note that cashback and other rewards rates are subject to change at any time.
Are Float USD card transactions eligible for cashback?
Yes, they are! For those with both CAD and USD cards, cashback is calculated and paid separately for your CAD and USD cards.
For example, if you spend $40,000 on your CAD cards, and $10,000 on your USD cards, your cashback payout for that month will be $150 CAD. This is calculated as follows:
$40,000 = $15,000 in spend above the $25,000 threshold x 1% = $150
$10,000 USD = below the $25,000 threshold = $0
What transaction categories does cashback apply to?
Cashback is calculated on all categories of spending.
How do I redeem cashback?
Float cashback is paid out on the first day of each calendar month based on the previous month’s spend, and is automatically credited into your Float account. This is reflected as a positive transaction in the statements page of your Float account and adds to your Spending Power. When you receive cashback in a given month, you will receive a cashback payout summary on the first of every month that details the amount spent on Float and cashback earned.
Why does cashback have a minimum spend threshold?
Float helps its customers save thousands of people hours, reduce the risk of fraudulent or duplicate spend, and give businesses more control over corporate spend. In addition to these benefits, the Essentials plan remains free for customers and the Pro fees remain among the lowest in the industry.