This New Credit Card Gives Users a Shot at 100% Cash Back

Fintech rewards company Coverd has launched a new credit card that brings gamification to card rewards. Coverd says the card is the first credit card that offers cash back up to 100% via a “transparent earn-back mechanism built into every swipe.”

Consumers like credit cards that connect them with perks every time they use them for purchases. But the new product from Coverd may carry extra appeal for people who want to add more excitement to their spending.

Cardholders who make a qualifying purchase with the Coverd Card earn rewards based on the applicable rate for a transaction. They can then apply the rewards they earn as a statement credit.

For those who want to try to amplify their rewards, the company says they can turn to Coverd’s app for game experiences that give them the chance to earn back the entire balance of their statement.

The card’s highest advertised reward outcome is not a flat 100% cash back rate on every purchase because that would obviously be a quick way to go out of business for Coverd. Instead, cardholders can earn a shot at paying off their full statement balance through Coverd’s rewards structure and in-app game experiences.

Reward rates depend on the amount of a cardholder’s purchase as well as the spending category of the merchant. The company advises customers to check the rewards matrix before making purchases as Coverd says each UTC hour has its own rates.

It’s important to mention this card differs from a traditional credit card in ways that may limit its appeal among mainstream consumers.

First, it’s a secured card. To qualify, prospective cardholders must link the Coverd wallet to a supported, external crypto wallet and provide digital assets as collateral.

Cardholders retain ownership and custody of collateral, but users must authorize Coverd to liquidate those assets to satisfy payment obligations if a user misses a payment or doesn’t have enough collateral value.

Second, the Coverd Card is structured more like a secured charge card, meaning cardholders must pay what is owed 21 days after the close of each billing cycle. And the product carries a 0% APR because balances don’t revolve.

Finally, the card does not charge an annual fee, but it does assess a 1% international transaction fee and a late fee equal to 2% of a cardholder’s balance.

Albert Wang, CEO and Founder of Coverd, explained in the press release the company’s motivation for taking a novel approach to card rewards.

“The rewards landscape has devolved into a stagnant, innovation-starved industry,” Wang said. “We are launching the Coverd Card to change that. Everything we do is anchored in one principle: rewards should be empowering, not infantilizing.”

Coverd isn’t new to providing consumers with chances to earn back money on their spend. The company launched an app late in September 2025 that allows users to play a game to win back the amount of their purchases. 

Wang said at that time that Coverd wasn’t built to prevent people from spending, but to bring more excitement to that spending, according to a press release. The company’s new card appears to have been created with a similar goal in mind.

Many people don’t want to leave home without their cell phone these days. Part of the reason for that is they enjoy playing games on their device that can help pass the time while they’re riding the subway to work or stuck in the waiting room at the dentist’s office.

By linking some people’s enjoyment of playing games through apps on their phone with the opportunity to boost credit card rewards, Coverd’s new product provides a niche service that established card companies may overlook.

“The appetite for interactive, experiential financial products is real, and it is growing.” — Josh Lu, Andreessen Horowitz

“As traditional financial sectors increasingly integrate technological innovations, gamification has emerged as a transformative approach that redefines financial management by making it engaging, educational, and accessible,” the authors of a recent article in the academic journal Acta Psychologica wrote.

Josh Lu, an Investment Partner at Andreessen Horowitz, said in the press release that Coverd is defining a completely new category in the realm of consumer payments. And he compared the company’s efforts to Duolingo and its work to redefine how people learn new languages.

“The appetite for interactive, experiential financial products is real, and it is growing,” Lu said. “Coverd is the first company to bring that to everyday spending in a way that actually works at scale.”

Coverd says it is partnering with Rain on the card program. The cardholder agreement identifies Third National as the issuer. Coverd says cardholders can use the card globally at more than 150 million locations where Visa is accepted.

The card is likely to attract people who want something a little different out of their card rewards program, but it may not be the right fit for every cardholder.

Those who don’t want to think too much about their card rewards may prefer to apply for a card that offers a more consistent, traditional cash back or points program.

Interested consumers can now apply for the card through Coverd’s website.