Squad Points Program Terms

1. What Points Are

Points are a record inside your Banrox account, nothing more. They are not cash, not a deposit, not stored value, not a gift card, and not property. They cannot be bought, sold, transferred to another person or account, willed, or cashed out, and they have no value outside this program.

Points are not a credit product and holding them is not an application, a pre-qualification or an approval for anything. Nothing about your points affects your credit file, your score, or any decision a bank makes about you.

2. The Grant and How It Opens

Every waitlist member who verifies their email receives one grant. A squad has four seats. The member who opened the squad receives 5,000 points, which open in four parts. Each member who joined that squad receives 500 points, which open in full the day the squad is full. Neither grant is taken out of the other.

• For the member who opened the squad: 500 points open as soon as their email is verified, and 750 more when their identity is verified (today, when their Experian report is delivered to their account)
• 500 more open each time one of the other three seats is taken by a member who verifies their own email, whoever invited them, and 750 more when that member's identity is verified
• Points that are not open are shown as locked. Locked points cannot be claimed

A friend counts once, when they verify their own email, and their identity counts once. An invitation that is never accepted opens nothing. The squad grant cannot be claimed by anyone in a squad until all four seats are taken by members who verified their email; points earned under section 3 can be claimed as soon as the account is active.

3. Earning More

Beyond the grant, points are earned for the things in this table, and each is described on the screen where it is offered.

Points earned this way are open immediately, except where the table says otherwise. We can change what an action is worth, or stop offering it, for actions taken after the change.

4. What Points Are Worth

One point is worth one tenth of one cent when it is claimed, so 1,000 points is $1.00 and the full 5,000 point grant is $5.00. That rate applies only to a claim inside this program. Points cannot be exchanged for cash at that rate or at any other rate.

5. Claiming a Reward

• The squad grant can be claimed the moment all four of the squad's seats are taken by members who verified their email. Points earned under section 3 can be claimed any time your account is active. Until then every point, open or locked, stays in your balance
• Your Banrox account has to be active at the time of the claim
• The smallest reward our rewards provider sells is $1.00, so a claim starts at 1,000 points. A balance below that waits until it reaches 1,000
• You choose one category for the reward, from the list shown at the time
• The points leave your balance when you claim, and the reward is sent to the email address on your account
• If the reward cannot be delivered, or is cancelled, the points go back to your balance automatically and you can claim again

A claim is a request to us to buy a reward for you. It is not a payment to you, and no money is charged to you at any point.

6. The Rewards Provider

Banrox does not issue gift cards. An independent rewards provider fulfils each claim and sends the reward by email, and the brands available come from that provider's catalog, which changes without notice. A brand you saw last month may not be there this month, and no particular brand is promised.

The provider receives your first name and the email address on your account, and nothing else. It does not receive your credit file, your Social Security number, your address, or your phone number. The reward, once delivered, is governed by the terms of the brand that issued it, and any problem with a delivered card is handled under those terms. Write to us and we will help.

7. Expiry

Points expire twelve months after the day they become claimable, counted point by point, and expired points cannot be restored. Closing your Banrox account, or leaving the waitlist, ends the points with it.

8. One Grant Per Person, and Abuse

• One grant per person, per verified email address. A second account does not create a second grant
• Inviting yourself, duplicate accounts, invented email addresses, automated signups, and reports of applications that did not happen void the points involved and can close the account
• We can reverse points that were granted or earned in error, and we say so when we do
• This program is not a sweepstakes, a contest, or a game of chance. There is no prize, no entry, and no element of luck

9. Taxes

Any tax on a reward you claim is yours to handle. Banrox does not give tax advice. We do not withhold tax and, at the amounts this program deals in, we do not expect to report anything to any tax authority.

10. Changes and Ending the Program

We can change how points are granted, earned, opened, claimed or valued, and we can end the program. Changes apply to points earned after the change, and we give notice by email to the address on your account before a change that reduces what open points can claim.

If the program ends, or if Squad Card never launches, we give at least thirty days notice by email and open claiming for that period so points that are open can be used. Points still locked at that point cannot be claimed, because unlocking depends on friends joining a waitlist that is closing.

11. Questions

Write to [email protected] with the email address on your account. The Terms of Service and the Privacy Policy apply to everything here, and where this page and the Terms of Service disagree, the Terms of Service win.