MoneyLion Rewards Program Terms and Conditions
Terms and Conditions
Updated as of November 29, 2023
As the administrator of the MoneyLion Rewards Program, MoneyLion is solely responsible for the terms and conditions of your participation in the MoneyLion Rewards Program, your eligibility for program rewards and any tax withholding or reporting obligations relating to the MoneyLion Rewards Program. None of MoneyLion’s service providers or partner banks, including the Bank, have any duties, obligations or relationship with respect to the MoneyLion Rewards Program. The Bank is not affiliated in any way with the MoneyLion Rewards Program and does not endorse or sponsor this offer. Your use of your MoneyLion account and related products and services, including use of any Deposit Account and associated MoneyLion-branded debit card (each a “Debit Card”), constitutes your acceptance of these Terms.
These Terms are subject to change or cancellation from time to time for any reason or no reason, including to change the terms for earning rewards, imposing limits on rewards or canceling rewards. MoneyLion may also supplement these Terms to introduce new rewards promotions or modify existing promotions. MoneyLion may provide notice of changes to the MoneyLion Rewards Program as and if required by applicable law. Your continued use of your MoneyLion account and related products and services after any changes are made to these Terms will constitute your agreement to and acceptance of any such changes.
Eligibility and Participation
By signing up for a MoneyLion account, you will automatically be enrolled in the MoneyLion Rewards Program and will have the opportunity to earn Rewards Points. In order to earn Rewards Points, you must have an active MoneyLion account in good standing, and you must download the MoneyLion mobile application (the “MoneyLion App”). To redeem Rewards Points you have earned, you must be a MoneyLion member in good standing (which may include being current on payments of any loans you have borrowed from MoneyLion or its affiliates or partner banks), have an active Deposit Account established at the Bank and have made at least one purchase transaction using your MoneyLion Debit Mastercard ® and RoarMoney virtual card.. Additionally, you may also be required to open a MoneyLion investment account managed by MoneyLion’s subsidiary, ML Wealth LLC (an “Advisory Account”).
You may earn Rewards Points in connection with your everyday spending and by completing other actions that MoneyLion designates from time to time as subject to the MoneyLion Rewards Program. Specific terms and conditions for rewards opportunities (including the Rewards Points you can earn for each opportunity) will be posted in the Rewards section of the MoneyLion App or on MoneyLion’s websites, including the Rewards Program Frequently Asked Questions available at help.moneylion.com. Please visit the App and those sites for more information on currently available rewards opportunities. The amount of Rewards Points granted for different behavior will vary, and is at MoneyLion’s sole discretion. However, regardless of the method for accumulation of Rewards Points, upon redemption of the Rewards Points, one Reward Point will always be the equivalent of $0.01.
Each time you earn Rewards Points, your points balance will be updated, which you can view by logging into the MoneyLion App and navigating to the “Rewards” tab. If you believe that you have validly earned Rewards Points that have not been posted to your account, please go to help.moneylion.com to contact customer support for assistance.
MoneyLion’s decisions regarding Rewards Points discrepancies shall be final. Unless specifically authorized by MoneyLion, Rewards Points may not be combined with other discounts, special rates, promotions or other reward programs offered by MoneyLion or a Bank. MoneyLion may expire your Rewards Points if you are not a MoneyLion member in good standing or if you have been inactive for a period of at least 180 days.
MoneyLion may further limit the number of Rewards Points you can earn or use within certain periods of time, or may implement other restrictions related to the receipt or use of Rewards Points. Some opportunities to earn Rewards Points may implicate additional terms and conditions, including those of MoneyLion’s partners and merchants.
Redeeming MoneyLion Rewards Points
The Rewards Points you earn will be redeemable in the manner determined by MoneyLion. Currently, once you meet the minimum amount of points required for redemption (500 points), Rewards Points may be redeemed solely as a credit into your Deposit Account or Advisory Account.
To redeem Rewards Points, go to the Rewards tab in the MoneyLion App, click on your points balance and then follow the steps to redeem points. You can also find instructions on redemption in the Rewards Program Frequently Asked Questions available at help.moneylion.com.
For any Rewards Points that are redeemed as a credit to your Deposit Account, those funds will be subject to all of the terms and conditions of your Demand Deposit Account Agreement, available at https://mldocs.moneylion.com/MoneyLion%20DDA%20Terms%20and%20Conditions.pdf. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
For any Rewards Points that are redeemed as a credit to your Advisory Account, those funds will be subject to all of the terms and conditions of your ML Wealth LLC investment advisory agreement and ML Wealth’s Form ADV, available at https://moneylion.com/adv. Among other things, funds in your Advisory Account are not FDIC insured, may lose value and are subject to a periodic account administrative fee.
MoneyLion reserves the right to modify the amount of Rewards Points you may earn for various actions, the conversion rate of your Rewards Points into Deposit Account or Advisory Account credits or other rewards items, and the manner in which points may be redeemed. Currently, one Rewards Point is the equivalent of $0.01.
All redemptions are final and no refunds or returns of Rewards Points will be given once a redemption has been made. Please refer to the Rewards Program Frequently Asked Questions available at help.moneylion.com for additional instructions on how to redeem Rewards Points.
Rewards Points are non-negotiable and cannot be redeemed for any benefit except those designated by MoneyLion. Rewards Points do not have value until they are awarded pursuant to these Terms. Until they are awarded, Rewards Points are not property, and may not be brokered, bartered, attached, pledged, gifted, sold, or unless specifically authorized by MoneyLion, transferred to anyone else under any circumstances, including, but not limited to: disability, death or in connection with any domestic relations dispute and/or legal proceeding. MoneyLion can immediately suspend or disqualify you from the MoneyLion Rewards Program, in whole or in part, at any time and for any reason. MoneyLion will suspend or disqualify you from the MoneyLion Rewards Program if you or anyone associated with your membership (1) violates these Terms, any terms and conditions governing your MoneyLion membership, Deposit Account, Advisory Account or other account you have with MoneyLion or its affiliates or partners, (2) engages in fraud or suspected fraud, misuses or games the MoneyLion Rewards Program, or (3) takes another similar action, as determined by MoneyLion in its sole discretion. If MoneyLion suspends or cancels your participation in the MoneyLion Rewards Program, this action may (1) prevent you from earning and/or using Rewards Points, (2) decrease Rewards Points value, (3) cause you to lose Rewards Points, and/or (4) require MoneyLion to close your MoneyLion membership, Deposit Account, Advisory Account or other account you have with MoneyLion or its affiliates or partners. You are responsible for all transactions and other activities relating to your participation in the MoneyLion Rewards Program.
The MoneyLion Rewards Program is provided for personal, family and household use only. MoneyLion reserves the right to disallow or revoke Rewards Points or debit the Deposit Account or Advisory Account for the monetary value of Rewards Points already awarded and credited for actions made for other than personal, family or household use.
You agree to release MoneyLion, the Bank and their affiliates, partners, service providers, directors, officers, employees, contractors, agents and representatives from all liability for loss, claim, expense or damages sustained by you, in connection with the receipt, ownership or use of any Rewards Points. The foregoing parties shall not be liable for incidental, punitive, exemplary, indirect or consequential damages (including lost profits), and the sole extent of liability, if at all, shall not exceed the actual value of the Rewards Points you earn. Neither MoneyLion nor the Bank is responsible for typographical errors and/or omissions in any MoneyLion Rewards Program document.
Reward Points that you redeem under the Rewards Program may be deemed taxable income from MoneyLion in the year in which they are redeemed pursuant to U.S. tax law. If the value of Reward Points you receive in a year and any other taxable miscellaneous income you receive from MoneyLion equals $600 or more for a calendar year, MoneyLion may be required to send you a Form 1099-MISC for that year and submit such form to the IRS. MoneyLion determines the tax value of any Reward Points you receive for tax purposes. You are responsible for determining any personal tax liability arising from participation in the MoneyLion Rewards Program. Consult your tax advisor concerning tax consequences.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.