Step Product Disclosures
Step is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust, Member FDIC. The Step Visa Card is issued by Evolve Bank & Trust pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association.
Limited-time offer: For each user who upgrades to Step Black via an eligible referring user’s unique referral code before 11:59 p.m. PT on 12/31/23, the referred and referring user will each receive $25 cash back. Rewards tracked as points. See Points Terms. Not all users are eligible. Max 5 referrals receive $25 promotion. Non-transferable. Offer subject to change. See Referral Terms.
Your Step account is not an interest bearing product. The savings percentage is not interest, but instead earned as cash rewards funded by Step. The rewards, if calculated as an APY, would be 5.00%. This percentage is variable and may change over time. See terms for more detail. To qualify, a minimum direct deposit of $500 from a payroll provider within each 30 day period is required or a Step Black membership.
Step Visa Card is designed to help build positive credit history. Positive history is reported on and related only to your Step Visa card activity, subject to your account remaining in good standing, to Transunion®, Experian®, and/or Equifax®. We do not have control over your credit scores generated by the credit bureaus. Even when we report positive credit history on your Step Visa card, your overall credit history and scores, as built by the credit bureaus, may be impacted by your financial activity outside of your Step Visa card (including any other Step loan products or other external activity).
The 723 score is based on the credit scores of 6,314 customers who opted into credit reporting and had their scores returned from the credit bureaus using our credit monitoring tool. These customers were 18 years of age at the time of this data collection and were customers that had signed up for Step before they turned 18 years old. There were 2,615 customers that had an initial credit score of 723 making this the mode (most common) credit score for the qualifying group of customers
Average based on analysis conducted by TransUnion based on 594 Step users age 21-27 with a positive increase in their credit score within a 360 day period beginning from the first instance of Step reporting to the credit bureau.
Investing and advisory services for the purchasing and selling of stocks (including certain ETFs) are provided by Step Advisers LLC, a SEC-Registered Investment Adviser (“Step Advisers“). Investment accounts are held by DriveWealth, LLC, a member of the Financial Industry Regulatory Authority (FINRA) . We provide investment advisory services by making non-discretionary recommendations on a client's investment outlook. We do not manage client funds or hold custody of assets.
The rewards program is not offered by or affiliated with Evolve Bank & Trust. It is fully managed by Step. See terms here.
The national average rate referenced is from FDIC's published national average savings rate, accurate as of October 16, 2023. See the FDIC website for more information: https://www.fdic.gov/resources/bankers/national-rates
Visa’s Zero Liability policy does not apply to certain commercial card and anonymous prepaid card transactions or transactions not processed by Visa. Cardholders must use care in protecting their card and notify their issuing financial institution immediately of any unauthorized use. Contact your issuer for more detail.
https://wallethub.com/edu/cc/average-credit-card-interest-rate/50841
The information presented herein is for educational purposes only and does not constitute investment advice or an offer to buy or sell any security, investment or other product. Securities (stock and ETF) services powered by Drivewealth, LLC. Your assets are custodied by Drivewealth, LLC, not Step, and is insured by the Securities Investor Protection Corporation (SIPC), up to $500,000 (including $250,000 for claims for cash). Your stock account is not FDIC insured. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance, historical returns, future projections, and statistical forecasts are no guarantee of future returns or future performance. While we believe the information presented here to be accurate, we do not guarantee its accuracy or completeness. Any examples are hypothetical and for illustrative purposes only. Hyperlinks to third-party content are intended to provide additional perspective and should not be construed as an endorsement of any services, products, guidance, individuals or points of view outside Step.com. See additional risk disclosures here.
Early access to direct deposit funds depends on the timing of the submission of the payment file from your payer. While not guaranteed, Step generally makes these funds available on the day the payment is received, which may be up to 2 days earlier than the scheduled payment date.
Transfers may be subject to review by Step or your bank which may result in delays. See Terms
Step Black
8% cash back on purchases up to a max of $6000 annually with select Step Black Partners. After hitting the max, you will continue to earn standard cash back multipliers (3% cash back on dining/food delivery and charitable donations, 2% cash back on entertainment, and 1% cash back on everything else). Rewards are tracked as Points and each 100 Points earned is equal to $1 in rewards. Minimum of 500 Points is required to redeem Points for cash. See more information in the Points Terms.
Your Step deposit account is not an interest bearing product. The savings percentage is not interest, but instead earned as cash rewards directly funded and managed by Step. The rewards, if calculated as an APY, would be 5.00%. This percentage is variable and may change over time. See our Step Premium Rewards terms for more detail.
Ability to earn $500+ in the form of credits on purchases or statement credits for purchases with select Step Black partners, as will be advertised. Enrollment may be required.
To receive $4.99 per month in statement credit, a minimum of $500 in qualifying direct deposit(s) in each 30 day period is required. Enrollment in Step Black is required. Statement credits are applied within 2 business days.
Investing and advisory services for the purchasing and selling of stocks (including certain ETFs) are provided by Step Advisers LLC, a SEC-Registered Investment Adviser (“Step Advisers“). Investment accounts are held by DriveWealth, LLC, a member of the Financial Industry Regulatory Authority (FINRA) . We provide investment advisory services by making non-discretionary recommendations on a client's investment outlook. We do not manage client funds or hold custody of assets.
Step Visa Card is designed to help build positive credit history. Positive history is reported on and related only to your Step Visa card activity, subject to your account remaining in good standing, to Transunion®, Experian®, and/or Equifax®. We do not have control over your credit scores generated by the credit bureaus. Even when we report positive credit history on your Step Visa card, your overall credit history and scores, as built by the credit bureaus, may be impacted by your financial activity outside of your Step Visa card (including any other Step loan products or other external activity). The Secured Card is not designed for a user to carry balances (i.e. debt) from month to month. The full balance is due at the end of each month.
All deposits are held by Evolve Bank & Trust, member FDIC. Through Evolve’s Sweep Network, Step Black users are eligible for up to $1,000,000 in FDIC insurance coverage. Learn more at LINK