SmarterBucks Unveils Gifting Of Rewards Gifter Accounts Earn Rewards To Pay Down Someone Else's Student Loan
BOSTON, Feb. 13, 2013 /PRNewswire/ -- SmarterBucks®, a revolutionary rewards program that helps pay down your student loans faster, announced today gifting of rewards, a new feature which allow friends and family to earn rewards on behalf of a loved one struggling with student debt. (https://www.smarterbucks.com/gifting). With gifting of rewards, anyone can sign up to earn SmarterBucks and invite another SmarterBucks member to receive those rewards. Those rewards are then automatically turned into extra loan payments on that recipient's chosen student loan.
"We've all seen the reports about graduates struggling to pay their loans and our goal is to help them get out of debt faster so that they can get on with their lives," said Kevin Walker co-founder and CEO of SimpleTuition, the company behind SmarterBucks. "If you want to help out your child, grandchild, spouse, relative or friend, you can earn rewards through SmarterBucks and gift those rewards so they can pay down their student loan."
SmarterBucks Gifters can earn rewards in many of the same ways that existing members earn rewards. At the SmarterBucks Marketplace (http://www.smarterbucks.com/marketplace) users can earn between 2%-16% back in SmarterBucks rewards. Through SmarterBank® (http://www.smarterbank.com/), an online checking account, users can earn SmarterBucks rewards on everyday purchases with the SmarterBank Visa® Debit Card. There are also Exclusive offers for SmarterBucks users (http://smarterbucks.com/exclusives). There is no limit to the number of Gifters a SmarterBucks member can have – thus enabling those who are trying to pay down their own student debt the ability to double, triple, or even quadruple the amount of rewards earned each month. Once a month, Gifter rewards are automatically transferred to their designated recipient and then paid directly to the student loan lender of that recipient's designated student loan.
A typical SmarterBucks user who takes advantage of all the ways to earn rewards can expect to earn $15-$30 in rewards a month (https://www.smarterbucks.com/earn). A typical user in the beginning of their repayment period who earns $30 a month could save up to $4,120 over the life of a loan and shave 23 months off their repayment time. This is for a $15,000 loan at 6.8% over 10 years (https://www.smarterbucks.com/why_smarterbucks).
About SmarterBucks® and SmarterBank®
SmarterBucks (http://www.smarterbucks.com/) and SmarterBank (http://www.smarterbank.com/) are both new products created by Boston-based SimpleTuition (http://www.simpletuition.com). A revolutionary new rewards program, SmarterBucks allows members to earn rewards that are used to pay down any student loan. SmarterBank is a new online checking account designed to help the millions of people with education debt. The SmarterBank checking account provides an additional opportunity to earn rewards on everyday purchases with its SmarterBank Visa Debit Card. Banking services for SmarterBank are provided by The Bancorp Bank, Member FDIC. SmarterBank and SimpleTuition are headquartered in Boston, Mass., and backed by Atlas Venture, Flybridge Capital Partners, and North Hill Ventures. For more information, visit SmarterBank.com.
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