As a Cake user, you not only benefit from the handy functionalities that make managing your money easier every day, but the app also makes you money. 💸 This is because users can earn Rewards. These are benefits you get from us that will make your bank account profitable again. 🧁
Different type of Rewards
At this moment there are 2 types of Rewards:
1. Rewards that are announced in your app 💬
When you make a payment (with a bank account linked to Cake) according to a promotion announced in the app, you receive the announced Reward. These promotions might be applicable for every payment or only on your next payment.
It’s like buying a cake and getting a free cupcake.🧁
2. Monthly data-Rewards 🎁
This is a monthly Reward you get because your data is processed and turned into a statistic or insight purchased by one of Cake’s commercial partners.
Our automated software processes anonymized account information and turns it into statistical data. 📊 Many companies are interested in this statistical data in order to make important strategic decisions. Companies interested in these statistical data are what we call our commercial partners.
Cake gets its income from these commercial partners. 💰
We share 50% of this monthly revenue with all active Cake users of the month concerned. Because we think you deserve your share of the Cake! 🍰
So when are you an active user for the respective month? You need to meet 3 simple criteria 👇:
- Have at least one unique IBAN bank account connected to Cake
- Have received 1 income on that bank account for that month
- Have more than 5 shopping/payment expenses on that bank account for that month (transactions between individuals are excluded)
In the future you will also be able to earn Rewards for answering simple questions from our commercial partners in the app. We call these micro-surveys. 🗳 For example, you could be asked about your satisfaction after visiting a shop. Every time you answer one of these questions, you get a Reward.
Overview of your Rewards
You can check the balance of your earned Rewards in your Cake-account on the home screen of the app.
Just click on the Cake logo.
Claiming your Rewards
As soon as you have gathered a Reward amount of at least €1 you can claim your Reward. 🎉 We send the amount straight to the bank account that was initially used to earn the Reward or to your default bank account in case of the data-Reward.
💡So keep in mind that the minimum amount needs to be €1 for each bank account before we will send the money to that respective bank account.
This €1 minimum has a technical reason. We are currently working on it and hope to remove this minimum as soon as possible. We know it is your money and you are entitled to receive it on your bank account regardless of the amount. 🙏
So how to claim your Rewards?
It only takes a few clicks in the app …
Step 1 👉 Push on the “Claim your Rewards” button in your home screen
Step 2 👉 Take a picture of your ID-card
The app will ask you to take a picture of the front- and backside of your ID card. This might seem a bit annoying but it is an obligation that the National Bank of Belgium imposes on payment institutions like Cake.
Step 3 👉 The money is yours
You will receive a payment from Cake on the same bank account that was used to do the initial payment to get the Reward or on your default bank account in case of the data-Reward.
We do our very best to get this done as speedily as possible, but we can’t guarantee it will show on your account the same working day. 🚀How fast your money gets to your bank account in fact largely depends on your bank
All payments are made to users via Cake. The commercial partners get no access to the individual identity of the users. ⛔
Once you have claimed your Rewards for the first time, you will receive all future Rewards from us straight away to your bank account (each time the €1 minimum is exceeded) and you don’t need to do anything else to get them. Piece of Cake!
Enjoy your share of the Cake! 🍰
🚀 Did you know Cake was awarded Belgian Startup company of the Year? 🥳
Read all about it in this article.