Step, a neobank serving teenagers and young adults, has launched a waitlist for its premium card, the Step Black Card, which is set to be released this summer. The card offers top-tier rewards and benefits to individuals, regardless of their financial history.

The card offers a 5% yield on saving balances up to USD 1 million, rewards on everyday purchases—including 8x more points on spending at partner vendors—3x on dining, food delivery, and charitable donations, and 2x on entertainment. 

Additionally, it provides other perks like priority customer support, exclusive experiences, and a laser-engraved metal card that prioritizes safety by not displaying any account information other than the cardholder's name. Along with the metal card, users also receive a virtual card for online transactions.

Analyst QuickTake: Step's recent product launches include 1) a stock investing platform (in March 2023) within its mobile app, that allows users access to over 1,000 stocks and ETFs, including fractional shares, and build portfolios based on risk ratings assigned to each security, and 2) a high-yield savings (in May 2023) with 5% yield on balances of up to USD 250,000 held at its direct deposit accounts.