Coverd announced the launch of a credit card offering up to 100% cash back. Its issuing partner, Rain, said the program was not approved and was not a live card program. Coverd CEO Albert Wang said the program was in an implementation stage and that Coverd was not actively onboarding customers.
Coverd launches the Coverd Card, a credit card built around instant everyday rewards. It offers up to 100 percent cash back through a transparent earn-back mechanism built into every swipe, is issued in partnership with Rain, and is accepted wherever Visa is accepted.
Coverd launches the Coverd Card, a credit card designed around gaming mechanics and interactive engagement. The company says the card offers instant cash back determined by a transparent, real-time algorithm.
Albert Wang and Eric Xu founded Coverd after leaving Morgan Stanley and Hudson River Trading in late 2024 to build a gamified personal-finance ecosystem. The A16z-backed startup centers its product on a Visa credit card that offers users the chance to earn up to 100 percent cashback on everyday purchases.
