I had not heard of beam in a while and the last time I wrote about Beam was back in 2018 but today they sent out a catchy email titled “App Updates, Gift friends a free $10,000 cash credit 💰🙌” and I had to spend a few minutes reading the email, recovering my app, and trying to figure out if it is now worth it.
Last time, I talked about Beam I had called it a Bloggers Bank. It was really good granted you had people perpetually signup through your referral but for the rest it was meh. I had 10 cents in my Beam account because their system seemed mediocre. But, its 2020 now and the question of this post is – is Beam any different now? Has beam done anything different for me to have more than 10 cents to my Beam account?
The Offer
https://meetbeam.com/?r=CASH-B1WSlJLaFf
$10,000 cashcredit referral link
for the referred:
For the next few months, gift as many friends as you’d like EACH a $10,000 cashcredit! This free $10,000 credit is applied to their balance for 30 days, where they will earn interest on us. At the end of 30 days, the $10,000 credit will be returned but your friends keep whatever interest earned. Your friends must open an account with your referral link to qualify, but it’s that simple.
for the referrer:
What’s more, the more friends you invite, the more you also earn, and are able to unlock your 4.0% APY sooner. And that’s not it. During this period, you will get 10 Billies (2x the normal amount) for each friend that joins Beam’s mailing list, whether they open an account with Beam or not. Doubly rewarding on top of a doubly reward.
But Wait
Getting interest in $10k cash for a month does not sound bad but the catch now is that Beam’s starting minimum rate is 0.04% not 2% like I had remembered from a while back.
So, the question is how do you get a somewhat decent base interest rate? You Billie up!
Billie What?
Billie boosts your APY for a day. How much does it boost now? I have no idea about the numbers now but the last time I tried Beam, which again was back in 2018, I had found the average to be 0.65% with sample size of 30 billies.
An average APY of additional 0.65% (i.e. net 2.65%) over 30 days wasn’t too bad but opening an app daily to click on a billie was rather annoying. To make it clear, you can get boosted over 1% (I got additional 1.70% or so boost today but then I also got 0.05% boost today) but on my initial 30 tries, the highest I got was 0.74.
From my previous post on Beam Financial
How do you get Billie?
You can get one Billie by logging into the app between 6 pm and midnight each day.
Additionally, you earn 10 Billie for each friend who joins Beam’s mailing list.
The Advertised 4.00 APY
Beam advertises 4% interest rate but getting there requires quite a few invitees to fund their Beam account.
| APY | # of Successful Invites |
|---|---|
| 0.50 % | 3 |
| 1.00 % | 6 |
| 1.50% | 9 |
| 2.00 % | 13 |
| 2.50% | 16 |
| 3.00% | 19 |
| 3.5% | 25 |
| 4.00% | 35 |
- Offer applies to the next 4,000 members who meet the criteria before 7/1/2020.
Closing Thoughts
So, am I moving more than 10 cents to Beam now? I can’t even seem to do so and quite frankly this offer isn’t good enough to spend more time trying to figure out a way to move do so.
