Redeem Square Credit Card rewards
About Square Credit Card Rewards Redemption
Square Credit Card rewards can be redeemed in multiple ways to give you flexibility in how you use your earned rewards.
You can redeem your rewards as a statement credit applied directly to your Square Credit Card account, redeem the rewards for free processing on future Square sales, or a direct credit to your Square Savings account.
All options provide the same cash back value based on your reward rate listed on your cardholder agreement. Earned rewards are based on a rate tied to your Square Credit Card spending.
Your rewards are earned as cash back equivalent value and displayed as a cash back balance in your Square Credit Card rewards dashboard.
When you redeem rewards for free processing, your cash back balance is converted to processing credits at current processing rates.
Before you Begin
You can redeem rewards from your Square Dashboard or mobile web
You need an active Square Credit Card account with available rewards balance
Statement credit redemptions are applied directly to your credit card account
Savings redemptions are applied to your eligible Square Savings account
Free processing redemptions are applied as credits toward future Square payment processing fees
Redeem Rewards as Statement Credit
Sign in to your Square Dashboard and go to Banking > Credit Card > Rewards.
Click Redeem.
Select Statement credit.
Enter the amount you want to redeem from your available cash back balance.
Review the credit amount that will be applied to your Square Credit Card account.
Click Confirm redemption.
Your statement credit will be processed and applied to your Square Credit Card account. You can view the credit in your credit card activity feed and on your monthly statement.
Redeem Rewards for Free Processing
Sign in to your Square Dashboard and go to Banking > Credit Card > Rewards.
Click Redeem.
Select Free processing.
Enter the cash back amount you want to redeem for processing credits.
Review the estimated processing credits that will be applied based on current processing rates.
Click Redeem.
Your processing credits will be applied automatically to future Square payment processing fees until the credits are used up.
With a 1% cash back on your purchases, you would earn $1 in sales without fees for every $3 you spend on your Square Credit Card. The exact amount will vary depending on the payments your business processes with Square.
For this example, if you’ve accrued and want to redeem $1000 worth of free processing, you’ll receive a reimbursement worth $26.10 for processing fees (2.6% +0.10) if your customer dipped or tapped their card in your store.
Once rewards are redeemed, navigate to the Balance Overview page and check your transfer history for sales dates after rewards were applied. The free processing will be valid for 365 calendar days starting from the day it is redeemed.
Redeem Rewards as Square Savings Cash Back
Sign in to your Square Dashboard and go to Banking > Credit Card > Rewards.
Click Redeem.
Select Savings cash back.
Enter the cash back amount you want to redeem.
Review the cash back redemption folder to deposit the cash back value.
Click Redeem.
Your cash back credit will be processed and applied to your Square Savings account. You can view the credit in your Square Savings activity feed and on your monthly statement.
Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Block, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Block, Inc.
Square Capital, LLC is a wholly owned subsidiary of Block, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. Block, Inc. and Square Capital, LLC are not banks. Square Credit Cards are issued by Celtic Bank pursuant to a license from American Express, and may be used wherever American Express is accepted. If approved, APR may vary based on creditworthiness and other factors. Subject to credit approval.
Savings accounts are provided by Square Financial Services, Inc. Member FDIC. Accrue annual percentage yield (APY) of 1.00% based on your total savings balance (inclusive of all folders and accrued unpaid interest). You may qualify for an increased APY of 3.50% if your total savings balance (inclusive of all folders and accrued unpaid interest) is at least $10,000. See Square Savings Deposit Account Terms and the Interest Rate Chart for more information. APY subject to change, current as of 6/8/2026. No minimum deposit is required to open an account. Accounts will not be charged monthly fees. The Square Savings deposit sweep program distributes your funds among multiple FDIC-insured partner banks, meaning your eligible savings deposits have FDIC insurance coverage of up to $2.5 million. Pending balances are not subject to FDIC insurance.