What is ELITE?
ELITE is a paid membership plan that offers members a clear and easy way to multiply their rewards by 2X or 2.5X (the “reward booster”) as well as other benefits, depending on the tier.
What is the difference between the yearly and monthly membership?
Currently the difference between the yearly and monthly membership is the reward booster amount and the boost cap as well as the additional WhatsApp support on the yearly plan in addition to Priority Email Support. You can expect more benefits and possibly more tiers to be added in the future. Please see the current key differences in the table below:
Can anyone join the ELITE membership?
Yes, anyone who has an account with us and has completed account identity verification (minimum KYC level 1) can join ELITE.
Can I enroll in multiple memberships at the same time?
No, you can only enroll in one membership at the time.
Can I join ELITE through the Bakemobile app?
Joining ELITE can only be done via the web browser app.cakedefi.com for now. Not great, we know. We’re working on it.
Is the ELITE membership automatically renewed?
Yes. Unless canceled by the customer, the ELITE membership will be auto-renewed.
Does the ELITE membership start on the day of enrollment?
Yes. You can check your ELITE membership details by logging in to Bakeapp > under Settings > view ELITE membership.
Can I change or cancel my ELITE membership at any time?
Yes, you can change or cancel your plan at any time. Please note that canceling or changing your ELITE membership tier will only take effect after your current membership plan expires, one month after your ELITE membership monthly renewal date if you’re upgrading from Tier 1 to Tier 2. If you wish to upgrade, please get in touch with us and send us a ticket, and we will take care of it.
What does the “right of withdrawal” mean when enrolling?
If you are a European Union citizen, the Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on Consumer Rights (the “Consumer Rights Directive”) may apply to you. By requesting that we immediately begin to provide you with the ELITE membership benefits from the date that you join your ELITE membership plan, we will start performing the contract from your date of joining. Due to the nature of the blockchain and how the ELITE membership benefits are tied to the Digital Tokens that you place in our Services, it is incredibly difficult for us to retrieve the benefits once they are paid out to your account. As such, we require you to acknowledge that you lose your right to cancel the ELITE membership contract by continuing. (This is similar to a situation where purchased digital content such as a movie or television show episode are made available to you during the Consumer Rights Directive’s 14-day cancellation period by way of download or stream.)However, this acknowledgement does not affect your ability to change or cancel your ELITE membership at any time. Canceling or changing your ELITE membership tier will take effect once your current membership plan expires, or one month after your ELITE membership monthly renewal date if you’re upgrading from Tier 1 to Tier 2.
How is this different from the VIP program?
With both programs, we want to reward our most valued Bake customers by providing them with exclusive benefits.
The main difference between both programs now is that ELITE is a paid membership plan that offers a reward booster, while the VIP program is free and is based on your Confectionery Score, which is the total asset value in your Bake account.