Leading grocery tech company Instacart has partnered with credit card issuer Chase to release the 'Instacart Mastercard credit card. This will be the first credit card to ever be offered by Instacart and it will provide holders with the chance to earn unlimited cash back, as well as build up rewards and benefits.
Specific offerings include 5% cash back on Instacart purchases at over 800 major retail brands, 5% cash back on travel made through Chase Travel center, and 1% cash back on all other purchases.
“We’re proud to partner with Chase for the first-ever Instacart credit card that will offer yet another way to access rewards both on and off the Instacart platform. From the weekly grocery shop to beauty products and sports equipment to household essentials, cardmembers will be rewarded with cash back on every purchase from many of their favorite retailers," said Heather Rivera, Vice President of Strategy, Corp Dev, and Partnerships at Instacart.
Image Credit: Instacart
What's Driving This Trend
- Cashback Credit Cards
- In the credit card industry, there is an opportunity for cashback credit cards focused on specific niche markets like online grocery shopping.
- Retail-branded Credit Cards
- There might be an opportunity for retail companies to partner with credit card issuers to introduce special retail-branded credit cards.
- Partnerships Between Fintech and Retail Companies
- There is an emerging trend of partnerships between fintech companies and retail companies to provide customers with new financial products and services.
Who This Affects Most
- Credit Card Industry
- The credit card industry can explore new opportunities to create credit cards that focus on specific niches in the market like online grocery shopping.
- Retail Industry
- Retail companies can partner with credit card issuers to introduce retail-branded credit cards, which will help them in enhancing customer loyalty and retention.
- Fintech Industry
- Fintech companies can collaborate with the retail industry to offer new financial products and services, which will help the customers save money and earn rewards on their everyday transactions.
