Chase and Instacart Officially Launch Co-Branded Credit Card

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Earlier this year, Chase and the popular grocery delivery service Instacart revealed that they were collaborating on a co-branded credit card. Now (after a false alarm yesterday), the offering has officially launched. Introducing the Instacard Mastercard.

With the new Instacart Mastercard, customers will earn 5% cashback on purchases they make from Instacart. This includes delivery and pick-up orders at more than 70,000 stores across the nation. Additionally, cardholders will earn 5% back on travel purchases made via Chase Travel Center, including flights, hotel stays, and more. Beyond those top categories, the card also earns 2% in three popular spending categories: restaurants, gas stations, and select streaming services. All other purchases will earn 1% back.

Cashback earned can then be used for Instacart purchases, Chase Travel Center bookings, direct deposits, or statement credits. Plus, there is no minimum redemption requirement. The card carries no annual fee.

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To celebrate the launch of the Instcart Mastercard, Instacart and Chase are also offering a fairly unique welcome bonus. The first 10,000 customers to be approved for the card will receive a $200 Instacart credit as well as one free year of the newly-renamed Instacart+ (a $99 value). Notably, these bonuses come without any minimum spending requirement. After the first 10,000 have been claimed, subsequent new cardholders will still earn a $100 Instacart credit and one free year of Instacart+.

In many ways, the Instacart Mastercard’s offerings are about what was to be expected, including offering a significant percentage back on orders placed on the platform. Yet, on the other hand, the fact that the card earns regular cashback instead of just Instacart credits is a somewhat surprising win. Also interesting is the inclusion of a 5% Chase Travel Center booking category — although this is something Chase has been rolling out to many of its cards. Lastly, having a welcome bonus that isn’t tied to a minimum spend requirement could well make this even more attractive to prospective customers, while the potential to double their intro bonus credit might push them to apply sooner rather than later.

With all of that said, though, the card is still unlikely to be a winner for those who don’t use Instacart terribly often. That’s because, although the “every day” 2% categories are a nice addition, there are plenty of cards that now offer 2% back on all purchases. So, while the Instacart Mastercard might appeal to those who enjoy Instacart’s service and will get some benefit from the additional perks of the card, those further along in building their rewards credit card portfolio will likely see this as too specialized to be worthwhile.

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Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

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