KrowdFit and FinTech Deserve Launch KrowdFit Wellness Rewards Card
Over the past few years, credit card issuers have been thinking outside of the box, introducing new types of rewards cards — including some aimed at specific customer types. What’s more, emerging technologies and startups have made it even easier for brands to bring their ideas to market and deliver rewarding products to consumers. In that vein, this week, KrowdFit announced that it was partnering with the FinTech company Deserve to roll out a new rewards credit card with health and wellness benefits.
First, the KrowdFit Wellness Rewards Mastercard earns 4% cashback on qualifying health and wellness purchases as well as purchases from “lifestyle partners.” According to the card’s site, this category current includes gym memberships and fitness subscriptions as well as purchases from Peloton, Tonal, Mirror, Athleta, Under Armor, and others. Additionally, cardholders can earn 2% back on qualifying grocery purchases and 1% on all other purchases.
In terms of other perks, KrowdFit Wellness Rewards Mastercard customers can take advantage of a free one-year KrowdFit Premium membership. Then, those who spend at least $500 a month on the card can unlock a daily in-app claim process for KrowdFit cash giveaway entries. Those who spend a minimum of $500 will also receive a complimentary one-year premium membership for MyFitnessPal or Calm. These perks are valued at $79.99 and $69.99, respectively. Despite these benefits, the card carries no annual fee.
Commenting on the inspiration and idea behind the new card, KrowdFit founder and CEO Jim Miller stated, “As the pandemic has put a strain on mental health and raised awareness of the importance of good physical health, many individuals have turned to virtual solutions to address their physical and mental well-being. Rewards programs are prevalent in our consumer-driven society, from airline mileage rewards to earning a free latte at your favorite coffee shop.” Miller continued, “Poor health is one of the biggest challenges our country faces, and it is time for healthy behaviors to be recognized and rewarded in a meaningful way. We look forward to expanding our financial wellness reward strategy through our partnership with Deserve and Mastercard.”
The debut of the KrowdFit Wellness Rewards Mastercard comes on the heels of another fitness brand revamping its rewards credit card option. Last month, Paceline introduced some significant improvements to its Paceline Visa Signature Card, which earns cardholders 2.5% cashback on “Health and Wellness” purchases and 1.5% on all other qualifying purchases by default. However, when customers reach 150 exercise minutes per week to achieve their “Paceline Streak,” their earning rates in both categories will double. Notably, though, the Paceline Card does charge a $60 annual fee.
Overall, the KrowdFit Wellness Rewards Mastercard could be a good option for those who want to earn rewards on health and wellness purchases. Meanwhile, although the free premium memberships could be beneficial to cardholders, they are currently only set to last for a year. Still, with no annual fee and up to 4% cashback, the KrowdFit Wellness Rewards Mastercard is an interesting product that’s part of an even more intriguing trend.
Also published on Medium.