Paceline Introduces Credit Card With Rewards Tied to Fitness Goals
A new credit card offering is looking to help consumers with both their financial and physical fitness. This week, Paceline formally unveiled the Paceline Visa Signature Card. While the product does carry a $60 annual fee, it also features some unique earning components that could be lucrative for cardholders.
Starting off with the base rewards, the Paceline Card earns 2.5% cashback on “Health and Wellness” purchases as well as 1.5% on all other qualifying purchases by default. Additionally, the “Health and Wellness” category is quite broad, covering everything from gym memberships and fitness equipment to sporting goods and even groceries. What’s more, earnings for both categories can be doubled if cardholders reach certain fitness goals.
Paceline Card customers who achieve their “Paceline Streak” of 150 exercise minutes per week will enjoy enhanced rewards. This includes unlimited 5% back on “Health and Wellness” categories and unlimited 3% back on all other qualifying purchases. All cashback will be automatically applied to customers’ balances and reflected in their monthly statements. Note that activity monitoring is completed using the Paceline app with any compatible wearable device.
Speaking of wearables, Paceline is also offering a unique welcome bonus that helps enable cardholders to purchase a new Apple Watch. Currently, new cardmembers are eligible for weekly statement credits towards the purchase of any Apple Watch, including the Apple Watch Series 7. These credits will amount to as much as $429 over the course of 12 months. To qualify, customers must continue to hit their Paceline Streak and have their account in good standing.
Interestingly, the Paceline Visa Signature Card seems to be a “2.0” version of the Paceline Card that was announced this past fall. According to the original press release for that product, the card would earn 3% back on Health and Wellness purchases and 1% back on all other purchases if cardholders hit their streak, while falling to 1.5% and 0.5% cashback respectively if they didn’t. Additionally, that version of the card carried a $120 annual fee as opposed to the updated $60 fee. Both cards are issued by Evolve Bank & Trust.
In a statement about the new Paceline Card, the company’s founder and CEO Joel Lieginger said, “Your health is your most valuable asset, and you should be rewarded for pursuing it. Paceline empowers people to turn their physical health into an asset, and ultimately enables people to get rewarded for living healthier, better, and longer lives.” Lieginger added, “The Paceline Card delivers on that promise and reinforces our mission to change the nature of preventive health in society.”
Overall, between the up to 5% back on a very wide “Health and Wellness” category and up to 3% on everything else, the Paceline Card could easily be worth the $60 annual fee. Of course, this is contingent on customers keeping their Streak alive — although 150 minutes a week does seem fairly reasonable. Plus, should you fall short while on vacation or for other reasons, the 2.5% and 1.5% rewards are still quite decent.
The only potential downside to the Paceline Card as it stands is the confusion surrounding the previous iteration. Considering that the 1.0 only launched a few months ago, prospective cardholders may be wondering if another overhaul could hit before long. Still, setting those fears and ambiguity aside, the Paceline Card could be a great option for those looking to maximize financial rewards while also striving to reach their fitness goals.
Also published on Medium.