Instacart gets its own credit card. In a first in the on-demand grocery delivery market, the company is partnering with credit card issuer Chase and payment network Mastercard to create a co-branded payment form.
Launching later in 2022, the new Instacart Mastercard credit card is classified as a “World Elite” Mastercard and will provide shopping benefits to users. Among other benefits, consumers can earn more points on their purchases on Instacart’s marketplace which currently has more than 700 grocers and retailers in the United States.
“Giving people access to the food they love and the essentials they need is at the heart of everything we do at Instacart,” said Asha Sharma, Chief Operating Officer of Instacart. “With the new Instacart credit card, we’ll be able to offer even more ways for customers to save while they shop and make Instacart the most affordable way for people across North America. North to get the food they want, from the retailers they love, delivered faster than ever before.
Sherry Haymond, executive vice president of digital partnerships at Mastercard, says the new co-branded card reflects changing consumer preferences and buying habits. “It’s critical that we design and deliver the best payment and loyalty experiences for our cardholders, regardless of where and how they pay. The new Instacart Mastercard is a great example of the evolution of digital payments – a customer-friendly card that earns relevant rewards throughout their lifetime,” she noted. “It’s a powerful way for Instacart to engage new customers and improve the experience of existing customers.”
Instacart and Chase have an established relationship. Since 2020, the companies have collaborated to offer limited-time Instacart offers and savings to existing Chase cardholders.