Chase, the largest co-brand card issuer in the U.S., and Instacart, the leading online grocery platform in North America, announced an expansion of their existing partnership to make Chase the exclusive issuer of Instacart’s first credit card later this year.
As a part of this partnership, Mastercard will become the exclusive payments network for the new offering.
The new Instacart Mastercard credit card will be the first Chase co-branded card offering in the on-demand grocery delivery space. The card will allow consumers to earn accelerated points on purchases across the Instacart marketplace, which includes more than 700 national, regional and local grocers and retailers. The card is expected to launch in 2022 and will also offer a number of other benefits, perks and savings.
“Giving people access to the food they love and essentials they need is central to everything we do at Instacart,” said Asha Sharma, Chief Operating Officer, Instacart. “With the new Instacart credit card, we’ll be able to deliver even more ways for customers to save as they shop, and make Instacart the most affordable way for people across North America to get the food they want, from the retailers they love, delivered faster than ever before.”
The new Instacart Mastercard is a World Elite Mastercard, and will offer cardholders access to World Elite Mastercard benefits including complimentary 24/7 concierge service and access to Mastercard Priceless Experiences.
“The adoption of more convenient digital services has accelerated, and consumers’ habits have clearly evolved,” said Ed Olebe, President of Chase Co-Brand Cards. “We are excited to introduce a new category of co-branded cards for Chase through this partnership with Instacart, a true leader in the grocery delivery space.”
“Our lives are more digital than ever, from how we shop to how we work, travel and connect. And consumers’ expectations about their experiences with brands are changing. It’s critical that we design and deliver the best payments and loyalty experiences for our cardholders, regardless of where or how they pay,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “The new Instacart Mastercard is a prime example of the evolution of digital payments– a card tailored to customers, that earns relevant rewards as they live their lives. It’s a powerful way for Instacart to engage new customers and enhance the experience for existing ones.”
The new co-branded card expands the current relationship between Chase and Instacart. Since June 2020, the companies have worked together to provide limited-time Instacart offers and savings to existing Chase cardmembers. Chase and Instacart are currently offering eligible Chase cardmembers a free Instacart Express membership and $10 off their next order of $35 or more, through April 30, 2022. Instacart Express membership provides unlimited free deliveries and reduced service fees on all orders $35 or more. Eligible cardmembers can sign up through January 31, 2022.