Last updated on November 5th, 2020
At BestCards.com, we pride ourselves on staying up to date with all the latest trends in the world of credit cards. Sometimes, however, there are curve balls we don’t see coming. Such is the case with the new credit card on offer from Columbia Care, Inc. Columbia Care is a multistate medical company – and while a healthcare business getting into the credit card game may sound strange, it is even odder when you consider that Columbia Care is in the medical marijuana industry. Here is what you need to know about Columbia Care’s new cannabis credit card.
Why a Cannabis Credit Card?
With so many retailers already offering store cards and rewards credit cards, it seems that a cannabis credit card was the next logical step. This new service, known as the Columbia National Credit card, has already been successfully trialed in New York State, where initial testing occurred in the latter half of 2018. This trial run had impressive results according to a press release from Columbia Care. The company states that the trial saw an 18% increase in the average basket size for in-store customer purchases, as well as an increase in both repeat visits and the use of the company’s home delivery service. Home delivery was by far the most significant growth metric, with home basket sizes 40% larger than in-store basket size and deliveries accounting for 10% of the overall medicinal cannabis business.
“Expanding the Cannabis Market”
Nicholas Vita, the CEO of Columbia Care, Inc. said in a company release that the goal of the company is to expand the entire national medicinal cannabis market. Of the new credit card, he says that: “this is exactly the type of industry-wide challenge our team excels at solving. “By launching the first credit card in the country that can be used by consumers and industry participants to purchase cannabis products, we now exclusively offer an important capability that will serve Columbia Care’s national growth initiatives, including home delivery, automatic fulfillment, and e-commerce.”
Where is Columbia National Credit available for Medical Cannabis Patients?
The Columbia National Credit card recently expanded from New York after its successful trial period. The cannabis credit card is now also available for use at Columbia Care’s Pennsylvania and Delaware dispensaries, with further rollout to Illinois and Arizona by the end of June 2019. The company hopes to have nationwide acceptance of the card at all its dispensaries by the end of 2019.
Where Can the Card Be Used?
Currently, the Columbia National Credit card is only available for use at the company’s dispensaries, but there is hope that eventually, the card may have a broader reach. According to Vita, Columbia Care is presently evaluating strategic and targeted partnerships, which it hopes will help position the card as the premier credit payment option in the entire cannabis industry. And while it currently is the only credit card in the whole cannabis industry, if successful, this space may become saturated very quickly.
What Are the Benefits of the Columbia National Credit Card?
So, what are the benefits of the new cannabis credit card for those who apply? The card offers medical marijuana patients another option when it comes to paying for their medicine. According to Vita, when given numerous payment options, some customers prefer paying with credit. This preference is something that the cannabis industry has failed to consider, and now, Columbia Care is looking to fill that gap. That’s not to say that it was as easy as merely creating a credit card aimed at medicinal marijuana patients. First, the company had to navigate the complexities of the financial industry – something even trickier when it came to marijuana. The result, however, is something that many are hailing across the medical marijuana landscape. Megan Fox, the spokesperson for the National Cannabis Industry Association, praised the new card, citing the lack of a reliable electronic form of payment has been something that has plagued the industry for years due to federal policies. Beyond the convenience of a new and easy way to pay for medical marijuana at licensed dispensaries, the new Columbia National Credit card also offers cardholders some nice perks. These member benefits include:
- No annual fee
- Exclusive member access to sales and other offers
- Members-only events
- A cardholder priority phone number
- Online account management and payments
- No interest or fees if members make payments on time
The card also features a variable APR, which, abed on the creditworthiness and the Prime Rate, offers cardholders competitive rates when compared to other store credit cards.
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While a medicinal marijuana credit card may not be everyone’s cup of tea, there truly is a credit card to suit the needs of every consumer. If you are looking for the best credit cards available on the market today, make sure to check out some of the reviews on BestCards.com. We have a comprehensive collection of all the leading credit cards, including impartial reviews and a detailed run-down of all the key facts and figures you need to make an informed decision. Whether you are looking for an airline rewards card, a hotel rewards card, a cash back credit card, or even a secured credit card to help boost your poor credit score, at BestCards.com we are here to help you choose the ideal card.