Last updated on April 27th, 2021
According to a new report in the Wall Street Journal, both Instacart and DoorDash are seeking to launch their own credit cards. The potential news comes on the heels of overwhelming success for both brands, thanks in no small part to the coronavirus pandemic.
Instacart and DoorDash Considering Credit Card Launch
Instacart and DoorDash continue to ride the wave of success of at-home delivery services during the COVID-19 pandemic. The companies are experiencing significant growth thanks to grocery and meal delivery popularity during lockdowns and local dining restrictions.
Now, Instacart is partnering with JPMorgan Chase to launch a co-branded credit card. A new report in the Wall Street Journal (WSJ) cites an anonymous source close to the matter that says the grocery delivery chain will launch a card with Chase designed to reward frequent Instacart users with either cash back or points on every delivery.
Similarly, DoorDash is purportedly in the initial stages of a potential launch. The same WSJ report notes that the takeout delivery service is welcoming offers from banks regarding a co-branded rewards card, with more than ten proposals received to date. These offers include well-known international banks and financial technology (or fintech) firms.
Chase the Ideal Partner
The partnership between Chase and Instacart is something of a no-brainer. Chase has a proven track record with co-branded credit cards, including Amazon (the Amazon Rewards Visa Signature) and Starbucks (the Starbucks Rewards™ Visa®). The bank also has an extensive array of partnerships with leading airlines and hotel chains, including United Airlines, Southwest, IHG, Marriott, and more.
Delivery Services Thrive in the COVID Landscape
While Chase has not branched into delivery services with its credit card co-branding efforts, the new move is a logical one. At-home industries, like meal and grocery delivery services, have been big winners in the coronavirus landscape. With the decline in travel cards over the last year, many banks are betting on everyday credit cards’ continued success that provides real-world benefits for things like groceries, dining, and online purchases.
Related Article: Free Instacart Express Trial with Mastercard