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Visa Adds Three New Benefits for Cardholders

by Cory Santos Friday September 24, 2021

Last updated on January 31st, 2024

Visa has announced new partnerships with three brands – all offering new benefits to select Visa credit cardholders. The new partnerships include Shipt, Sofar Sounds, and Skillshare, and are available to eligible Visa, Visa Signature, and Visa Infinite cardholder. Here are all the details:

Visa Adds Shipt Benefit to All US Consumer Credit Cards

Shipt is a delivery service that provides personal shopping and deliveries in over 5,000 US cities. Approximately 80% of US consumers have accessibility to Shipt’s services, including deliveries of grocery, alcohol, kitchen goods, pet care, health and wellness, and business product segments. Shipt also offers deliveries from major brands, like Target, Office Depot, Costco, and more.

The new Shipt benefit launched on September 20 and is available to all Visa consumer credit cardholders in the US – subject to enrollment. Enrollment entitles the cardholder to free shipping on all Shipt orders over $35.

“When we began discussing this opportunity, it became immediately apparent that Shipt and Visa value investment in innovative solutions and above-and-beyond customer service,” said Kelly Caruso, CEO at Shipt on news of the new partnership. “Together, we’re proud to offer Visa consumer credit cardholders the benefit of time savings and convenience by leveraging a network of trusted Shipt Shoppers who are committed to getting you exactly what you want, when you want it.”

Visa Also Adds Skillshare and Sofar Sounds Benefits to Select Cards

Visa also announced two new partnerships for Visa Signature and Visa Infinite cardholders. Eligible cardholders receive a free three-month membership with Skillshare, an online learning community, and access to seven-day exclusive presales with Sofar Sounds, a music events company.

Skillshare is an online learning community specializing in educational courses on artistic and creative pursuits, such as illustrating, graphic designs, photography, and more. Visa Infinite credit cardholders enjoy a complimentary three-month membership with Skillshare and a 30% discount on annual renewal. Visa Signature cardholders also enjoy a three-month membership but just 20% in yearly renewal discounts.

Sofar Sounds is a live music events company that brings exclusive, intimate concerts to more than 400 cities worldwide. Visa Infinite and Signature cardholders enjoy a seven-day Visa Exclusive Presale to Sofar-presented events – plus a free ticket with every purchase of one ticket or more during the presale period.

Visa Platinum cardholders also gain access to the Sofar Sounds seven-day Visa Exclusive Presale – and the free ticket with eligible presale purchases, but that free ticket is limited to two complimentary tickets per year. More information on the Sofar Sounds partnership can be found here.

Featured image by Pexels / PixaBay

Citi Offers Triple ThankYou Points On Holiday Travel

by Cory Santos Wednesday September 22, 2021

Last updated on May 2nd, 2022

Citi has a new ThankYou Rewards promotion – just in time for the holidays. Through the end of 2021, eligible Citi cardmembers earn 3X points on travel purchases made with select Citi cards through the ThankYou Rewards portal. Here is everything you need to know – including which cards are eligible for the new Citi promotion.

Citi Introduces Limited-Time ThankYou Rewards Travel Bonus

Citi is making its ThankYou Rewards credit cards even more rewarding. From now through December 31, 2021, eligible Citi cardmembers earn 3X ThankYou Points for every $1 spent on eligible hotel and car bookings made through the ThankYou Travel Portal.

The new promotion applied to the following Citi credit cards:

The addition of 3X ThankYou Rewards on eligible travel purchases is an excellent addition for cardmembers planning fall or holiday travel. The ThankYou Rewards portal offers flight, hotel, cruise, and car rental bookings, with the option to pay with points or an eligible Citi credit card.

The addition of points on travel is good news for both Premier and Rewards+ cardmembers planning on booking a car rental using the new promotion. Both cards also offer enhanced ThankYou points on gas station purchases (3X points on gas with the Citi Premier and 2X points on gas with the Rewards+), meaning cardmembers hitting the road can maximize their rewards this holiday season.

About Citi ThankYou Rewards

Citi ThankYou is the rewards program for Citibank credit cards. Users earn points when using their Citi credit cards to make a payment anywhere Citibank credit cards are accepted worldwide. Cards that earn ThankYou points are the Citi Rewards+® Card, Citi Premier® Card, Citi Prestige® Card (no longer accepting new applicants), Citi Rewards+℠ Student Card (no longer accepting new applicants), and the AT&T Access Card from Citi.

Featured image by Citi

American Airlines Purchases Stake in GOL

by Cory Santos Tuesday September 21, 2021

American Airlines has long positioned itself as the United States’ leading carrier to South America. However, that position suffered a severe blow two years ago when fellow Oneworld Alliance partner LATAM switched allegiance to Delta Air Lines after a partial buy-out. Now, American is stepping up its South American partnerships with a new investment in Brazil’s largest carrier, GOL.

American Airlines Purchases Stake in GOL, Increasing Presence in South America

American already had a codeshare agreement with Gol since last year. Now that partnership is evolving, with AA announcing a 5.2% stake in the company – including $200 million in investment. The enhanced investment is designed to offer a more seamless travel experience flyers, with increased access to more than 63 destinations in Brazil already operated by GOL.

The enhanced partnership will also expand Gol and American Airlines’ joint loyalty offerings. These offerings are likely to include earning miles (such as AAdvantage miles) on American and GOL-operated flights, plus greater mile flexibility when booking award fares. Both airlines will also begin the rollout of reciprocal perks for elite-tier members.

“This codeshare agreement between two of the leading airlines in the Americas combines our highly complementary route networks to offer customers a seamless travel experience with the largest number of flights and destinations in North and South America,” said GOL CEO Paulo Kakinoff in a statement. “We believe that this will bolster GOL’s presence in international markets, accelerate our long-term growth, and maximize value for our shareholders. It adds to our confidence in GOL’s growth as the economy reopens and travel demand increases.”

About American Airlines

American Airlines is the world’s largest airline by several metrics – including fleet size, revenue per passenger/mile, and the number of scheduled passengers carried. The Texas-based carrier operates 6,700 flights daily to 350 cities in 50 countries worldwide, including 19 destinations in South America.

American also operates the AAdvantage frequent flyer program – the second-oldest frequent flyer program in the world. The program offers six co-branded airline credit cards with Barclays and Citi, all of which offer miles with every purchase, airline-centric perks, and more:

Citi® AAdvantage® Platinum Select® World Elite™ Mastercard®

citi aadvantage executive world mastercard

Citi® / AAdvantage® Executive World Elite Mastercard®

CitiBusiness® / AAdvantage® Platinum Select® Mastercard®

American Airlines AAdvantage® Mile Up®

AAdvantage® Aviator® Red World Elite Mastercard®

AAdvantage® Aviator® World Elite Business Mastercard®

Featured image by American Airlines

Capital One to Test Buy Now, Pay Later Service

by Cory Santos Sunday September 19, 2021

Capital One’s battle against Buy Now, Pay Later appears to be over. The bank has revealed plans to begin testing its new service later this year in an attempt to gain market share in the fast-growing financial sector.

Capital One Reverses Course, to Test Buy Now, Pay Later Service

Capital One is jumping on the Buy Now, Pay Later (BNPL) bandwagon. The bank will begin beta-testing a new BNPL service later this year despite banning Capital One credit card users from using their cards to clear BNPL debt.

The bank sought to distance itself from BNPL services in December of last year, stating that “(those) kinds of transactions can be risky for customers and the banks that serve them.” The bank then outlawed customers from using Capital One issued cards to make “transactions identified as point-of-sale loans charged on its credit cards, regardless of the point-of-sale lender.”

Testing Of Service to Begin Later This Year

Now, Capital One is shifting focus and embracing BNPL. Capital One will be beta-testing its new service later this year using select merchants. The new BNPL service from Capital One will focus on the bank’s private-label credit card portfolio, including closed-loop retail cards.

BNPL’s Lucrative Appeal to Lenders

Capital One’s shift towards Buy Now, Pay Later appears to be occurring due to the runaway success the service has enjoyed in recent years. BNPL services and platforms have grown exponentially, with millennials and Gen Z consumers embracing platforms like Affirm and Afterpay.

Forbes data shows that consumers spend up to 20% more money on average when offered a point-of-sale BNPL service, making these platforms serious money movers. The new beta program also appears to be more than just a simple test. “We’re watching this product closely and certainly not taking this growth lightly,” Capital One CEO Richard Fairbank said earlier this week at an investor conference chaired by Barclays.

Related Article: Buy Now, Pay Later: Is It Worth It?

Featured image by 200degrees / PixaBay

Credit Card Basics: Zero Fraud Liability

by Cory Santos Saturday September 18, 2021

Last updated on August 24th, 2023

There are several terms that are commonly found in credit card cardmember agreements that you might overlook. One of those terms is Zero Fraud Liability. But what exactly is $0 Fraud Liability, what does it cover, and how does it work? Here is everything you need to know about Zero Fraud Liability:

What is Zero Fraud Liability?

“Zero Fraud Liability” is a term frequently seen on credit card agreements, but what does it actually mean? A Zero Fraud Liability, or $0 Fraud Liability clause is a policy in a credit or debit card agreement that protects the account holder from fraudulent or unauthorized charges.

Federal law ensures that credit card issuers are largely responsible for credit card fraud. The cardholder should promptly report suspected fraudulent activity – with “prompt” defined as up to two days after the fraud occurred. The same federal law mandates that the maximum fraud liability is $50 per loss – if the fraud is reported promptly. However, should the cardholder fail to act promptly, they may be liable for the entire fraudulent charge.

Zero Fraud Liability, however, waives this $50 maximum. This means that cardholders who promptly report fraudulent activity on their card will have no liability for any of the suspect charges. This basic coverage is provided by all four major payment networks: American Express, Discover, Mastercard, and Visa.

Does $0 Fraud Liability Apply to Debit Cards?

While the four major credit card issuers offer $0 Fraud Liability, that doesn’t mean every type of payment card is protected. Some Visa commercial cards, for example, do not offer Zero Fraud Liability coverage.

Similarly, not all debit or prepaid cards that feature the Visa, Mastercard, or American Express logo offer fraud coverage. Before you use your new debit or prepaid card, always consult the cardmember agreement to ensure your card is protected in the event of fraud.

How to Report Credit Card Fraud

As mentioned, immediately reporting credit card fraud is essential. Since Zero Fraud Liability only applies if the cardholder acts within a two-day window, if you suspect fraud or notice unauthorized charges on your account, do the following:

Contact your credit card issuer as soon as possible
Issue fraud alerts with the three major credit bureaus (Equifax, Experian, and TransUnion)
Update passwords and recurring payments
Monitor your credit report

Related Article: Freezing Your Credit: What You Should Know

Featured image by mohamed_hassan/PixaBay

Capital One Launches Key Rewards Credit Card Program

by Cory Santos Wednesday September 15, 2021

Last updated on February 9th, 2024

Capital One and Williams Sonoma have finally launched the replacement for the old Williams Sonoma Visa®. The new program is actually eight cards, now known as the Key Rewards Credit Card Program, which offers up to 10% back on purchases with the Williams Sonoma, Inc. family of brands, special financing, and more.

Capital One and Williams Sonoma Launch Key Rewards Credit Card Program

Williams Sonoma and Capital One Bank have officially revealed their new credit card portfolio with the launch of eight credit cards. The new Key Rewards Credit Card Program offers cardholders the chance to earn 5% cash back with any of the seven brands that make up the Williams Sonoma, Inc. brands, including Williams Sonoma, Williams Sonoma Home, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, Mark & Graham, and West Elm – both online and in-store.

Key Rewards Credit Card Program Details

The new program, which includes four co-branded Visa credit cards (The Key Rewards Visa Signature, the Williams Sonoma Visa, the West Elm Visa, and the Pottery Barn Visa) and four store cards, offers unlimited:

10% rewards on purchases at Williams Sonoma, Pottery Barn, West Elm, and Mark & Graham for the first 30 days and 5% after that
or 12-month promotional financing on purchases of $750 or more

Besides earning cash back towards purchases at the Williams-Sonoma, Inc. family of brands, cardholders also enjoy additional Williams Sonoma perks, including:

Free standard shipping at Williams Sonoma
$25 birthday reward
$0 annual fee
Early access to promotions
Sneak peeks of new collections
Cross-brand design services with Design Crew, including a free consultation with design experts

In addition, Visa cardholders enjoy 4% cash back on grocery store and dining purchases and 1% back everywhere else the card is accepted.

Reward Existing and New Customers for Shopping Online

“Our partnership with Capital One and the introduction of The Key Rewards Credit Card Program will provide enhanced opportunities to reward existing and new customers for shopping online and in our stores across all of our brands,” said Laura Alber, President and Chief Executive Officer of Williams-Sonoma, Inc. in a press release accompanying the launch.

“Our mutual commitment to providing an enhanced customer experience is engrained throughout the new credit card program,” added Buck Stinson, SVP, Card Partnerships at Capital One. “The cross-brand approach, paired with rewarding cardmembers for exploring their complementary interests in the form of valuable benefits and enhanced rewards, was a top priority.”

Featured image by Capital One

Only 6% of iPhone Users Use Apple Pay In-Store

by Cory Santos Monday September 13, 2021

Last updated on March 8th, 2023

A new report is showing that Apple Pay is failing to gain a foothold in-store, despite having a significant advantage of other mobile wallets. PYMNTS data shows that despite the near-universal presence Apple has in many Americans’ lives just 6% of consumers use Apple Pay to make purchases in-store.

Report: Apple Pay Use In-Store Lags Behind Online Purchase Usage

Apple products are seemingly everywhere. The Apple iPhone is the go-to mobile phone for tens of millions of Americans, offering seamless integration with other Apple products, including iPads, Apple Watches, the Apple Card, and Apple Pay. Despite this all-encompassing Apple-centric ecosystem, however, few Americans are actually using Apple Pay in stores.

According to a new report from PYMNTS, “93.9% of consumers with Apple Pay activated on their iPhones do not use it in-store to pay for purchases.” This result indicates that only 6.1% of Apple users use Apple Pay for making purchases in-store. That low figure is up from 2015, with 5.1% of respondents then used Apple Pay.

Tap & Go Payments Surging in Popularity

The small number of Apple Pay members using the service to make purchases in-store is surprising, given the rise in preference for contactless payments in the last two years. The coronavirus pandemic has seen a significant increase in consumers using contactless payments, with mobile wallets like Google Pay and PayPal enjoying substantial growth. Instead, customers are turning to their physical credit cards, with Tap & Go payments and EMV chip technology offering an equally simple way of making purchases in-store.

Even Apple’s Apple Card offers contactless payments with the physical metal credit card, though the card prioritizes Apple Pay, with cardholders earning 2% cash back on purchases made through the Apple Pay app.

What the PYMNTS study indicates is that other mobile wallet services feel Apple’s struggles. Mobile wallet use in-store declined 26.2% in 2020 – despite credit card use in-store rising 33.8%. Cash use also declined – with consumers using cash to make purchases 20% less than 2019.

Featured image by Apple

New Fintech Cards & Payments Challenge Tackles Climate Change

by Cory Santos Saturday September 11, 2021

Last updated on April 24th, 2023

Barclays, Mastercard, and other leading fintechs are joining forces for a new challenge. The Cards & Payments Challenge seeks to redefine how consumers spend, to reduce the carbon footprint of everyday financial transactions.

New Cards & Payments Challenge Seeks to Make Everyday Consumption More Sustainable

New Energy Nexus and a variety of financial partners are joining forces for the new Cards & Payments Challenge. The Challenge seeks to catalyze innovation across the financial sector to address climate change and involves major names like Barclays US, Mastercard, Rise, Doconomy, and Patch.

About the Cards & Payments Challenge

According to a press release, the Challenge’s goal is to help inform how we spend, what we buy, and how payments are handled – making everyday consumption more sustainable. Key focus areas of the Cards & Payments Challenge (C&P Challenge) include:

Retail & Commercial Carbon Accounting & Footprinting
Sustainable eCommerce Connectivity
Green Digital Wallets & Mobile Payment
Sustainability Gamification & Incentivization
Reward Program Points and Benefit Structures for Emissions Offsetting or Renewable Energy
API Integration and “Green Open Banking”
Building a digestible “Green Score” & Consumer Education
Blockchain & DLT applications in sustainability
Insurance and related products
Additional Integration with Online Banking and Investment Products

The C&P Challenge offers a $100,000 prize to the winning startup. The goal of the Challenge is to introduce and boost climate innovation in the digital payments space with established financial stakeholders.

Additional C&P Challenge Details

The open application period for the C&P Challenge runs from September 7 to October 1, 2021. Interested fintech startups can apply for the C&P Challenge here, hosted participants at the Rise Accelerator space in Manhattan during Climate Week NYC. All participants will have access to world-class facilities and the opportunity to craft their products and build their network.

Ten finalists will be selected in late October, and these companies will receive additional mentorship in matchmaking over three weeks, culminating in a demo day and prizes in November. In addition to cash prizes, participants will be given access to sponsor Application Programming Interfaces (APIs), offering finalists direct access to relevant data.

Prizes in the Challenge will be announced in November, with the top three finalists receiving non-dilutive grants.

“Working Towards a Sustainable Future”

“Our team is thrilled to launch the Cards and Payments Challenge with an incredible roster of strategic partners, together supporting fintech startups and innovations, which aim to catalyze equitable decarbonization. We welcome applications from around the world,” said Danny Kennedy, CEO at New Energy Nexus in the release.

“Rise knows the importance of climate fintech startups to financial services, and we are excited to host the challenge in New York,” added Brian Luciani, Head of Rise New York. “It’s inspiring to work with our partners in support of fintech founders who are working towards a sustainable future and to keep Barclays at the forefront of fintechs working on climate innovations.”

Featured image by Climate Fintech/ Cards & Payments Challenge

Walgreens Launches Scarlet Mastercard Debit Card

by Cory Santos Friday September 10, 2021

Last updated on March 18th, 2024

Walgreens and Mastercard are continuing their partnership with a new bank account and debit card. The new account, known as Scarlet, is a combination Bank account and debit card issued through MetaBank and exclusively available at Walgreens – at over 9,000 Walgreens stores nationwide, online, and via the Walgreens mobile app.

Walgreens Launches Scarlet Bank and Debit Card Account with MetaBank

The Scarlet account links with a user’s existing myWalgreens Rewards account and earns cash back rewards on eligible purchases. Accountholders earn up to 5% back in Walgreens cash rewards on eligible purchases at Walgreens and Duane Reade stores, Walgreens.com, and the Walgreens mobile app, and 1% back on all other purchases.

The Scarlet Debit Card also offers tools designed to assist account holders in building healthy financial habits, including free two-day direct deposits, free reloads at Walgreens and Diane Reade locations, 55,000+ fee-free ATMs, and custom goal-setting features to help forecast and manage personal spending. Users also enjoy mobile wallet connectivity, have mobile check capture capabilities through Ingo Money, and can send money for free to other Scarlet account holders.

The new Scarlet Card follows on the heels of the successful launch of the myWalgreens™ Mastercard® last month. That card, issued through Synchrony, offers up to 10% Walgreens cash rewards on eligible purchases, with no annual fee.

“Pleased to Expand Our Financial Services Offerings”

“With a focus on our customers’ health and wellbeing, Walgreens is pleased to expand our financial services offerings with Scarlet and further expand the broad spectrum of financial solutions that are accessible to the customers, patients, and communities we serve,” said Maria Smith, Vice President of payments and financial services at Walgreens, in a press release. “Scarlet is just the latest expansion in the Walgreens financial services portfolio, which also includes the Walgreens mobile wallet, remittance services, ATM, third party banking services, and the recently launched myWalgreens Credit Card. We look forward to deepening engagement with our customers as we continue to support their personal and financial wellbeing.”

“The launch of Scarlet speaks to a continued desire and demand from consumers for seamless and accessible financial experiences,” added Kush Saxena, executive VP, U.S. merchants and acceptance at Mastercard. “We are pleased to deliver our technology and healthcare expertise to deepen Walgreens’ commitment to providing more relevant and personalized solutions for cardholders at Walgreens and beyond.”

Featured image by Walgreens

Mercury and First Bank & Trust Extend Partnership

by Cory Santos Thursday September 9, 2021

Last updated on April 13th, 2023

First Bank & Trust and Mercury Financial are extending their partnership for the foreseeable future. The new agreement, set to run to 2025, will allow Mercury to expand its digital services, further driving its mission toward greater financial inclusion.

Mercury Financial and First Bank & Trust Extend Partnership to 2025

Mercury Financial is continuing its partnership with First Bank & Trust. The partnership, which has provided credit to nearly one million near-prime consumers since 2017, includes the popular Mercury® Mastercard® and the Free Spirit® Points Mastercard®. The partnership extension with South Dakota’s First Bank & Trust (FB&T) will run through 2025.

The partnership between Mercury and FB&T will continue the shared mission to support customer programs and help deliver credit to deserving Americans in the near-prime segment. FB&T is the issuer behind Mercury’s financial technology platforms. Over the next four years, the partnership model will grow behind Mercury’s expanded digital services and capabilities.

“Delivering Fair and Transparent Financial Products”

“Our partnership with Mercury Financial allows us to diversify and engage with a forward-thinking, entrepreneurial organization, committed to delivering fair and transparent financial products, with worthy benefits for our customers,” said Cal DeJong, president of national products at FB&T, in a press release accompanying the news. “We’ve experienced many triumphs over the last four years, and I’m excited to see what this next chapter will bring, building upon the success of the Mercury credit card program.”

Mercury Financial Credit Cards

The Mercury™ Mastercard® is the partnership’s most successful product to date. The card offers generous credit lines, competitive interest rates, and the chance at basic cash back rewards for some applicants. The card is one of the most competitive credit cards for fair credit on the market.

Mercury and FB&T also issue the Free Spirit® Points Mastercard®. That card, only available by responding to a mail offer, earns points in the Free Spirit frequent flyer program from Spirit Airlines. The Points Mastercard is unique in that it offers an unsecured line of credit and airline miles for fair credit scores. Typically, only good to excellent credit scores are required to open a co-branded airline rewards card.

Featured image by Sarah Pflug/Burst

PenFed Adds eSports Credit Card w/ Washington Justice

by Cory Santos Wednesday September 8, 2021

Last updated on September 19th, 2023

PenFed has partnered with esports franchise Washington Justice to issue a new credit card. The new Justice x PenFed Power Cash Rewards Visa Signature® Card is a first-of-its-kind gaming rewards credit card, allowing Washington Justice fans to support their favorite esports team and enjoying Justice discounts – all while earning cash back rewards on every eligible purchase.

PenFed Powers Up with New eSports Credit Card

Pentagon Federal Credit Union, more commonly known as PenFed, is the second-largest credit union in the United States. Now, the Virginia-based credit union is partnering with a local esports team, the Washington Justice, to launch a new co-branded credit card – the Justice x PenFed Power Cash Rewards Visa Signature® Card.

Justice x PenFed Power Cash Rewards Visa Signature® Card Features

The new esports credit card includes a special sign-up bonus for the first 100 approved applicants. The first 100 PenFed members approved for the Justice x PenFed Power Cash Rewards will receive a $100 Washington Justice store gift card.

With regular use, the Justice x PenFed Power Cash Rewards earns 1.5% cash back on all purchases made with the card – a rate that jumps to 2% back for PenFed Honors Advantage members – available to PenFed Access America Checking Account holders or the primary account holder having an active duty, reserve, honorably discharged, or retired military status. The card also features no annual fee.

“A New, Unique Credit Card Experience”

“PenFed is proud to partner with The Washington Justice and make history with the first esports team-branded credit card,” said James Schenck, president and CEO of PenFed, in a statement. “The passion and enthusiasm of Justice players and fans is wonderful to witness, and we are excited to expand our partnership and welcome even more Justice fans as PenFed members. PenFed and The Washington Justice embrace the same innovative and enthusiastic spirit, and we look forward to growing our partnership.”

“The Washington Justice Power Cash Rewards Card establishes a new, unique credit card experience for Overwatch League fans all over the country,” added Washington Justice owner, Mark Ein. “This card represents a partnership that serves communities to get the most out of their purchases and to provide opportunities for Justice fans to show their support and become members of the PenFed family.”

Related Article: The Ultimate Guide to Gambling & Credit Cards

Featured image by PenFed

New Status Credit Card Offers Up to 2% Crypto Rewards

by Cory Santos Monday September 6, 2021

Last updated on January 2nd, 2024

The Status Credit Card is the latest entry into the ever-growing ranks of crypto credit cards. The new card, from a partnership involving embedded finance platform Railsbank and personal finance company Status Money, will offer up to 2% cash back on purchases – with rewards invested into cryptocurrency. Here is what you need to know about the new Status Card:

Status Money Credit Card to Offer Up to 2% Cash Back

Fintech Railsbank and Status Money are joining forces to launch a new cash back and crypto rewards credit card. The new card will offer 2% cash-back rewards on every purchase, with rewards automatically invested as cryptocurrency. This unique rewards structure is designed to provide a return on investment (ROI) “without having to deal with the headaches and tax burden of owning crypto,” according to a press release accompanying the news of the new card.

The Status Card is currently in the waitlist stage, with potential applicants encouraged to join the list for early access. Both companies say that new cardholder accounts will receive access to Status Money’s financial management tools, which include the ability to track and compare their net worth and an opportunity to have a monthly video chat with a financial advisor.

“We’re giving everyone who spends money the ability to become an investor automatically,” said Majd Maksad, co-founder and CEO of Status Money, in the release. “If cryptocurrencies continue their skyward adoption, a member who spends $1,000 a month on this card will have rewards worth over $60,000 in five years. This is life-changing money for most of us.”

Railsbank’s Credit-Card-as-a-Service Offers Fast Launch

While the Status Card is still in the waitlist phase, the turnaround time from announcement to launch is surprisingly quick. Many fintech credit cards languish in the research and development phase for months as partnerships are formed and finer details ironed out.

Not so with the Status Card, however. According to the companies, the card was brought to market “in record time” thanks to Railsbank’s Credit-Card-as-a-Service product, which lets partners offer credit cards without becoming a bank themselves.

“By partnering with Railsbank, Status Money is evolving from being a financial advice platform to a true financial services company to meet the investment pain points of its customers, providing its customers with an automatic way of turning their everyday spending habits into cryptocurrency investments,” the companies said in the release.

Related Article: The Best Credit Cards for Investing