The new Instacart Mastercard will be issued later this year from the Chase banking business.
Instacart is getting its own credit card. In a first for the on-demand grocery delivery market, the company is teaming up 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 have some shopping perks for users. Among other benefits, consumers can earn more points on purchases across Instacart’s marketplace that currently spans more than 700 grocers and retailers around the United States.
“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 for 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.”
Sherry Haymond, EVP of digital partnerships at Mastercard, says that the new co-branded card reflects evolving consumer preferences and purchase habits. “It’s critical that we design and deliver the best payments and loyalty experiences for our cardholders, regardless of where or how they pay. 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,” she remarked. “It’s a powerful way for Instacart to engage new customers and enhance the experience for existing ones.”