Today, Chase launched a new credit card with its co-brand partner Instacart. The Instacart Mastercard credit card is the first co-branded credit card in the on-demand delivery space and offers a solid rewards rate on Instacart purchases. However, the other bonus categories are quite limited, so it’s only worth considering if you already use Instacart regularly.
Key points to remember
- Chase has launched a new co-branded credit card with Instacart.
- The new card is the first co-branded credit card with an on-demand delivery service.
- Consumers who regularly shop with Instacart can gain both short-term and long-term benefits that are worth it.
New Instacart Mastercard credit card details
Chase and Instacart have been teaming up for a while to offer a free trial to Instacart’s premium membership. In January 2022, the bank announced that it would soon launch a credit card in partnership with Instacart and Mastercard.
Today, this card is finally launched. With the new Instacart Mastercard credit card, cardholders will get the following:
- 5% cash back on Instacart purchases made at over 800 national, regional and local brands at over 70,000 stores in over 5,500 cities.
- 5% Cash Back on trips purchased through the Chase Travel Center.
- 2% cash back on restaurants, gas stations and select streaming services.
- 1% cash back on all other purchases.
Additionally, the first 10,000 consumers who apply and are approved will receive a $200 credit for Instacart purchases and a free year of Instacart+. After that, new account holders will receive $100 Instacart credit and a free year of Instacart+.
Either way, there’s no minimum spend requirement, which is rare among rewards credit cards. You can redeem rewards for Instacart orders, cashback, or travel.
Other benefits include:
- No annual fee
- No foreign transaction fees
- Car Rental Collision Damage Waiver
- Purchase Protection
- Extended warranty
- Baggage delay insurance
- Reimbursement of lost baggage
- Roadside Assistance
- Travel accident insurance
- Travel and emergency assistance services
Is the Instacart credit card right for you?
There are plenty of credit cards out there with great grocery rewards rates, and Instacart is usually included in the grocery category. If you already have a good card for groceries, the Instacart credit card might not be the way to go.
But if you regularly use Instacart and earn well below the Instacart credit card’s 5% reward rate on those purchases, this card might be worth it.
The card also offers bonus rewards on other categories, but travel options through the Chase Travel Center may not always be robust, and the rewards rate for restaurants, gas stations, and some streaming services is relatively low. low compared to what many other cards offer.
It is also important to consider that this card will not give you bonus rewards on in-store grocery purchases. So if you want a card that will give you cash back or extra points whether you shop in person or through Instacart, go for another credit card with grocery rewards.
Although it may be tempting to apply quickly to win the higher sign-up bonus, take your time to determine if the Instacart Mastercard credit card is right for you. Compare it to what you already have in your wallet, as well as other credit cards with bonus rewards on groceries. While this one may be right for you in the end, it’s important to do your due diligence before applying.
You can find out more about the card and apply via www.theinstacartmastercard.com.