Instacart, Chase Team on Credit Card

Grocery delivery service Instacart and Chase on Friday (July 22) announced they have teamed up to offer an Instacart Mastercard.

The new card’s features include “unlimited cash back on groceries (and) everyday purchases,” the press release said. Card holders will be offered a choice between cash back or statement credits, with no caps on how much cash back they can receive.

Cash back offers include: 5% cash back on Instacart purchases at 800 national and regional retailers; 5% on travel purchased through the Chase Travel Center; 2% on restaurants and gas stations; and 1% cash back on other services.

“At Instacart, we’re always looking for new ways to provide value for our customers, and now more than ever we’re helping them maximize rewards on their everyday household shopping,” said Heather Rivera, vice president of strategy, corporate development and partnerships at Instacart. “We’re proud to partner with Chase for the first-ever Instacart credit card that will offer yet another way to access rewards both on and off the Instacart platform.

Card holders will get one year of free membership in Instacart+, which includes fee-free delivery for orders that meet certain criteria.

The first 10,000 applicants for the new card will receive $200 in Instacart credits. Other applicants will receive $100 in credits. The press release noted that there will be no annual or foreign transaction fee for the card.

The announcement comes the same week Instacart Investor Capital Group announced it had re-valued Instacart at $14.7 billion — well below Instacart’s valuation of the company at $24 billion.

Read more: Instacart Investor Slashes Grocery Deliverer’s Valuation to $14.7B

The re-valuation by Capital Group noted that Fidelity also had lowered its estimate of the company’s value.

PYMNTS reported that food delivery companies such as Instacart are suffering from the reduction in demand that had been elevated by COVID-19-related restrictions.