Credit Cards

Cardless and Simon Launching Co-Branded Credit Card

The FinTech Cardless is preparing to launch a new retail card, partnering with real estate investment trust Simon, the largest owner of US shopping malls and entertainment destinations. The result will be the Simon American Express Card, which has just been announced. As part of the partnership, Simon has also made an investment in Cardless.

According to Cardless’s press release, once launched, the Simon American Express Card will earn cardholders 3% back on eligible purchases made at Simon destinations. Additionally, they note that customers can earn up to 5% back on “eligible purchases at participating Simon destination retailers, along with select online purchases.” All other purchases will earn up to 1.5% back. The card will also offer a welcome bonus for new cardholders. Cardmembers will be able to earn $150 in statement credits after spending $1,000 in purchases on the card within their first 90 days.

For Cardless, this new retail card will be the second time they’ve stepped away from their core sports market following the debut of two LATAM Airlines cards earlier this year. The Simon co-branded product will also seemingly mark Cardless’s transition to offering cards that operate on the American Express network, which was first announced in July. Previously Cardless offerings have utilized the Mastercard network. It’s currently unclear if or when other cards in the Cardless lineup might also move over to Amex.

Commenting on the upcoming card, Cardless co-founder and president Michael Spelfogel said, “We can’t wait to bring the Cardless experience to shoppers at some of the country’s most popular retail destinations and its merchants. Simon’s nationwide footprint and significant connectivity with its shoppers, along with our digital-native platform and unique benefits available through our agreement with American Express, will make this a must-have card for consumers across the United States.”

Additionally, Simon’s CMO Mikael Thygesen stated, “Our collaboration with Cardless and American Express will make it possible to engage Simon shoppers in a whole new way, giving them the opportunity to shop more and earn more with the Simon credit card. It gives Simon and our tenants an opportunity to better understand our shoppers and drive incremental sales.”

Given those (up to) 5%, 3%, and 1.5% categories, the Simon card does sound as though it could be useful in the wallets of those near Simon properties. However, customers will likely need elaborated details on those top two categories before making a decision on the card. Also notable is that the headline for the press release describes it as a “premium retail credit card,” although there is no mention of an annual fee at this time. With all of these unknowns, we’ll need to wait and see what the Simon American Express Card from Cardless ultimately looks like when it debuts.