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Rewards App Fetch to Debut Credit Card with Imprint, Amex
Fetch is set to roll out a new credit card in partnership with Imprint.
About the Fetch American Express Card:
This week, the rewards app Fetch revealed plans to introduce its first U.S. credit card. Dubbed the Fetch American Express Card, the new offering will be powered by Imprint and utilize the Amex payment network. First Electronic Bank will issue the product. While the Fetch Card won’t be available until this fall, a waitlist is now open.
With the Fetch Card, customers will earn bonus Fetch Points on everyday purchases. This includes earning 10 Fetch Points per dollar spent at grocery stores or at retail stores. All other purchases will earn five Fetch Points per dollar. These points will come in addition to any earned via Fetch, including taking advantage of item-specific offers, shopping through the app, scanning receipts, playing games, and more.
On top of those point earnings, cardholders will be able to earn spins for Fetch’s Spin & Win wheel. After each purchase, customers will be able to spin to wheel in a bid to win up to 1,200 additional points.
According to Fetch, the upcoming card is part of its efforts to become a universal rewards ecosystem. They note that this initiative also includes expanding into fuel, local restaurants, and streaming rewards.
The Fetch American Express Card will carry no annual fee. Additionally, customers will be able to choose between two card designs.
In Context:
The announcement of the new Fetch card comes only a few weeks after a different rewards platform launched a credit card with Imprint and Amex: Rakuten. With the Rakuten Card, members can earn an extra 4% Cash Back on Rakuten purchases (up to $7,000 in spending per year). Plus, the card earns 2x on groceries, 2x at restaurants, and 1x on all other purchases. Interestingly, those with a card that earns American Express Membership Rewards points and who select to earn MR points in Rakuten can turn this card’s 4x Cash Back into 4% Membership Rewards points as well.
What They’re Saying:
In a statement announcing the card, Fetch’s GM of Payments Rachel Ehrlich said, “At a time when every dollar counts, we’re doubling down to bring more rewards to consumers. We’ve rewarded our users for where they shop and what they buy—now, it’s time to reward them for how they pay. Our goal is to make the Fetch Card a no-brainer choice that delivers rewards on daily spending.”
My Thoughts:
If you think that 10x and 5x categories sound great, then you have to know that there’s a catch. Unfortunately, when redeeming Fetch points for gift cards, the exchange rate isn’t so favorable. For example, a $10 Amazon gift card is currently 12,500 points. This means that you’d need to spend $1,250 at the 10x rate in order to earn a $10 reward, whereas 1% back would mean earning $10 for spending $1,000. Therefore, unless you’re getting a big bonus from each Spin & Win play, this is really not a good deal — especially the 5x rate, which amounts to less than half a percentage.
Perhaps that Spin & Win wheel will have respectable guaranteed wins that will make this worth it. But, short of that, I say this Fetch American Express Card is a non-starter.
Author
Other Articles by Kyle Burbank
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