Starbucks’ newest offering is a credit card
Starbucks is hoping to give a jolt to sales with its new credit card.
The coffee giant and Chase have launched a co-branded credit card that is tied directly into the chain’s rewards loyalty program. Customers who use the Starbucks Rewards card earn points (or “stars) with every purchase both in and out of Starbucks stores wherever Visa is accepted.
Cardmembers will also become members of the Starbucks Rewards loyalty program, which counts some 14 million members. The card has an annual fee of $49. Starbucks plans to launch a second co-branded product, the Starbucks Rewards Visa Prepaid Card, launch later this year.
“It’s important to us to make earning Rewards as easy for our customers as possible, and the Starbucks Rewards Visa Card is a powerful tool for us to do that because of how easily it fits into their daily lives,” said Matt Ryan, executive VP and chief strategy officer for Starbucks. “This credit card also makes every day more rewarding for Starbucks and Chase customers through the ability to quickly earn Stars and benefits -- including more food and beverage Rewards for any occasion.”
The new credit card is an expansion of the ongoing relationship between Chase and Starbucks. Chase Merchant Services is the payment processing partner for Starbucks stores in the U.S. and Canada, and Chase Pay is accepted at participating Starbucks stores in the U.S., as well as through the Starbucks mobile app.