Starbucks (NASDAQ:SBUX) patrons have a lot more to celebrate now than just their delicious macchiatos and frappuccinos.
The coffee giant along with Chase announced this month the availability of the very first prepaid or debit product that lets you earn Stars outside of just Starbucks. The Visa card has no monthly, annual, nor reload fees and can be used everywhere Visa is accepted.
The card is the second co-branded product to be introduced by Starbucks and Chase so far this year and allows Starbucks lovers to earn rewards while shopping at other places.
Benefits of the Starbucks (NASDAQ:SBUX) Rewards Visa Prepaid Card include being able to earn bonus stars. You can earn 125 Bonus Stars the first time you use the Starbucks Rewards Visa Prepaid Card to load $10 or more to your registered Starbucks Card. You can also earn more stars by receiving 1 Star for every $10 on purchases made with the card everywhere Visa is accepted. Instant Gold Status is also offered for cardholders automatically within the Starbucks Rewards program. It also comes with Chase Zero Liability Protection and is FDIC insured.
Over 14 million members daily are already experiencing the perks of the card. Those who use the card can become eligible for Birthday Rewards, free food and beverage items from Starbucks, and more.
According to the FDIC 2015 National Survey of Unbanked and Underbanked Households, October 2016, General Purpose Reloadable Cards have witnessed growth in usage in the last several years as customers add prepaid products as money management tools for everyday purchases. Customers are also seeking to better manage their financial lives
Starbucks (NASDAQ:SBUX) chief marketing officer, Matt Ryan, stated, “As we continue to expand and strengthen our digital relationships with customers, we want to make sure we’re providing choices that are both rewarding and meet their preferences in how they engage with us. This reloadable Visa Prepaid card is a unique and modern option that gives customers one more way to earn more Stars and Rewards through everyday spend, in a way they haven’t been able to before.”
Jennifer Roberts, who is head of Digital Products for Chase, remarked, “We want to offer Starbucks customers a flexible card that delivers more Star-earning potential in the fastest way possible. The new Starbucks Rewards™ Visa® Prepaid Card is perfect for Starbucks fans who want a simple way to pay and get rewarded for everyday purchases.”
Starbucks (NASDAQ:SBUX) has over 28,000 stores across the world while Chase serves almost half of America’s households offering a broad range of financial services.