Last week, Barclaycard and Uber announced a credit card, and in a few months, a co-branded Starbucks credit card will be a real thing!
For many of us, we run on a busy lifestyle fueled by caffeine and credit card rewards. Now, those two can join as Starbucks announced they will be rolling out it’s very own Chase Visa credit card during the company’s fourth-quarter earnings call this past Thursday morning .
Unfortunately, no specific details are disclosed regarding the credit card at this point other than that customers will be able to earn Starbucks rewards with purchases made in and out of Starbucks locations.
Right now, the Starbucks app does offer a spend-based rewards program. To earn a free item, you must spend $62.50 on the app to earn the 125 stars needed to redeem for a free drink. If your average drink is $4, you have to buy 16 drinks before you earn one back!
With large retail and food and beverage brands getting into the credit card space such as Uber and now Starbucks, it brings the question of what’s next. Obviously the big banks see where people are spending (millennials maybe?), and are trying to dominate other industries outside of the airline, hotel, and general travel rewards market.
Will the Starbucks credit card be worth it?
Personally, I really don’t see any compelling reasons for me to want to open up a Starbucks credit card. Many of us do use cards such as the Chase Sapphire Reserve that gets us 3x points on dining (worth about 6 cents per dollar), so I guess we will just have to wait and see how attractive the offer ends up being. Other than the need to get out of the house and concentrate on blogging, I really don’t frequent Starbucks that often. Plus, Pumpkin Spiced Lattes are pretty #basic, anyway.
Continuing on a serious note, with the strict Chase 5/24 rules in place, I am now extremely selective with the new accounts I open these days.
Though there are no card-benefit details available, I have a feeling this card will be a hit with the general public; and from a purely speculative standpoint, I’m guessing that there will be some sort of sign-up bonus offer after a first purchase or minimum spend (in the form of a Starbuck’s app credit, statement credit, or gift card), some Starbucks status offering (Gold?), cash back or bonus stars on Starbucks purchases, or maybe even a free monthly drink for as a long as the card is open.
Who knows at this point, but it’s fun to speculate about what this card may ultimately offer. I’m even wondering if this card will carry an annual fee…
Is the Starbucks credit card a possibility for you? Do you think there is going to be any real value, or will be another awful retail credit card? Let’s hear your thoughts in the comments!