Paceline credit card bonus offers incentives for working out for the first time. Find out what you need to know. Paceline, an app that rewards you for your physical activity, announced its Paceline Visa Signature Card is open for applications on Tuesday. The Paceline Visa Signature Card is the first cash-back credit card score that combines your health and finances.
Paceline’s CEO and founder Joel Lieginger explained that Paceline’s card does not just reward you for spending more make money, but incentivizes you to pursue better health and finances together. The Paceline app has proven to be popular as so far over 500,000 users have logged over 2 billion workout minutes and redeemed $4 million in rewards. With the Paceline Visa Signature card, you can earn up to 5% back on select purchases that can be redeemed daily in the Paceline app.
READ ALSO:- Effect of multiple credit cards on credit score
Here are some things you need to know about the new card.
An announcement about the Paceline Visa Signature credit card
In ancient Greece, a physician named Herophilus said, “When health is absent. And there is evidence that both crossover, such as this 2015 study from the Urban Institute which states, “the greater one’s income, the lower one’s likelihood of disease and in order to prevent premature death, the Paceline credit card promotes physical and financial wellness.
In an interview with Select, Liginger told Select that only 18% of people exercise the recommended three times a week, and Paceline aims to change that. Additionally, you can increase the cashback you earn on purchases by getting your heart pumping.
Details of the Paceline credit card bonus offer
Cardholders of the Paceline credit card can:
- You can earn 5% unlimited cash back on eligible health and wellness purchases, including gym memberships, fitness classes, fitness equipment and apparel, groceries, drug stores, and pharmacies
- All other eligible purchases will earn 3% unlimited cash back
Cardholders who achieve their weekly exercise streak on the Paceline app will receive these cashback rates. A streak is defined as 150 minutes of elevated heart activity in a week that is tracked by a smartwatch, such as an Apple Watch.
The card still offers a decent cash-back rate of 2.5% on all health and wellness and grocery purchases and 1.5% on all other purchases if you don’t reach your weekly 150-minute goal one week.
Earning cashback in your app settles daily as you earn it. As soon as you reach 150 minutes of elevated heart activity, your cash-back rate doubles (from 2.5%or 1.5% to 5% to 3%, respectively).
While the card may seem like it’s aimed at people who exercise regularly or visit the gym, you can also achieve elevated heart rate minutes by wearing a smartwatch while performing activities like playing with children or walking to the store.
However, if you don’t own a smartwatch, the card can actually help you pay for one by earning back the cost of an Apple Watch Series 7 (up to $429) during the first year of membership.
Cardholders who complete 150 minutes of physical activity each week and keep their account in good standing will be credited weekly towards an Apple Watch. The Paceline app tracks all of this, and it has a 4.9-star rating on the iTunes App Store.
Finally, the card comes with Visa Signature benefits, which include:
|Insurance for rental cars||$100 statement credit for Global Entry|
|Reimbursement for lost luggage||Access to Priority Pass lounges|
|Cancellation/interruption of trip coverage||Protecting your cell phone|
The card charges an annual fee of $60.
Cash-back credit cards: Why you should consider them
- There is ample attention paid to travel rewards credit cards, but cash-back credit cards can provide you with excellent returns on your spending without any hassle.
- Select calculated how much cashback the average American could earn on their annual spending. A sample budget of $22,126 was provided by the location intelligence company Esri.
- The Paceline Visa Signature credit card would give you $664 in cash back over the course of a year if you put all that spending on it and hit your weekly cashback streak. There are no cashback rewards at grocery stores or pharmacies, even at a 5% rate. When you hit your weekly grocery streaks, this card is among the best credit cards for groceries
- All for a modest $60 annual fee. You’d also get a ‘free’ Apple Watch. Moreover, when inflation is at a 40-year high, using a cash-back card can help you combat rising prices. With the Paceline Visa Signature Card, you’ll be rewarded with 5% cashback at grocery stores when you hit your weekly streak.
- Finally, travel rewards are consistently at risk of devaluation. In this scenario, airlines and hotels decide to charge more in points or miles for the same product, and this can be done overnight without notice to consumers. This is why holding points and miles over the long term can be detrimental. Earning cashback offers greater flexibility, plus the ability to be invested for the future.
Paceline’s Visa Signature Credit Card is a first-of-its-kind offering for consumers aiming to prioritize their financial and physical wellbeing. If you are already exercising 150 minutes a day, this cash-back card could be a great addition to your wallet, especially if you spend a lot on groceries and fitness. If you want an extra incentive to get to the gym or take a morning walk, extra cashback might do the trick.
Is it safe to link your card to Paceline?
Millions of people have used this technology safely for years. Despite using industry-standard practices to secure the data, we go one step further: we anonymize the data, so it cannot be linked to your name or any other personally identifiable information.
Is getting cashback on a credit card a good thing?
Your card spending can be put to work with a cashback credit card. By paying off your monthly balance in full – and avoiding interest and other fees – you may be able to earn a generous amount of cashback rewards each year.
Is it too many to have 7 credit cards?
Is it better to have too many or too few credit accounts? The credit scoring formulas do not punish you for having too many credit accounts, but they can penalize you for having too few. Five or more accounts – which can be a mix of credit cards and loans – is a reasonable number to work toward overtime.
Do you think it is bad to have a credit card and not use it?
It generally doesn’t hurt your credit score if you haven’t used a card for a long time. However, if a lender notices your inactivity and closes the account, your credit score will suffer.