A new credit card – launched by wellness platform Paceline – will link financial benefits to physical health.
The Paceline Card, issued by Evolve Bank and Trust, ties credit card rewards to workouts and activities which are tracked via Apple Watch.
Created in collaboration with Apple, the programme will see cardholders first being reimbursed for their purchase of Apple Watch, including the recently released Series 7. New cardholders are eligible for a credit towards their purchase of the latest Apple Watch up to US$429.
Paceline members who then achieve 150 minutes of physical activity each week can redeem a reward from over 500 health-focused lifestyle brands.
To qualify, cardholders who hit their weekly activity streak of 150 minutes of physical activity will also need to make their minimum payment each statement cycle – and spend US$500 each statement cycle for 24 months.
Upon completing their activity streak, cardholders unlock unlimited 3 per cent cashback on purchases from qualifying health and wellness merchants and 1 per cent total cashback on all other qualifying purchases.
Qualifying health and wellness merchant categories that are eligible for cashback rewards include gym memberships, fitness classes, fitness apps, spa treatments, workout apparel, and running stores.
Joel Lieginger, CEO and founder of Paceline, said: "Rewards programmes are essential loyalty drivers for credit cards, and they’re developed to drive card activity.
“But Paceline is turning that model on its head – our focus is on building a rewards programme that is driven by physical activity and prioritises the physical and financial health of the cardholder.
"The Paceline Card is the next major step in realising our vision of a unified wellness platform, and we chose to pair our card with the Apple Watch – and closing your activity rings – because it aligns with that core vision.
"By tying financial incentive to achievable physical activity goals, we have the opportunity to not only dramatically improve the health of individuals, but also the nature of preventive health in our society.”
The Paceline Card is powered by banking-as-a-service platform Railsbank.
Railsbank CEO and co-founder, Nigel Verdon, said: “Paceline is pioneering unique embedded finance models that are emerging to deliver more meaningful value to users.
“We worked closely with the Paceline team to build a credit card experience that embodies their commitment to unified wellness and delivers a product that is secure, reliable, effective and seamless.”
Paceline was set up to connect customers' physical health to their everyday financial wellbeing and to "bridge the financial health disconnect".
Current investors in Paceline include Acrew Capital, Mubadala Capital - Ventures, Montage Ventures, Propel Venture Partners, Northwestern Mutual Future Ventures, GreatPoint Ventures, Courtside Ventures, Lux Capital, MS&AD Ventures, Clocktower Technology Ventures and NextView Ventures.
