SAN FRANCISCO–(BUSINESS WIRE)–Oct 20, 2021–
Paceline, the unified wellness platform, today announced the launch of the Paceline Card, tying credit card rewards to physical activity tracked via Apple Watch.
The Paceline Card, issued by Evolve Bank & Trust, is a first-of-its-kind credit card that links financial benefit to physical health. With a new program built in collaboration with Apple, cardholders can get reimbursed for their purchase of Apple Watch, including the recently released Series 7, to accelerate their wellness journey. Paceline members who achieve 150 minutes of exercise each week unlock rewards, boosted cash back, and other benefits.
“Rewards programs are essential loyalty drivers for credit cards, and they’re developed to drive card activity,” said Joel Lieginger, CEO and founder of Paceline. “But Paceline is turning that model on its head. Our focus is on building a rewards program that is driven by physical activity and prioritizes the physical and financial health of the cardholder. The Paceline Card is the next major step in realizing 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.”
With over 1.5 billion exercise minutes and over 40 million workouts logged by users opting to share their exercise data, Paceline has seen rapid adoption among a growing community of individuals passionate about their wellness. Paceline members who achieve 150 minutes of physical activity each week can redeem a reward from over 500 health-focused lifestyle brands. Activity monitoring is simplified by connecting the Paceline app with a compatible wearable device and since last year, more than 1 million rewards representing over $3.5 million in value have been redeemed.
The Paceline Card is powered by banking-as-a-service platform Railsbank, who is paving the way for embedded finance across the globe. “Paceline is pioneering unique embedded finance models that are emerging to deliver more meaningful value to users,” said Railsbank CEO and co-founder Nigel Verdon. “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 believes in connecting your physical and financial health in a privacy-first and consent-driven way. The company never shares your data with, or sells it to, third parties. Paceline only uses your data to deliver more value to you because Paceline believes that your data is just that – your data. When users share activity data collected by Apple Watch with Paceline, they are in control of what data types they would like to share, and Apple does not have access to this data. User data is also safeguarded by innovative privacy protections built into every Apple Watch.
Apple Watch credit
- New cardholders are eligible for a credit towards their purchase of the latest Apple Watch up to $429.
- To qualify, cardholders must hit their weekly activity streak of 150 minutes of physical activity, make their minimum payment each statement cycle, and spend $500 each statement cycle for 24 months.
Rich rewards for a healthy lifestyle
- Upon completing their activity streak, cardholders unlock unlimited 3% cash back on purchases from qualifying health and wellness merchants and 1% total cash back on all other qualifying purchases. If cardholders do not hit their weekly streak they still earn unlimited base cashback of 1.5% on all health and wellness merchant transactions and .5% on all other qualifying purchases.
- Qualifying health and wellness merchant categories that are eligible for cash back rewards include gym memberships, fitness classes, fitness apps, workout apparel, and running stores.
- Access to Visa Signature benefits, ranging from concierge services to travel support.
Automated and flexible rewards redemption
- Cash back automatically posts to cardholders’ accounts daily for hassle-free rewards management.
- Redeem double Paceline streak rewards from over 150 brand partners when your weekly Paceline activity streak is hit.
To apply for the Paceline Card, download the app here.
Paceline is a unified wellness company, not a bank. Credit card will be issued by Evolve Bank & Trust; Member FDIC.
Paceline is the first unified wellness platform, incentivizing consumers to live a healthy lifestyle through financial rewards. By leveraging the emergence of connected wearables and AI to reward users for achieving fitness goals, Paceline further connects customers’ physical health to their everyday financial wellbeing bridging the financial health disconnect. Unified wellness incentivizes physical, mental, and financial health together, in a continuous virtuous cycle. It is an integrated system of technology, financial services, and health and wellness brands that become an embedded, yet non-invasive, component of life – financially motivating each user toward achievable goals that improve well-being. Current investors 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, NextView Ventures, and angels including Mark McCombe, Senior Managing Director at BlackRock, in his personal capacity.
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CONTACT: Jordan Washington
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS RETAIL HEALTH FINANCE CONSULTING BANKING ONLINE RETAIL PROFESSIONAL SERVICES OTHER RETAIL MEDICAL DEVICES GENERAL HEALTH FITNESS & NUTRITION CONSUMER ELECTRONICS
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PUB: 10/20/2021 10:40 AM/DISC: 10/20/2021 10:41 AM
Copyright Business Wire 2021.