Doordash Stock- Instacart, DoorDash to launch their own credit cards
US-based grocery delivery app Instacart and food delivery company DoorDash have announced plans to launch their own credit cards.
According to Reuters, both companies have witnessed a increase in order volumes over the last few months as consumers, hesitant to step out during the COVID-19 pandemic, take to their phones to get essential items delivered to their doorsteps.
Therefore, JPMorgan Chase & Co will issue Instacart’s card and it also plans to partner with DoorDash, which has received offers from more than 10 large banks. However, the Instacart credit card is not expected to launch until 2021 and cardholders would likely earn 5% cash back on their purchases.
Furthermore, DoorDash is also recruiting partner restaurants and stores to offer accelerated rewards, promotional offers, and discounts to cardholders. Nevertheless, the delivery companies declined to comment on the report, Reuters reported.