Starbucks is partnering with Chase and Visa to launch credit cards in February and a stored-value card in April, Nation's Restaurant News reports. In a call with investors, the chain's president and CEO Kevin Johnson said customers would rack up reward points quicker in-store in addition to earning points elsewhere by swiping the card at other retailers.
While exact details of the credit card haven't been released yet, H Squared Research retail analyst and author of Black Market Billions Hitha Herzog says coffee lovers can look forward to praiseworthy perks.
"Starbucks has a very robust rewards program for the coffee obsessed and this partnership with Chase and Visa is an extension of that. While details haven't fully been disclosed, customers should look for perks such as free drinks on birthdays, the ability to order ahead while using the card, and discounts on favorite drinks," Herzog told The Daily Meal.
"In addition, card holders should look for points that rival or are better than the Chase Sapphire Premium Card, which gives users triple points for every $1 spent on dining purchases," she added.
But this isn't Starbucks' first rodeo with plastic money. In the U.S. and Canada, 42 percent of all transactions were made using the Starbucks' prepaid loyalty card or app, which essentially acts as a refillable gift card. The number of active users with the program grew by 11 percent to 14.2 million users, according to Nation's Restaurant News.
To entice other customers who may not frequent the chain as often, Starbucks is slated to introduce cold beverages more often. Nitro cold brew coffee is currently offered in 1,300 U.S. locations, but will be in 2,300 by the end of 2018.
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