by Daniel | Last Updated July 24th, 2022
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Just this week Chase and Instacart released a new credit card called the Instacart Mastercard.
This card has no annual fee and the ability you earn cash back from wide variety of different options, which just so includes Instacart purchases.
So if you want to learn more about what this card has to offer sit back and relax and all take you though everything now.
What Is Instacart?
So before I start talking about the new Instacart credit card I‘ll just go over exactly what Instacart is and how it works.
Instatacart is an app and website that gives you the ability to order items from a large variety of different stores (over 500) that include:
- Costco
- Aldi
- Eataly
- CVS Pharmacy
And as you can see in the picture below there are multiple places that you can choose to order from.
Now In some cases it is possible to get items delivered to your home within an hour, and it is also possible to organize deliveries up to 5 days in advance.
Now a personal shopper will take care of your order, and it is possible to chat with them whilst they are actually shopping for your order.
And when your order is ready to be delivered, you will receive either a call, email or text from your shopper that is taking care of your order.
So its a great service to use if you need the added convenience of not having to do the shopping yourself.
Although it will cost more than if you did the shopping yourself as there are a couple of different fees added to each order.
But to get a delivery service like this that makes your life a little bit easier is well worth it.
So Who Is This Card Good For?
Clearly the Instacart Mastercard is going to be beneficial for anyone that shops through Instacart.
With the ability to get a free Instacart+ Membership for a year and a sign-up bonus that is worth up to $200 if you are quick enough to apply for the card.
Now if you happen to have a qualifiying Chase credit card, you are actually eligible to receive a free Instacart+ membership, these cards include:
- The JP Morgan Reserve card and the Sapphire Reserve card, which will receive a 12 month free membership.
- Then the Sapphire Preferred card will receive a 6 month free membership.
- And finally with the Freedom Flex, Freedom Unlimited, Freedom Student, Slate and Slate Edge card you will receive a free 3 month membership.
Sign-up Bonus
Now when it comes to the sign-up bonus offered with this card the first 10,000 people to get the card or until 8/4/22 it will be possible to earn a $200 Instacart credit and 1 free year of Instacart+ membership which is usually $99 a year.
After the this special offer is up, the sign-up bonus will be a $100 Instacart credit and the same free Instacart+ membership for 1 year.
Just know that if you do apply for this card, the instacart+ membership will automatically renew after 1 year and will charge your account $99.
So its a pretty decent signup bonus if you can mange to be one of the first 10,000 people to get the card.
Cash Back Earning Potential
Now the Instacart Mastercard also has a pretty good cash back earning structure that can help you to get more value out of the card.
To begin with, it is possible to each 5% cash back on purchases that are made through the Instacart app or at Instacart.com
It is also possible to earn 5% cash back on travel puchrase that are made through Chase Travel Center (Chase Ultimate Rewards.
Purchases made at restaurants, gas stations and select streaming services will receive 2% cash back.
And then finally all other purchases will receive 1% cash back.
Benefits and user perks
Now as I mentioned before, the benefits that comes with this card include a free year of Instacart+ membership.
And this provides the ability to receive free delivery on all purchases that are over $35.
If you pick up your order you receive 5% back.
And it is also possible to share these benefits with you family.
Insurance Coverage
Now the Instacart Mastercard also comes with some pretty impressive insurance-related coverage which includes an Auto Rental Collision Damage Waiver that helps to cover theft or damage to a rental vehicle.
There is Lost Luggage Reimbursement that covers up to $3,000 for you or an immediate family member if your checked or carry-on luggage is lost or damaged by the carrier.
Similar to this is Baggage Delay Insurance which comes into effect if your luggage is delayed for more than 6 hours by a passenger carrier, and this covers up to $100 a day for a total of 3 days.
Then there is Travel Accident Insurance which covers up to a total of $500,000 in the event of accidental death or dismemberment.
With Purchase Protection it is possible to receive 120 days of coverage on new purchases if they are lost or damaged, and this covers up to $500 per claim and a total of $50,000 per account
And finally, Extended Warranty Protection provides one additional year of coverage on US warranties that are 3 years or less.
APR
Now for the last part of the review, I’ll just go over the APR and related fees that come with this card.
So for purchases and balance transfers, the APR is currently 16.49% to 25.24%
And a Balance Transfer will also incur a fee of either $5 or 5% of the amount of each transfer, whichever amount is more.
Also, the maximum amount available for a balance transfer with this card is $15,000, and cannot exceed your available credit limit.
Getting a Cash Advance will incur a fee of either $10 or 5% of the amount of each transaction and will have an APR of 26.49%.
Failure to make a minimum payment or payments that are returned unpaid will result in a penalty APR of 29.99%.
They will also incur a fee of up to $40 each.
And finally, there are no foreign transaction fees associated with this credit card.
Final Thoughts
So that pretty much covers everything that this card has to offer, and I think that it is definitely worth considering if you do actually use Instacart on a regular basis.
With the potential to receive up to $200 in Instacart credit and a free Instacrt+ membership for the first year, this card can provide some decent value.
However, if you don’t use Instacart, this card is not worth getting.
Also, as I mentioned at the start of this video you can actually get a Free Instacart + membership if you already have a qualifying Chase card, so that could be something to take advantage to see what the service is like and if it make sense for you.
Now if you interested in a cash back card that has no annual fee and the ability to earn a reasonable amount of cash back through everyday spending, check out this article here where I review the American Express Blue Cash Everyday Card