This Revolutionary New Credit Card Gives You Rewards When You Work Out
When you're selecting a credit card, interest rates and credit limits are not the only things to pay attention to. It is also a good idea to select a card with a helpful bonus. The right bonuses can let you get major perks for free. One credit card company is taking the idea of credit bonuses to a whole new level. Their unusual new cash back program can help you improve your health and your finances at once.
Paceline Announces Their First Ever Credit Card
Paceline is mostly known for being an app that rewards you for working out. The free app connects to a wearable fitness device, like a Fitbit or Apple Watch, and then it gives you freebies for meeting certain goals. Users often praise the app for giving them an incentive to work out. Since the app was released, users have redeemed over $4 million in exercise rewards. This week, Paceline has taken things a step further.
The company has announced that they will release a credit card for their users. Eligible users can sign up for the Paceline Visa Signature Card. This credit card will sync with the app and unlock extra benefits for users who complete their fitness goals. According to Joel Liegninger, the founder of Paceline, the company's new card will help app users improve their health and boost their personal finances.
Overall, this credit card is a mid-range credit card. It has an annual fee of $60 and an APR of 15.99% to 29.99%. Despite not having impressive rates, the credit card does have some other perks that make it very worthwhile. Paceline is currently accepting applications from people with good credit scores.
How the Paceline Cash Back Program Works
The great thing about this credit card is its cash back potential. The card automatically comes with a 1.5% cash back for all eligible purchases. If you meet 150 minutes of exercise per week, you get even more cash back. Users who meet their exercise goals get 3% cash back for all their eligible purchases.
The app makes it easy to track your cash back. At the beginning of the week, you will see that you get 1.5% cash back on your purchases. As soon as you hit your 150 minutes of exercise for the week, your cash back rate doubles right away. It retroactively applies to purchases made at the beginning of the week. This means that as long as you hit 150 minutes of exercise, you get the high cash back rate for every purchase made in that week.
Credit Card Also Gives You Extra Cash Back for Certain Purchases
The Paceline cash back program also has some extra perks for certain types of purchases. Users get an extra bit of cash back when they buy eligible health and wellness items. These purchases include things like gym memberships, fitness equipment, and food from grocery stores. Before you get up to 150 minutes of exercise, you earn 2.5% cash back for fitness-related purchases. After you reach your goals for the week, the app doubles your cash back, so you can get up to 5% cash back on certain purchases.
How to Maximize Your Cash Back Rate With Paceline
Getting 150 minutes of exercise each week might sound like a lot. However, it isn't quite as intimidating as it might seem. To count as "exercise," an activity just has to raise your heart rate above a certain level. This means that there are plenty of ways to get cash back without having to spend hours sprinting around your neighborhood. The app will count a lot of activities as physical activity. Simply wearing a fitness track while you go for a walk, clean your house, or shop for groceries can be enough to help you qualify.
Getting enough fitness points to qualify for the cash back is a lot easier if you have an item like an Apple Watch. Don't have a fitness tracker yet? The Paceline card actually covers the cost of buying an Apple Watch. Once a person applies for the card, they can purchase an Apple Watch. Then, as long as you keep your card account in good standing and meet your fitness goals, you get a weekly reimbursement for the watch. Those who manage to exercise steadily can pay off the watch entirely and earn up to $429 worth of Apple Watch credits.