Do you know anything about Rakuten and Imprint alliance? In case you have never heard about it, Imprint is a revolutionizing company that has launched a credit card along with Rakuten (exactly, the website that offers cashback when you buy online). What’s remarkable about this situation is that Imprint is not a traditional bank as Bank of America or Wells Fargo are. However, Imprint is entering this credit card world with so much strength. So, let’s have a look at this promising credit card, shall we?
What’s Imprint?
This is a startup, a very young company (in fact it is 5 years old) with its headquarters in New York. Although its short experience in the field may be something negative for many people, Imprint has beat big-name banks such as Synchrony, Barclays and US Bank to launch the Rakuten card.
This company is not a regulated bank, but its CEO says they are building one piece by piece, combining technology, risk analysis, legal requirements, and financial capital.
How does this Rakuten card work?
The card is issued by First Electronic Bank and works on the American Express network, which means it offers Amex typical benefits. So, what does Imprint have to do with this card? It actually plays an important role, it’s the mind behind it all: customer support, approving credits, and managing risks.
Imprint focuses on digital experience and efficiency. What makes this company stand out from other big-name banks is the fact that it doesn’t depend on other outside vendors to operate.
Benefits this card offers
This new card comes with more attractive rewards and conditions than most traditional cards. So, let’s see what these benefits are:
- 4% additional cashback in Rakuten: every time you buy on Rakuten website, you will receive this cashback on your purchase. However, this benefit is applied up to $7,000 per year.
- 20% cashback on associated restaurants: when you pay the bill on restaurants associated with Rakuten and Imprint, you will get this cashback. This is one of the highest cashback rates in the market for this type of expense.
- 2% cashback in unaffiliated supermarkets and restaurants: don’t worry if you don’t have any restaurant or supermarket associated with Rakuten and Imprint, because you will still get a cashback of 2% in this case.
Additional benefits that make the difference
Everything we mentioned before sounds great, right? But that’s not all. There are still two other advantages you could enjoy with this card:
- Lower late payment fees: this card has low and reasonable penalties than other cards. This measure recognizes everybody makes mistakes and this shouldn’t be excessively punished.
- The payment process is easy, accessible and 100% digital: you can use it from your smartphone or your computer. It doesn’t matter if you want to pay or check your rewards, everything is done through a modern and easy to use platform.
A startup with real backing and powerful alliances
Although Imprint is very young, it’s not a common startup since it has proven 3 main points:
- Alliances with big-name international companies such as Eddie Bauer, Brooks Brothers, and Turkish Airlines.
- $70 million collected in its most recent investment round, which increased its market value up to $900 million.
- $1,500 million in secured lines of credit coming from top banks like Citigroup, Truist, and Mizuho.
Importance of this card
The Imprint and Rakuten alliance is more than the launch of a new credit card, it’s the reflection of a deep change in the financial industry. Combining a technological perspective, generous rewards, and a simple and accessible experience, Imprint proves startups can compete (and even win) against big banks. Will you have a go at this new card?