‘The LuluLemon of credit cards’: Paceline launches a credit card that pays users for exercising
- Health and fitness app Paceline announced a new health and wellness credit card.
- Paceline’s credit card will reward members with cashback for their spending and physical activity milestones.
The health and wellness sector is a sizable untapped market for the financial services industry. Ecosystems like health and wellness have a symbiotic relationship with financial wellbeing. According to data from the 2013 Panel Survey of Income Dynamics, as household wealth increases the percentage of people who report poor health decreases.
Last month, retail fitness rewards platform and app Paceline announced the Paceline credit card, which pays users for exercising. The credit card offering will allow consumers to earn cash back based on what they spend and the level of their physical activity. Paceline incentivizes healthy lifestyles for its members through its line of reward offerings from health and wellness brands such as Sunbasket, Athleta and Echelon.
“Our existing users spend nearly half of their monthly total spend on health and wellness gym memberships, apparel, equipment, and groceries,” said Joel Lieginger, Paceline’s founder and CEO. “Through our own credit card, we can enhance this experience further by using credit card rewards to further increase physical activity, creating a virtuous cycle to change the nature of preventive health in society.”
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