Health and wellbeing continue to be top of mind for many consumers, so the myWalgreens Credit Card and myWalgreens MasterCard are being rolled out by the retailer with this in mind. The new credit cards from the retailer are being issued by Synchrony Bank and will see customers able to receive rewards based on the kinds of purchases they make. myWalgreens Credit Card holders will earn 10% Walgreen Cash rewards when they purchase eligible products as well as 5% cash rewards on other eligible purchases, while the myWalgreens MasterCard will offer 3% Walgreen cash rewards for eligible purchases outside Walgreens.
VP of Payments and Financial Services at Walgreens Maria Smith spoke on the new credit cards from the retailer saying, "Most credit cards reward customers for what they buy, but not how they live. The myWalgreens Credit Card aims to change that through building upon the strength of our myWalgreens loyalty platform and app experience, while cardholders can earn up to 10% Walgreens Cash rewards for making healthy choices when they use their myWalgreens Credit Card to make purchases in-store and online."
Wellness-Focused Retail Credit Cards
The myWalgreens Credit Card Rewards Health-Focused Purchases
Trend Themes
1. Health-focused Credit Cards - The trend towards credit cards that reward customers for making healthy choices creates an opportunity for disruptive innovation in the financial and wellness industries.
2. Rewards-based Purchases - The trend towards credit cards offering rewards based on specific kinds of purchases creates an opportunity for disruptive innovation in the financial and retail industries.
3. Loyalty Program Credit Cards - The trend towards credit cards tied to retailer loyalty programs creates an opportunity for disruptive innovation in the financial and retail industries.
Industry Implications
1. Financial Services - The health-focused credit card trend presents an opportunity for disruptive innovation in how banks and financial institutions incentivize and reward customer behavior.
2. Retail - The trend towards credit cards tied to retailer loyalty programs and rewards-based purchases creates an opportunity for retailers to drive sales and customer loyalty through innovative credit card offerings.
3. Wellness - The health-focused credit card trend creates an opportunity for disruptive innovation in the wellness industry, such as partnerships between health and fitness companies and financial institutions to incentivize healthy behaviors.