Have you heard of Rakuten and the Imprint Alliance? If not, here’s a quick rundown: Imprint is an innovative company that has collaborated with Rakuten to introduce credit cards, with Rakuten being a platform that provides cashback on online purchases. What makes this interesting is that, similar to Bank of America and Wells Fargo, Imprint doesn’t fit the traditional bank model. Yet, it wields significant influence in the credit card space. So, let’s dive into this intriguing credit card.
What is Imprint?
Imprint is a relatively new startup, only five years old, based in New York. While some might see its short history as a drawback, it has managed to outpace established banks like Synchrony, Barclays, and U.S. Bank to roll out the Lacten Card.
Though it’s not a regulated bank, the CEO emphasizes a holistic approach, blending technology, risk analysis, legal frameworks, and financial resources.
How does the Lacten Card work?
This card is issued by First Electronic Bank and operates on the American Express Network. In essence, it offers the usual benefits associated with Amex. But what’s the role of Imprint here? It’s significant—Imprint handles customer support, credit approvals, and risk management.
Imprint prioritizes digital experiences, aiming for efficiency. Unlike traditional banks, it doesn’t rely on external vendors and manages everything in-house.
The benefits of this card
The Lacten Card boasts better rewards and terms than many standard cards. Let’s look at its advantages:
- 4% cashback on Rakuten purchases: When you buy through Rakuten, you’ll earn this cashback, capped at $7,000 annually.
- 20% cashback at partner restaurants: Dining at restaurants linked to Rakuten and Imprint lets you enjoy this returning benefit, which is among the highest in the market.
- 2% cashback at general supermarkets and eateries: Don’t stress if you can’t find Rakuten-affiliated places.
Additional benefits that stand out
Sounds appealing so far, right? There are still a couple of extra perks worth mentioning.
- Lower penalty fees: This card has a more reasonable structure compared to others, acknowledging that mistakes happen and shouldn’t be excessively penalized.
- Smooth, fully digital payment process: It’s accessible via smartphone or computer, ensuring everything—from payments to confirmations—is streamlined.
Startups with genuine support and robust partnerships
Imprint may be young, but it distinguishes itself as more than a typical startup, evidenced by three key factors.
- Partnerships with well-known international brands like Eddie Bauer, Brooks Brothers, and Turkish Airlines.
- A recent funding round brought in $70 million, boosting its valuation to $900 million.
- It secured $15 million in credit lines from top banks, including Citigroup, Truist, and Mizuho.
The significance of this card
The Imprint and Lacten Alliance represent more than just new credit card offerings; they signal significant shifts within the financial sector. By merging technology, attractive rewards, and a user-friendly experience, Imprint demonstrates that startups can compete with—and even outperform—established banks. So, are you interested in this new card?
