(Bloomberg) -- JPMorgan Chase & Co. is launching a credit card with DoorDash Inc., the latest addition to the biggest US bank’s ever-growing group of co-brand deals with a pandemic favorite that has continued to gain against rivals.
The card, DoorDash’s first, will operate on Mastercard Inc.’s network, expanding on the existing relationships among the three companies, they said Tuesday in a joint statement. JPMorgan and DoorDash have collaborated on credit-card perks since January 2020, while Mastercard and DoorDash began offering benefits together last year. The firms didn’t disclose details on annual fee, launch date or perks beyond that cardholders will be able to earn rewards on and off the DoorDash platform.
“The new card is designed for those who love the convenience and options DoorDash provides and want to earn more where they are spending, whether ordering from the broad range of categories available on DoorDash or spending in-person at a favorite neighborhood store,” Ed Olebe, president of JPMorgan’s co-branded cards business, said in the statement.
JPMorgan is the world’s largest credit-card issuer by volume and outstanding balances, and is pushing to further increase its market share. Marianne Lake, co-head of the consumer and community-banking business, in May touted the co-branded card business as “giving us distribution and revenue certainty for years to come.” Earlier this year, the firm introduced a credit card with Instacart, which also boomed during the pandemic.
DoorDash said last month that customers placed 426 million orders in the second quarter, up 23% from a year earlier and a sign that consumer demand for take-out remained strong despite soaring inflation. The firm had a 59% market share of US food-delivery sales as of May, according to Bloomberg Second Measure.
Read more: DoorDash Soars as Robust Delivery Demand Drives Sales Beat
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