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  • Payment
  • United Kingdom

An AmEx Card Rewarding Exercise

FACTS

  • American Express teams up with Vitality for their shared-value insurance model and focus on behavioural economics.
  • Goal: craft an innovative credit card rewarding cardholders and encouraging them along their paths to more balance lifestyles.
  • Vitality is a loyalty platform powered by incentive programmes, data and behavioural economics, helping their members improve their health.
  • The new card is free for Vitality’s existing members (already charged £6 per month). Cashback amounts depend on how much cardholders exercise and on how much they spend each month.
  • Cardholders are provided 0.5% cashback when spending up to £5,000 per year, and 1% when spending more than £5,000 per year. No limit applies to the amount of cashback they can earn. However, a minimum annual spend of £3,000 must be reached to earn cashback.
  • Cashback amounts will depend on:
    • How much customers exercise,
    • The number of products they subscribed: they may earn an additional 2% cashback if they hold both an eligible Health and Life insurance product from Vitality.
  • Cashback amounts are calculated each month, based on activity tracked two months prior and awarded annually based on calendar month spend.

CHALLENGES

  • Relevant bridge-building. A recent study by Vitality and RAND Europe investigated into the impact of incentive offers on exercise. The Vitality Apple Watch programme, for instance, would increase customers’ activity by 34%, tracking 4.8 additional days each month. Through this partnership with American Express, Discovery Limited’s subsidiary intends to further integrate their behavioural economics model.
  • Boosting card use levels. For AmEx, this agreement is a means to provide their cardholders with differentiating rewards and advantages, while helping them improve their health and well-being. This might contribute to securing the loyalty of customers exercising the most and increasing payment volumes on their platform.

MARKET PERSPECTIVE

  • Vitality teamed up with several new partners and brands by way of encouraging their members to live healthier lives. They have a partnership in place with Waitrose & Partners for healthier meals, and with Virgin Atlantic and Expedia for travel-related discounts.