Despite forecasts of a broad retail apocalypse following the pandemic, another fintech is placing a bet on the strength of brick-and-mortar stores.
San Francisco-based Cardless is planning a digital-first rewards credit card with American Express that targets shoppers at stores and restaurants leasing space from Simon Property Group, the companies announced Tuesday. Simon is the largest mall operator in the U.S., with more than 200 properties including sprawling outlet malls.
The Simon American Express Credit Card from Cardless, issued by First Electronic Bank of Salt Lake City, Utah, will give customers a statement credit of 3% back on purchases at Simon malls and 1.5% back on all other purchases.
In a nod to the omnichannel reach of many mall shops, certain participating merchants may opt to give customers 5% back on eligible purchases, along with some online purchases, according to a press release. The new card will also give customers access to Amex Offers from third-party merchants.
The moves comes shortly after online shopping platform
The U.S. Census Bureau this month said overall retail sales in September were flat compared with August but
The collaboration marks the first product Cardless has launched on the Amex network, following several cobranded Cardless Mastercard credit cards linked to a handful of domestic and international sports teams plus LATAM Airlines.
"This will be a digital-first credit card with great value that speaks strongly to the next generation of retail spenders," said William Stredwick, senior vice president and general manager at Amex's global network services for North America, in the release.
Mikael Thygesen, chief marketing officer for Indianapolis-based Simon, anticipates that the new credit card will provide useful data about consumer shopping habits.
"It gives Simon and our tenants an opportunity to better understand our shoppers and drive incremental sales," Thygesen said in the release.
Customers may apply for the new card, which will be available in coming months, through the Cardless app, the release said. Those who are approved may begin shopping immediately with a virtual version of the Amex card in the Cardless app before the physical card arrives by mail. Consumers may also earn a $150 statement credit after spending $1,000 in the first 100 days.
Cardless, formed in 2019, has raised more than $50 in equity funding since its launch from a diverse slate of investors including Amex Ventures and Simon Property Group, according to the release.
