Amex partners with Hypercard on consumer credit card with corporate card perks

The news: Fintech Hypercard launched its first credit card, a consumer card that integrates corporate card perks, per IBS Intelligence. The card will be issued by Celtic Bank on the American Express network.

Money20/20 identified Hypercard as a promising startup to watch last year. It touts OpenAI CEO Sam Altman as an investor.

How it works:

• Businesses can offer the credit card to their employees, who can use it for personal and business transactions.
• It immediately reimburses employees’ business expenses and lets them keep the credit card points.
• The card also offers travel benefits like TSA PreCheck, Priority Pass Lounge Membership, and statement credits to Blade’s Airport Pass, ClassPass, and BetterHelp.

Why it matters: Given its innovative offering, Hypercard has the potential to gain a foothold in the corporate card market.

This partnership can therefore help Amex boost its user base and payment volume. Amex acquired 3.3 million new cardholders in Q3, and its card spend jumped up 6% YoY during the quarter.

Our take: Fintechs like Hypercard are helping to drive card innovation in the industry.

We may start to see other card providers blur the lines between corporate and personal cards to stay competitive.

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