Starbucks Launches Credit Card, Hoping to Jolt Sales
NEW YORK (AP) -- Starbucks has a new product that it hopes will hook more coffee lovers: a credit card.
The card, launched Thursday with JPMorgan Chase and Visa, comes as Starbucks struggles with slowing growth in the U.S. With the new card, Starbucks Corp. wants to lure those who aren't yet signed up for its rewards program.
The Seattle company has more than 14 million Starbucks members in its rewards program in the U.S., but it is working to grow that number because members tend to stop by its shops more often for coffee or snacks. Cardholders will be enrolled into its rewards program.
The Starbucks Rewards credit card has a $49 annual fee and lets cardholders earn free Starbucks drinks and food with purchases they make at the coffee chain and elsewhere.