Fintech-meets-fitness startup Paceline will be partnering with Ragnar Relay, a series of U.S.-based races to be the official credit card for the relay race, a press release from Paceline said.
Paceline lets users reap rewards for working out, using an app and cash-back credit card.
The idea is to capitalize on the recent survey finding that running a relay race is appealing to 77% of people, moreso than marathons, which appealed to 62%, or 5Ks, which appealed to 68%.
In its new position working with Ragnar Relay, Paceline will offer card members a $200 credit for any Ragnar Relay race registration through 2023. The Paceline rewards app will offer exclusive rewards from Ragnar and its partners, including Athletic Brewing, Nathan Sports and Kodiak Cakes, for those who do 150 minutes or more of exercise per week.
The Paceline Visa Signature Card comes with benefits such as doubling the cash back one receives when they hit their “streak” of exercise. Ragnar participants will be able to access those benefits now, too.
Ragnar Relay events take place over the course of two days and one nights, with teams trying to go great distances around the country.
“We’re so inspired by what Ragnarians accomplish together every year,’ said Joel Lieginger, CEO and Founder, Paceline. “At Paceline, we want everyone who invests in their physical health to fully realize its financial value as well. Our partnership with Ragnar Relay puts a megaphone to our shared goal to incentivize, reward, and champion each other for health and wellness wins everyday.”
Lieginger recently spoke with PYMNTS about the goals of the company, including trying to motivate people to get in shape, which he wants to do by offering them “tangible money incentives” for exercising consistently.
“We’re building this for the next-generation connected consumer,” Lieginger said. “The whole idea of our credit card is to incentivize and further consumers’ personal health and wellness journeys.”
This comes as only around 25% of Americans get enough exercise, according to some statistics, with two-thirds being overweight and 1 in 10 being diabetic.
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