DoorDash to launch new credit card with JPMorgan

Yahoo Finance Video

September 27, 2022 at 10:07 AM

Yahoo Finance Live anchors discuss reports that DoorDash will launch a credit card in collaboration with JPMorgan.

Video Transcript

[AUDIO LOGO]

BRIAN SOZZI: Shares of DoorDash also in focus after the food delivery service announced they are teaming up with JPMorgan to release a new credit card that will operate on Mastercard's network and is designed for those who use DoorDash and want to earn more where they are spending. The firms didn't disclose details on the annual fee, launch date, or perks beyond that. Cardholders will be able to earn rewards on and off the DoorDash platform. Makes sense to me, guys.

BRAD SMITH: Yeah, makes a lot of sense. And it also comes after, of course, there's been this vacuum the space that's been left in the void from Uber's credit card. And that's not available anymore. And so now, as you've got kind of the Uber Eats side or the Uber side that had their credit card, that moved over to a Barclays Mastercard.

Now, DoorDash trying to really sweep in and get some of those potential cardholders in this partnership with JPMorgan. We'll see if it ultimately drives more new memberships, more recurring purchases as well from their customer base.

JULIE HYMAN: It's hard to know if anything today is up because of specific news or if it's--

BRAD SMITH: Sure.

JULIE HYMAN: --up because everything is up, right?

BRAD SMITH: [? Easy ?] [? tide. ?]

JULIE HYMAN: Like, we just showed DoorDash and Uber, and Uber is up more than DoorDash. So like, yeah, this is probably at the margin seen as good news. We'll see if it actually translates into higher sales for DoorDash. But everything's rebounding today.

BRIAN SOZZI: I've got more into awards programs. I don't know if you use them. But I've determined-- I've signed up to everything over the past month. I've determined, if I'm dropping $50 on a meal on the Seamless, I want some rewards. I like this plan. I like it.

BRAD SMITH: But that is also analogous with any time that we do see some type of consumer mindset pullback or at least in the confidence of consumers, to look towards or lean into any of the rewards or loyalty perks that they would have gotten.

I've-- typically, I would have walked out of the store and been like, nah, you guys keep your rewards, keep your perks, and everything like that. And I'll just let the points build up.

But I think now is the time where consumers are looking to put some of those points, put some of those rewards to work, as they're looking across where their spending is taking place and trying to get some type of either cashback, some type of either just product that, you know, I walk into a Nike store and if I get something, I'm like, yeah, give me the free towel. Give me the free towel.

JULIE HYMAN: Remember, it's not free.

BRIAN SOZZI: Nothing's free in this world.

BRAD SMITH: It's not. It's not free. Well, you're paying for it over time.

JULIE HYMAN: Well, and you're giving them an enormous amount of your personal information--

BRIAN SOZZI: Can't you let me enjoy my rewards?

JULIE HYMAN: --about your spending patterns.

BRIAN SOZZI: I just want my rewards from 7-Eleven. I got $0.05 off gas this weekend. It was so exciting. It was so exciting.

JULIE HYMAN: $0.05--

BRIAN SOZZI: They got my email

JULIE HYMAN: --a gallon? Or $0.05--

BRIAN SOZZI: $0.05 a gallon. It was so good.

JULIE HYMAN: OK, all right.

BRIAN SOZZI: They can have my email, it's fine. I just click out of the unsub-- I hit the Unsubscribe button.

BRAD SMITH: You give Them your fake email?

BRIAN SOZZI: Yeah.

BRAD SMITH: The fake email. I give them that one.

BRIAN SOZZI: I give my personal.

JULIE HYMAN: Oh, I like that trick.

BRAD SMITH: Oh, OK. Yeah. Guys--

BRIAN SOZZI: $0.05 off gas, dude, come on.

JULIE HYMAN: I have so much trash in my inbox, though, from all of those "rewards plans" I've signed up for.

[LAUGHTER]

I don't know.

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