The news: US-based rewards app Fetch opened the waitlist for the Fetch American Express Card. 

First Electronic Bank will issue the card, and Imprint will manage the card program. 

A novel rewards structure: Cardholders can get 10 Fetch points per dollar spent on grocery and retail and 5 points per dollar on all other categories.

Beyond that, Fetch offers additional engagement-based rewards. 

• App use. Cardholders can earn points by engaging with the Fetch app: scanning receipts, playing games, and shopping through Fetch’s platform.
• Spin & Win. Cardholders get the opportunity to “spin the wheel” on the Fetch app to win up to 1,200 extra points after every purchase.
• Amex rewards. As a card on the Amex network, Fetch cardholders will have access to Amex Offers and Amex Experiences.

Fetch Points can be redeemed for free gift cards at popular brands, retailers, and restaurants or converted into charitable donations.

Fetch’s strategy: As premium credit cards package their rewards to entice wealthy cardholders with travel and luxury dining perks, credit cards like Fetch can narrow in on consumer categories where average Americans want rewards—groceries, gas, and retail.

Gamifying rewards through app-based tie-ins also adds a dose of fun to everyday spend while training users to turn to Fetch when they're shopping.

Amex’s fintech push: Amex’s partnership with Fetch continues the network’s embrace of working with fintechs as a central business strategy. 

Amex has also onboarded fintechs like Hypercard, a consumer card that folds in corporate card points, and Rakuten to increase its payment volume.  

Our take: Fetch is positioned to take off for consumers who want rewards that help ease cost concerns when buying everyday essentials. 

Working with carefully vetted financial startups could boost Amex’s total network volume—and market share—without fear of diluting the prestigious, exclusive reputation that comes with many of Amex’s cards if it had issued the card itself.