I received an offer via email the other day for a wine-focused rewards credit card I’ve been monitoring for a while, the Grand Reserve World Mastercard.
They’ve temporarily bumped the welcome bonus on the card to 75,000 points (worth around $450 towards wine and accesories) so I reached out to Grand Reserve Founder and CEO Matthew Goldman for a chat on the podcast.
Besides the points & miles stuff we talk about here on Milenomics, I’ve written a wine blog since 2008. So it feels like this program is right in my wheelhouse.
Grand Reserve World Mastercard
- Heightened Welcome Offer: 75,000 points for spending $3,000 in 90 days [expires at midnight 1/27/2021, not an affiliate link]
- Standard Welcome Offer: 50,000 points for spending $3,000 in 90 days
- Annual Fee: $0 for the first year, then $149
- 5x at more than 400 wineries, wine clubs, and other Grand Reserve Partners
- 3x at any winery, wine club, wine or liquor store
- 3x at any restaurant or bar, take-out & delivery included
- 2x points per dollar everywhere else
- Points are worth about 0.6 cents each through their Rewards Catalog or when redeemed for wine
The card is issued by Utah-chartered Celtic Bank. They pull Experian. For what it’s worth, I lobbed in an application this morning and was instantly approved.
0:30 Grand Reserve Overview
- Tell us about your background, the program, the credit card and the idea behind Grand Reserve
- What does it take to launch a credit card?
9:55 Psychology of Rewards
- Travel seems to have an irrationally strong appeal to [some] people
- Even if some would be better off with cash back the idea of rewards being “free” seems to absolve some people of the guilt associated with splurging on themselves
- Additionally we talk a lot about the “co-branded paradox” whereby people think “I like <brand>, I should get their co-branded credit card!”
- Are similar forces in play here? People like to splurge on wine but don’t want to feel guilty about it? So it has a similar draw as travel?
20:30 Point Valuation
- So many credit card rewards programs have points, and it’s hard to discern what they’re worth until after you’ve signed up for the card
- What considerations went into determining the value of rewards on the redemption side?
- What are points actually worth and how do redemptions work?
Thanks to Matthew for coming on the show.
The #wine channel on Milenomics Slack is surprisingly active sharing deals and recommendations. Check it out if you’re not already subscribed…