LifeSpring Health recently announced a partnership with National City, a prominent commercial and retail banking and mortgage finance provider in the Midwest, to provide its LifeSpring Health rewards Visa card to National City customers. This is a great announcement for LifeSpring Health because they are starting to gain consumer distribution channels for their rewards credit card. The card, referenced in a previous post, found here, allows shoppers to earn reward points that can be used for Health Savings Accounts (HSA), insurance premiums, health services, prescriptions, elective medical procedures, gym memberships, and wellness products. LSH has a great card program, especially in today’s day and age of rising health-care costs. National City can only benefit from pushing customers to the LSH card because it costs them nothing and probably involves some type of revenue sharing based on the interchange revenue collected by LSH on each transaction. LSH wins from this deal because it seems that National City will be marketing the card to its customers at no cost to LSH. On the flip side, National City wins because its able to offer a new and innovative rewards card to its members without the associated costs of administering the rewards program themselves. I hope we’ll see LSH strike similar deals with the likes of Citibank and Chase. That will certainly catapult them into the stratosphere of top-tier co-branded rewards cards.
