The Instacart Mastercard debuts today, offering a $200 Instacart credit to the first 10,000 applicants

The offer mentioned below is no longer available. Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Grocery delivery has become a modern-day convenience that's favored by millions of Americans, with much of its rise in popularity due to the Covid-19 pandemic. In fact, many are sticking with it even now — according to the Brick Meets Click/Mercatus Grocery Shopping Survey, in Q2 2022, online grocery delivery sales reached a whopping $7.7 billion.

Throughout the pandemic, credit card issuers have gotten creative and pivoted to ensure their products are meeting consumers' needs. Instead of offering more travel-related benefits at a time when people were staying at home, for instance, some issuers instead added grocery delivery services to their rewards-earning and spending categories.

Today, the first co-branded grocery delivery credit card debuted when Chase partnered with Instacart to introduce the new Instacart Mastercard®, which rewards cardholders with 5% cash back for their Instacart purchases, as well as any travel purchased directly through the Chase Travel Center. New applicants can also take advantage of a solid welcome bonus and score a year's worth of free delivery.

Here, Select details the perks and benefits of the new card — and how the first 10,000 applicants who apply by Aug. 4 can score $200 worth of Instacart credit instead of the usual $100 credit.

The Instacart Mastercard is a great cash-back credit card to use for all your Instacart shopping needs, as well as other daily purchases, especially if you're going out to eat or filling up your car's gas tank. The card also has no annual fee or foreign transaction fees, making it a solid option for those who are sticking to a budget.

As you spend with the card, you will earn:

• 5% cash back for Instacart purchases made with more than 800 retail brands from over 70,000 stores, through the Instacart app or Instacart.com
• 5% cash back for flights, hotels and other travel purchased directly through the Chase Travel Center
• 2% cash back at restaurants, gas stations, and for using certain streaming services
• 1% cash back for all other purchases

As for benefits, the card comes with a slew of great features. First of all, there's a solid welcome offer you can earn once you're approved for the card — one free year of Instacart+ and an elevated $200 Instacart credit for the first 10,000 people who apply before Aug. 4. After that date, the welcome offer will go back to its usual complimentary year of Instacart+ and a $100 Instacart credit.

For reference, Instacart+ is the subscription portion of the grocery delivery service that includes benefits such as free delivery on any purchases over $35, lower service fees and 5% back on pickup orders.

In addition to these perks, the Instacart Mastercard also comes with World Elite Mastercard benefits including 24/7 access to World Elite Concierge services, extended warranty and purchase protection, baggage delay and travel accident insurance, lost luggage reimbursement, the option to use the auto rental collision damage waiver for car rentals, roadside assistance and other travel and emergency assistance if needed during a trip.

For those who aren't loyal to Instacart but want to earn more rewards on their grocery purchases, they should consider a grocery rewards card like the Blue Cash Preferred® Card from American Express, which offers 6% cash back* at U.S. supermarkets, on up to $6,000 per year in eligible purchases (then 1%, terms apply).

The Instacart Mastercard is worth considering if you're an Instacart loyalist and want to receive a great cash-back rate on your Instacart purchases, in addition to shopping benefits on the platform. As the grocery delivery market continues to expand, we may be seeing more of these types of co-branded credit cards, aimed at those who enjoy utilizing these kinds of delivery services.

It is worth noting — before you sign up for this card — that the prices you're paying for items purchased through Instacart may not be the same prices you'd be paying at the actual store, as this service does come at a bit of a premium. That said, if you regularly place shopping orders with Instacart, this card could be a great option to help negate some of those upcharges.

Catch up on Select's in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.

* Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.