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2 November 2026StrategyOpen question4 min read

Should this be a card?

A rewards card for the wellness spend HSA and FSA won’t touch. We haven’t decided. Here’s the thinking.

Woman training with cable handlesperson · 0.98spend · uncovered
Bilt

Rewards on a payment people make every month anyway, built on partners signed before the launch.

Blackbird

A members’ card for one category of spend, with the venues on board first.

Lava

Another partners-first launch: the alliance before the announcement.

What we’re borrowing, in one line each.

Today Sweat Equity sells stacks: a bundle of classes, bought together. A card is a different shape. It sits under spending people already do and rewards it.

The idea

A rewards card for healthy spending that HSA and FSA money doesn’t cover — the gym, the spa, the recovery studio. Spend there, earn more than you would anywhere else.

What the others got right

Bilt, Lava and Blackbird each built their partner alliance first, then launched loudly with names people recognised. The card was the last piece, not the first. We think the same play is open in fitness and wellness, and nobody is running it.

What it would change

Partners would matter more than prices. Consumer brands could fund member perks from what they already spend to find customers, and bring those perks into the studios.

Why it’s still open

Either way, the first step is the same: sign the studios. That’s the Founding Alliance. The card can wait until the alliance is real.