Benzinga - Many companies have rewards programs and branded credit cards offering benefits to holders. Leading movie theater company AMC Entertainment Holdings Inc (NYSE: AMC) is combining these efforts to help its rewards members earn rewards faster: here’s how.
What Happened: AMC Entertainment Holdings announced Wednesday the launch of a co-branded Visa credit card. The card would give AMC Stubs members a chance to earn rewards faster, a move that coincided with the movie theater company's rewards of items such as non-fungible tokens and free food to its investors and rewards members.
The card, which will be released in 2023, is the only branded credit card in the movie theater industry, according to the company.
Cardholders can earn $50 in AMC Stubs Bonus Bucks if they spend $50 in their first three months. The rewards can be used at all domestic AMC locations and online.
Cardholders can earn additional rewards points for the AMC Stubs program while using the credit card on everyday purchases at places such as gas stations, restaurants, grocery stores and AMC Theaters.
“The AMC Entertainment Visa Card is another example of AMC’s continued dedication to providing real value to moviegoers and strengthening the relationship we have with our loyal moviegoing guests,” AMC CEO Adam Aron said.
AMC will launch a waitlist for the credit card with expected “high demand” from investors and moviegoers. The company plans to give away a trip to attend a red-carpet movie premiere with Aron to those who join the waitlist.
AMC partnered with Visa Inc (NYSE: NYSE:V) and Deserve on the AMC Entertainment Visa card launch.
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Why It’s Important: Aron said the movie theater industry needed a branded credit card to offer more rewards and incentives for consumers.
“Until now, the theatrical exhibition industry is one of the few untapped major retail sectors that hasn’t offered consumers the opportunity to amplify their purchase power, accelerate their rewards, and demonstrate their loyalty through the use of a co-branded credit card,” Aron said.
AMC had over 10 million AMC Stubs members according to the release from the company.
The latest move by AMC continued a path of innovation with new ideas to help the company and push it into new directions. AMC invested in a gold mining company, is launching a retail popcorn business and partnered with Zoom Video Communications Inc (NASDAQ: ZM) to lease out theater space.
AMC added the ability to pay for movie tickets with cryptocurrencies such as Dogecoin (CRYPTO: DOGE) in a move to appeal to investors and potentially increase market share away from rivals.
The credit card launch by AMC could be thought of as a thank-you from the company to its loyal investor and customer bases who continued to support the company and helped it stave off bankruptcy, something Aron recently showed appreciation for.
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