Banamex’s Strategic Move in the Entertainment Industry
Banamex, a leading Mexican bank, is aggressively targeting the entertainment market by launching a new credit card tailored for fans of music, theater, and live events. This move comes as Banamex already dominates a significant portion of pre-sales in the country through its existing credit card offerings.
Background on Banamex and its Relevance
Banamex, part of Citigroup, is one of Mexico’s largest financial institutions. With over 9.5 million credit card contracts as of July, the bank has established a strong presence in the Mexican market. This new venture into the entertainment sector demonstrates Banamex’s commitment to understanding and catering to its customers’ interests.
Collaboration with Visa and Ocesa
In partnership with Visa and Ocesa, a prominent live event producer in Mexico, Banamex aims to provide an unparalleled experience for entertainment enthusiasts. This collaboration underscores the bank’s dedication to offering unique benefits and exclusive access to events, aligning with the changing consumer preferences post-pandemic.
Key Features and Benefits of the LineUp Credit Card
Rewards Program:
The LineUp credit card allows customers to earn loyalty program points through everyday purchases. These points can then be redeemed for concert tickets and special benefits, such as:
- Early access (preventas) to ticket sales
- 2-for-1 ticket deals (boletos 2×1)
- Special discounts
Banamex Benefits:
In addition to the entertainment-focused rewards, cardholders enjoy standard Banamex benefits, including:
- Interest-free months at hundreds of establishments
- Cash advances
- Recurring charges
- Credit programs
- Early access to ticket sales
Visa Security and Perks:
The LineUp credit card also provides Visa’s security features, such as purchase protection, promotions, and special discounts. Furthermore, cardholders can enjoy a digital shopping experience with online purchases and access to over 100 million commercial locations worldwide.
Market Demand and Opportunity
Armando Calvillo, Ocesa’s marketing commercial director, highlighted the surge in concert demand following the pandemic. He emphasized a shift in entertainment consumption, with younger audiences seeking comprehensive experiences. The LineUp credit card aims to bridge this gap by offering exclusive benefits and unique ways for customers to engage with their favorite artists and events.
Key Questions and Answers
- What is the LineUp credit card? It’s a new credit card by Banamex, in collaboration with Visa and Ocesa, designed specifically for fans of music, theater, and live events.
- What benefits does the LineUp credit card offer? Cardholders can earn loyalty points on daily purchases, redeem them for tickets and special benefits like early access, 2-for-1 deals, and discounts. Additional perks include Banamex benefits (interest-free months, cash advances, etc.) and Visa security features (purchase protection, promotions, etc.).
- Why is Banamex targeting the entertainment sector? The entertainment market has seen increased demand post-pandemic, with consumers seeking immersive experiences. By offering tailored benefits, Banamex aims to strengthen its connection with customers and capitalize on this growing trend.
