| Capital One signed a multiyear deal with Major League Baseball (MLB), which will allow its cardholders to earn exclusive tickets to MLB events and redeem rewards through the newly launched Capital One Entertainment ticketing platform. While the terms of the deal weren't made public, sources told CNBC that it cost MLB approximately $125 million for a five-year deal.
The financial institution can use the perks made possible by the MLB tie-up to stand out among competitors, in order to boost customer loyalty and retention. What's more, as the MLB season begins next month, this collaboration will offer Capital One additional marketing opportunities to draw in new customers.
Looking ahead, there is an opportunity for Capital One and MLB to launch a co-branded card to replace Bank of America's MLB Cash Rewards card. While the companies have not confirmed whether they are pursuing this endeavor, "Doing so could further bolster card spending," said Adriana Nunez, analyst at Insider Intelligence. | |
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