APRIL 29, 2009
F1 to launch its own credit card
Formula 1 fans will be able to have their own credit card shortly, following an agreement between the Formula One group and Corpcom, a company that specialises in issuing and managing co-branded credit card programmes, which include the recently launched Cavalli MasterCard, using the brand power of Italian fashion designer Roberto Cavalli to draw in clients for the credit card companies. Co-branded credit cards are relatively new in Europe but have been a great success in the United States, where it has been proven in studies that consumer spend almost double what they would spend with a normal credit card when they have a branded card, notably airlines which offer mileage schemes associated with the cards to help to strengthen customer loyalty with value-added incentives, while at the same time increasing brand awareness. These have generally been restricted to national markets but Corpcom is hoping to create a new generation of global cards to reward customer loyalty, generate additional revenue and increase brand reach. It is not yet clear what privileges will come with a Formula 1 card.
The card will be launched at an event at the Amber Lounge in Barcelona.