Dive Brief:
- Capital One announced a multiyear deal Friday with musician Taylor Swift. The McLean, Virginia-based bank also released a commercial featuring the singer advertising its Savor cash-back credit card.
- The Savor card, which the bank launched in 2017, lets customers earn unlimited 4% cash back on dining and entertainment purchases, the company said. The commercial features Swift’s single, "ME!," as she serves food and drinks to customers.
- Nearly half — 49% — of Americans have cash-back credit cards, an increase of 6 percentage points over last year's figure, according to a CreditCards.com survey.
Dive Insight:
Capital One's partnership with Swift will give cardholders exclusive access to the singer's events and content, including a bundle that includes her album, "Lover," which is set to be released Aug. 23, and a T-shirt.
The Savor card faces competition from other rewards cards such as Discover and Chase Freedom, which offer 5% on dining and entertainment, but only during quarterly rotating promotions, according to USA Today.
"Capital One is always looking for ways to give our customers the best, most exclusive access and this partnership with Taylor Swift will allow us to do that," Marc Mentry, chief brand officer at Capital One, said in a statement.
Swift joins a roster of Capital One celebrity spokespeople that includes Alec Baldwin, Jennifer Garner and Samuel L. Jackson.
