American Express has found a way to tap in to the country’s sports-obsessed culture—and the wagering on games that has increasingly become a part of it.
The company is partnering with Fanatics to offer a co-branded credit card that lets people earn FanCash, the sports platform’s loyalty currency. FanCash can be used only on Fanatics, which has grown into a sprawling sports empire where customers can purchase various sports-themed gear and collectibles and place bets on sports betting and prediction-market platforms.
Amex AXP 0.54%increase; green up pointing triangle said Fanatics is its first sports partner that will be a part of its points universe. That means other Amex cardholders could convert their points to FanCash, even if they don’t have the new card.
“We’re going to bring many new customers into the American Express brand,” said William Stredwick, executive vice president of Amex’s Global Network Services North America.