Fresh off the news that American Express’ 16-year loyalty-program deal with Costco is coming to an end, the credit card giant has another trick up its sleeve.
AmEx has announced it is launching Plenti, the first multi-brand loyalty program in the US, with other businesses including Macy’s, Rite Aid, Exxon Mobil, Hulu, Nationwide Insurance, AT&T and utility company Direct Energy.
Nearly two-thirds of Americans would prefer a rewards program that allows them to shop at many stores versus a single brand, reports AmEx. Plenti is designed to address that need.[more]
Using any form of payment accepted by the participating brands (including cash), consumers will be able to make purchases at one partner using Plenti points earned at another. For example, points earned filling up the gas tank at Exxon or buying beauty products at Rite Aid can be used toward the purchase of a pair of shoes at Macy’s.
Each launch partner is hoping to tap into the customer base of its fellow partners. According to Fortune, the average American is enrolled in 29 loyalty programs, but only actively uses eight of them.
The Wall Street Journal reports that AmEx is trying to broaden its market for AmEx, which has historically depended on wealthier consumers. “We want to be a much more welcoming brand,” said Abeer Bhatia, chief executive of AmEx’s US loyalty division. “This helps us to do that.”