Citi Card is already an industry leader in customer rewards with their ThankYou Rewards program. This summer, though, they plan to offer so much more thanks to a new partnership with Live Nation concerts.
The ThankYou Rewards program from Citi has offered access to great gift cards in the past as an alternative to cash rebates or other traditional rewards. This included gift cards for top industry retailers such as Amazon.com, Zappos, the GAP, Sephora, and many more. They recently added LiveNation.com, and their long list concerts, to their benefits packages.
As the summer brings the heat, then, consumers could find themselves cashing in on their rewards points with tickets to some of the biggest acts in the music industry. The summer LiveNation schedule includes:
- The Dave Matthews Band on 7/20 and 7/21 at the Cruzan Amphitheatre in West Palm Beach, FL
- Nickelback on 7/24 at the Saratoga Performing Arts Center in Saratoga Springs, NY
- Kelly Clarkson and the Fray on 7/25 at the Sleep Train Pavillion in Concord, CA
- KISS and Motley Crue on 7/25 at the Charlotte Verizon Wireless Amphitheatre in Charlotte, NC
- Brad Paisley on 7/27 at the Shoreline Amphitheatre in Mountain View, CA
Of course, this is only a few of the live events you can access with your Citi ThankYou Rewards points this summer, but this is also the first time Citi has ever offered a “Shop With Points” option that allows you to shop on another merchant’s website (LiveNation.com, of course).
Citi customers will be able to use their points directly through the LiveNation.com website, instead of having to shop through a Citi affiliates page. This partnership, then, makes them pioneers in an industry that is hurriedly trying to evolve to a new system. Obviously, points can be combined with other payment sources in order to better serve the needs of every customer.
In addition to this new partnership, Citi customers may already be aware of the existing partnership with LiveNation.com through the ThankYou Rewards program that gives cardholders access to exclusive events and other benefits at LIveNation.com. Previous benefits include things like exclusive presale tickets and VIP tickets and access. The new program, then, combines all of these benefits for a more streamlined and specialized package.
According to Ralph Andretta, Head of Co-Brands and Loyalty at Citi Cards, Citi believes that
redeeming rewards for what you want, when you want it should be quick and friction-free. Using your Citi ThankYou Rewards Points for concert tickets is just a few clicks away.
Similarly, Darin Wolf, Executive Vice President of Live Nation Network, comments
We are delighted to deepen our relations with Citi, and simultaneously leverage technology to give fans a seamless option to get tickets and enjoy the best shows this summer and beyond.
One big question that consumers are left with, though, regards how points will be used towards tickets. Of course, as with all credit card rewards programs, the value of the points redeemed depends upon the redemption option. Obviously, gift cards always present the best value, which basically equates one ThankYou Rewards point to one cent. Music downloads, charity donations, student loan payments, mortgage payments, and travel certificates all also present the same ration of 1:1.
ThankYou Rewards Points that are redeemed for merchandise rings in around 50% to 80% of gift cards and cash redemption falls around 65% of gift card value. In terms of concert tickets, then, the redemption value will likely fall somewhere between the lowest highest as they are equivalent to merchandise that you might buy from one of the affiliate partner stores. Still, having more redemption options is what the move is all about and in that aspect, Citi has certainly succeeded.