AMC Entertainment Holdings Inc. said it will introduce a co-brand credit card next year that it designed for the meme-stock crowd.
(Bloomberg) — AMC Entertainment Holdings Inc.
said it will introduce a co-brand credit card next year that it designed for the meme-stock crowd.
The movie-theater operator — one of the poster children for the meme-stock mania of 2021 — partnered with Visa Inc.
and the financial technology upstart Deserve on the offering, according to a statement. For now, the company is allowing customers to join a wait list ahead of an official launch of the card next year.
Retail investors armed with commission-free brokerage accounts and who lurk in forums like Reddit’s WallStreetBets banded together last year to push up the prices of widely shorted stocks such as GameStop Corp.
and AMC. That’s given brands caught up in the so-called meme stock craze almost cultish appeal among day traders.
AMC Chief Executive Officer Adam Aron, who embraced his company’s meme-stock status, has unveiled a bevy of perks for these retail investors, including free popcorn.
With the card, AMC is betting that appeal will carry over into financial services.
“The AMC Entertainment Visa Card is another example of AMC’s continued dedication to providing real value to moviegoers,” Aron said in the statement.
“There also is another extremely important constituency for whom we care greatly, and who will find the AMC Entertainment Visa Card to be of compelling appeal: AMC’s millions of enthusiastic and passionate shareholders.”
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