“A lot of cards came out at one point in time where that status symbol was a thing,” Sawhney said. “But consumers are telling us that they want to make sure that their [card] helps them get access to things that money can’t buy.”
While marketers have long known that millennials like to spend money on experiences, Mastercard’s internal data shows that cardholders don’t just want a nice dinner out; they want bucket list moments. World Legend cardholders have a chance to rub elbows with Formula 1 drivers on the McLaren racing team, for example, and meet folk-pop artist Noah Kahan during his upcoming tour.
Chase Sapphire Reserve has been pushing the experience envelope, too. Hassan pointed to the card’s “once-in-a-lifetime, never-before-seen experiences,” like last summer, when Chase marked the 10th anniversary of the Broadway smash Hamilton by hosting a cardmember dinner on stage at the Public Theater in New York. “There were surprise performances from members of the original cast and a meet-and-greet with Lin-Manuel Miranda,” Hassan recalled. “It was really special.”
For Shay Mitchell, it would be a similar once-in-a-lifetime event that would affirm her decision to join forces with Venture X, though she didn’t see all of it coming.
During Miami Art Week in December, Capital One threw a VIP dinner at the old Beach Theater, commissioning artist Alex Prager to transform the space into a 1940s Hollywood set with neon street signs, an orange grove, and a kidney-shaped swimming pool. Mitchell thought that was nice.
And then the curtain parted and Diana Ross walked out, belting her way through her disco hits to a wide-eyed audience.
A night with disco’s leading diva was the sort of thing that, “back in the day, were only for a certain caliber of people,” Mitchell said. But now, “this experience [is one] that not only am I invited to, not only is Diana Ross invited to, but cardholders. That’s really incredible.”
