FNBO’s New Credit Card Reveals How Co-Branding Strategies Can Help Issuers Tap Into New Markets

First National Bank of Omaha (FNBO) has teamed up with Mastercard and Mid-Atlantic convenience store Wawa to launch the Wawa Mastercard. The announcement of the new card stands to please people looking to save on purchases, but it also outlines how co-branding strategies can help credit card issuers reach new markets.

While FNBO isn’t quite a household name in the U.S., it is a formidable financial institution. The company has been around for more than 165 years and serves customers with locations in eight states stretching from Texas to South Dakota.

Wawa, on the other hand, primarily operates on the eastern side of the country, with more than 1,100 stores in states that include Florida, New Jersey, and Pennsylvania. The company boasts a diverse menu of quick-serve items and has an enthusiastic following among its fans.

The union between FNBO and Wawa may seem unusual at first glance, but it has potential to allow FNBO to get on the people’s radars thanks to the ubiquitousness of the fuel and convenience company. 

This isn’t FNBO’s first time dipping its toes into a partnership program. In addition to retailers, the company partners with businesses in the automotive, entertainment, oil, and travel industries, according to a press release announcing the new card.

“This partnership with Wawa and Mastercard reflects what FNBO takes deep pride in: building payment solutions that align with our partners’ brand values and enhance customer loyalty,” Jerry O’Flanagan, Executive Vice President with FNBO, said in the release.

The crossover between Wawa supporters and those who have previously banked with First National Bank of Omaha may be minimal prior to the release of the Wawa Mastercard. But that stands to change once the card gains traction. 

New cardholders may be hearing about FNBO for the first time when they apply for or receive the Wawa Mastercard, so it’s imperative the bank make a good impression.

People who use the card and are happy with it may seek out additional FNBO products when a future financial need arises. Or they may turn to social media sites, such as the active subreddit devoted to Wawa, to share positive reports of their experiences with the card, creating opportunities for online communities to learn about FNBO. 

FNBO and Wawa are counting on the value the card brings users to build loyalty. Cardholders can earn a $.05 discount on each gallon of gas they purchase with the card at Wawa. An 30-day introductory offer sweetens the pot by offering $.50 off each gallon of gas a cardholder buys at Wawa.

Cardholders can earn more points when they use the card to make purchases in Wawa stores.

But cardholders don’t have to go to the pump to access rewards through the card. They can earn points by making purchases anywhere that accepts Mastercard and boost points for purchases other than for fuel at the pump that they make at Wawa. 

O’Flanagan said in the release that FNBO is “proud to introduce a card that provides value to Wawa customers for how they already live, drive, and shop — while bringing meaningful savings and convenience.”

He will likely be even prouder if the card brings new, valuable relationships to FNBO.