CLEAR AND AMERICAN EXPRESS RENEW PARTNERSHIP TO PROVIDE PREMIUM TRAVEL EXPERIENCES AT AIRPORTS TO CARD MEMBERS

Rhea-AI Summary

CLEAR (NYSE: YOU) extends partnership with American Express to enhance airport experience for Card Members. Eligible Members can receive up to $189 in annual statement credits for CLEAR membership purchases, providing a more predictable travel experience at airport checkpoints.

Insights

Market Research Analyst

The extension of the partnership between CLEAR and American Express represents a strategic move to enhance customer loyalty and potentially increase the customer base for both companies. By offering a statement credit for CLEAR membership, American Express is incentivizing the use of their credit cards, which could lead to an uptick in transaction volume and customer retention. This move is likely to appeal to frequent travelers who value expedited airport security processes.

From the perspective of CLEAR, the partnership with a financial giant like American Express can drive membership growth. The endorsement from a reputable credit card company adds to CLEAR's brand value and can be seen as a strategic marketing initiative. This collaboration could potentially result in increased revenue for CLEAR through new memberships initiated by American Express Card Members.

Financial Analyst

Investors should note the financial implications of such partnerships on the revenue streams of both companies. For American Express, the cost of providing up to $189 in annual statement credits is an investment in customer satisfaction and loyalty. The potential increase in spending by cardholders, who may be more inclined to use their American Express cards for travel-related expenses, could offset these costs and boost the company's financial performance.

For CLEAR, the partnership could lead to a higher penetration rate in the market of frequent flyers, a demographic with significant spending power. The ability to convert American Express's customer base into CLEAR members may positively impact CLEAR's subscription-based revenue model, leading to more predictable and recurring revenue streams.

NEW YORK, April 8, 2024 /PRNewswire/ -- CLEAR (NYSE: YOU), the secure identity company, is extending its partnership with American Express as the companies recommit to delivering premium value to Members and enhancing the airport experience. Amid ongoing high demand for air travel, this partnership allows eligible American Express Card Members who enroll in CLEAR and pay using their American Express credit cards to receive up to $189 in annual statement credits for their membership purchases. CLEAR Plus provides Members with a more predictable travel experience at airport checkpoints by allowing them to verify their identity with their eyes, fingerprints, or face and get directly to physical security before heading to their gate.

"CLEAR makes the customer experience safer and easier, bringing predictability to the friction-filled airport experience. We are excited to continue our partnership with American Express. Together, we are committed to delivering the best experiences to our customers and members," said Kenneth Cornick, CLEAR's President and Chief Financial Officer.

American Express Card Members with the following U.S. Cards can continue to enjoy their CLEAR Plus benefit:

• Consumer, Corporate, & Small Business Platinum Cards: Statement credit up to $189 per calendar year
• American Express ® Green Card: Statement credit up to $189 per calendar year
• Hilton Honors Aspire Card: Statement credit up to $189 per calendar year

To learn more about Card eligibility, please visit americanexpress.com/us/clear.

About CLEAR
CLEAR's mission is to create frictionless experiences. With more than 20 million members and a growing network of partners across the world, CLEAR's identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell member data. For more information, visit clearme.com.

Forward-Looking Statements
This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company's filings within the Securities and Exchange Commission, including the sections titled "Risk Factors" in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contact
media@clearme.com

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SOURCE CLEAR

FAQ

What is the ticker symbol for CLEAR?

The ticker symbol for CLEAR is YOU.

What benefits do American Express Card Members receive through the partnership with CLEAR?

American Express Card Members can receive up to $189 in annual statement credits for CLEAR membership purchases, enhancing their airport experience.

How does CLEAR improve the airport experience for Members?

CLEAR allows Members to verify their identity with their eyes, fingerprints, or face at airport checkpoints, providing a more predictable travel experience.

Who mentioned the commitment to delivering the best experiences to customers and members in the press release?

Kenneth Cornick, CLEAR's President and Chief Financial Officer, mentioned the commitment to delivering the best experiences to customers and members.