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Restaurant Infatuation’s website states that its goal is to bring you “the most honest and trusted opinions on where to eat in the world.” And now, those opinions will be the purview of JPMorgan Chase, who according to the the Wall Street newspaper, acquired the site, along with its apps, its Eeeeeatscon festival, and the Zagat restaurant review resource, which The Infatuation purchased in 2018.
“We have long admired The Infatuation’s new approach to reaching people with relevant content that inspires new ways of living life through food and drink, whether on the streets or across the world,” said Chase co-CEO Marianne Lake said in a statement. “We look forward to building on our complementary missions of connecting people to experiences around a shared passion for catering. She added: “… we anticipate that our collaboration will create more ways to engage our growing base of mutual customers through meals and experiences.”
As the WSJ note, “banks don’t usually buy from media companies”. However, banks and credit card companies are increasingly partnering with the restaurant industry, using exclusive reservations and events as popular credit card benefits. In 2019, American Express acquired Resy, a site that allows users to make reservations on its website and app, while providing digital services for the restaurants themselves. With the acquisition of Resy, AmEx users now have better access to hard-to-get bookings.
Although Resy (founded by Eater co-founder Ben Leventhal) has editorial content, it is primarily a booking platform. The Infatuation, on the other hand, provides restaurant guides and reviews. And now it will also offer benefits to Chase customers: WSJ, “JPMorgan plans to give some of its customers, including credit card holders, special access to experiences hosted by Infatuation,” such as Eeeeeatscon, as well as exclusive web content. Given that JPMorgan Chase recently added Chase Dining to its credit card rewards, helping cardholders secure reservations at partner restaurants and offering perks like private events with chefs, it seems likely that the brand Infatuation and the Zagat brand will be part of this curation.
The more restaurant reservations are tied to elite credit cards, the more layered the dining experience becomes and the banks – perhaps obviously – get richer. At Vox, Emily Stewart wrote: “Every time a credit card is swiped, the bank charges a fee. Sounds trivial, but these fees add up – enough to help pay for rewards like point-funded hotel rooms and cash back … To compensate, companies are raising prices, and so are users. ‘cash (which tend to be poorer) benefits going to credit card users (who tend to be richer). And the higher the rewards, the higher the cost to the unsuspecting people who pay the price. ”
Chase says Infatuation will remain a separate brand within the company, which ideally means the site will retain editorial freedom. But in a world driven by endless competition for well-heeled credit card users – who themselves pay hundreds, if not thousands of dollars a year in fees for these benefits – you’ll need the right card to access. most easily to the things you want.
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