Credit One Bank signs with NASCAR, Ganassi Racing

Editor’s note: This story is revised from the print edition.

NASCAR and Chip Ganassi Racing have both signed deals with challenger brand Credit One Bank.

The deals were announced last week.

Las Vegas-based Credit One Bank is one of the top 10 Visa credit card issuers in the country. It becomes the official credit card of NASCAR and a primary sponsor of Ganassi’s No. 1 Chevrolet driven by Jamie McMurray for three races this year, starting at Richmond International Raceway on April 24.

Terms were not released, and deals with financial services companies can be complicated to evaluate because they may involve properties getting cuts based on a range of incentives. Sources with knowledge of the deals said NASCAR could be looking at a $300,000 to $500,000 annual guarantee, with a certain amount also paid to the sanctioning body based on accounts opened or a percentage of average daily balances of cardholders, putting the deal in the seven figures annually. Ganassi’s deal is likely in the neighborhood of $1 million annually.