In the ad, the "Grease" actor takes on the role of Santa Claus, complete with the white hair and long beard.
On his laptop, Travolta, 66, goes through his Christmas shopping list for gifts to give out to his elves. Before checking out online, longtime credit card spokesperson of Capital One ads, Jackson, 71, pops up as himself on the screen to offer some financial advice.
Jackson shouts, "Hold your reindeer, Santa!" He goes on to tell Santa that Capital One Shopping will help him save some money by automatically applying any available virtual coupons.
Jackson asks, "So, does that get me off your naughty list?"
"Yes," Jackson says, while shaking his head no at the same time.
Santa responds, "Ho, ho, ho! I don't think so."
Throughout the ad there are plenty of "Pulp Fiction" references fans are sure to pick up on. Santa appears to be sipping a milkshake through a straw, likely a recreation of the "$5 milkshake" moment from the 1994 movie.
While Jackson's T-shirt labeled, "Happy Holidays 'With Cheese,'" may also pay tribute to the film's iconic "Royale with Cheese" scene.
Before the commercial ends, Santa and Mrs. Claus honor the iconic "Pulp Fiction" dance scene Travolta shared with Uma Thurman in the cult classic film.