Most financial institutions wrestle with social media. Where do products fit in, and what’s the ROI? Well here’s a twist. Instead of using social media to (unsuccessfully) pump out marketing messages, Visa teamed up with LivingSocial to offer a co-branded credit card to the site’s community of 30 million users. As it turns out, it might be easier for social media sites to crack into banking than the other way around.
The LivingSocial Rewards Visa Card is being touted as the first partnership of its kind between a social site and a direct provider of financial services.
For those who aren’t familiar with LivingSocial, the site offers a new deal each day to its members, who subscribe via email. Offers include those from restaurants, spas, shops, travel, etc. — kind of like Groupon. In addition, purchasing members have the option to send a link to any or all of their contacts, and if three of them purchase the offer the original purchasing member obtains their offer free. Members must either print out their vouchers or download the LivingSocial app on their Android, iPhone, iPad, or iPod to redeem.
LivingSocial cardmembers can earn points at an accelerated rate:
- Five points per $1 spent on items and services offered through LivingSocial
- Three points per $1 spent on dining
- One point per $1 for all other purchases
There are no limits on the amount of points a cardmember can earn, with 100 points equaling one LivingSocial Deal Buck. Deal Bucks are LivingSocial credits that are automatically applied to a cardmember’s next eligible purchase on LivingSocial.com.
As part of a special promotion for 2012, cardmembers will receive ten Deal Bucks after making ten purchases within a billing cycle.Search For More: News, credit cards, Visa
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