Credit Cards Are Going Social

7:24 AM, Aug 10, 2012   |    comments
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WASHINGTON (WUSA) -- Major credit companies are tapping the power of social media to bring you new benefits.
Card Hub's senior analyst John Kiernan talked to us on Friday about how you can get more for your money with your credit card.

From Card Hub:

-- Facebook apps and promotions: On one end of the spectrum, Chase is using social media to host giveaways and increase brand awareness, while American Express and Citi have taken a more integrated approach. Amex allows customers to link their credit cards to their Facebook accounts, sign up for deals, and automatically save when making corresponding purchases. Citi launched a Facebook app that allows customers to pool their rewards in order to garner extravagant perks, such as a public screening of the Olympics. 

Virtual rewards for real purchases: American Express and the popular online gaming company Zynga have joined forces to offer a prepaid card that gives users the ability to earn virtual cash redeemable in the Farmville game. In addition, Discover gives new customers who sign up for cards through Farmville a virtual currency rewards bonus that can be used in the game.

Co-branded cards: Banks have long used the popularity of certain brands and other consumer interests to increase awareness for and use of their products. With so many people passing time with online games and saving money through daily deal sites, it should be no surprise that we've seen the emergence of a LivingSocial Credit Card in addition to the aforementioned Farmville Prepaid Card.

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