Chase in Exclusive Credit Card Deal with Facebook
Posted on August 21, 2006The Wall Street Journal reports that credit card companies have noticed social networks and that J.P. Morgan Chase division will be offering its credit card in an exclusive deal with Facebook, a social network popular with college students.
Banner ads on the site will invite users to join a social network -- on Facebook -- of people interested in learning about or signing up for credit-card services. Members of the group will be able to earn reward points by signing up for a card, paying a bill on time or other activities. The points can be used to make a charitable donation, Mr. Field says, or might be redeemed by members in a fraternity for a TV set for the frat house.It sounds like a good way to get college kids to accumulate debt. Credit card companies never miss a good opportunity to offer credit cards to college kids. Are they still giving away free t-shirts to spring breakers if you sign up for a credit card? Expect deals like this to be quickly echoed by other social networks and credit companies.