MySpace is releasing a co-branded credit card with Citi bank. The card is a modified version of Citi’s new Forward credit cards which reward responsible behaviour. The normal Forward card rewards consumers for financially responsible behaviour, such as paying bills promptly. The MySpace card will also provide benefits for socially responsible acts such as charity donations, green practices and volunteering.
Card holders will earn ?Thank You Points? which can be traded for a range of merchandise and services including music downloads, concert tickets and movie premiere screenings.
Commentators are critical of MySpace’s entry into the credit business, saying the combination of a social networking site is not responsible enough to handle consumer debt.
Some have also criticised the card’s value for money. The MySpace branded card comes with a higher APR than the standard Citi Forward card, 2% more at 14.24%.
StrategyEye's related categories: Social Networks - Consumer
