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MySpace Credit Card Introduced

The Blogosphere Has Mixed Opinions

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MySpace Credit CardMySpace has stamped its name on a new Citi Credit Card, in which users can earn rewards redeemable through MySpace such as free music downloads, concerts, movie premiere screenings, etc.

The announcement has not been met with a tremendous amount of enthusiasm however. For example, Marshall Kirkpatrick at ReadWriteWeb says, "MySpace is a lot of things, and despite Facebook’s formidable attack it remains wildly popular, but an institution of trust and responsibility MySpace is not!"

From the purely financial standpoint as well, the card has had some shortcomings pointed out already. "Noticeably absent from the manifesto is a call to pay off your balance every month, which you’d better do since the card has a starting APR of 14.24% which is high even for a student with limited credit history," explains Josh Smith at Walletpop. "As a comparison, the same Citi FORWARD card without a MySpace logo carries an APR of 12.24% which is still high but a full 2% less than that of the MySpace card."

To be fair, the move isn’t being poorly received by everyone. "This is a no-brainer for MySpace, as all they really need to do is supply their brand and collect referral fees from Citi," says Mashable’s Adam Ostrow who notes that MySpace continues to "run laps" around its competitors in terms of monetization. 

Furthermore, the rewards program might provide a little extra spark to MySpace Music, which the social network launched in the later part of last year.

Citi spins the MySpace branding of the card as highlighting social responsibility since you can earn points for "completing socially responsible acts" like donating to food drives, going paperless, switching to energy efficient light bulbs, etc. More details can be found at the card’s official site and its MySpace profile.

MySpace Credit Card Introduced
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  • http://www.techknowl.com techknowl

    Myspace’s brand name and social connectivity would help Citi bank to gain some more popularity .And at the same time as an alternate revenue source for Myspace .

  • Guest

    A failing website pairs with a failing bank. It’s a match made in heaven!

    • http://podtube.co.cc Zack

      Agreed.

  • http://www.goldpriceblog.com Price

    I agree with You guys is all about simple economy :)

  • http://www.webcasinogame.com/ web

    We really want to see innovation in this space and even some of the paternalistic shoving towards social responsibility that MySpace is engaging in seems like a good idea.

  • http://blogtoread.com/ Chris Phone

    They are making a credit card for those not old enough to get one. Seems like a good idea. Who will get this card other than the pedophiles?

  • http://www.paulsmithdesigner.co.uk Paul Smith

    Very interesting article. Thanks for putting it

  • http://www.goldcoinsgain.com/blog Zach Gold Price

    I think the owners of MySpace, as opposed to Facebook are much more adept at dealing with money issues and this is yet another great move. I for one find this idea (online solicitation and application of credit) and the use of the credit card points for digital rewards to be a stellar one.

  • http://www.offercreditcards.net Auguste Dubuisson

    Great information. I don’t think this new credit card will be marketable as it would in the past, because many people stopped using myspace to use facebook.

  • http://www.101moneymatters.com Bucky

    Citi spins the MySpace branding of the card as highlighting social responsibility since you can earn points for “completing socially responsible acts” like donating to food drives,

  • steve

    This is GREAT, information on credit cards is often ignored but it is extremely needed such as http://tips-money-managememt.blogspot.com/2011/01/credit-cards.html

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