You've Got to Be Kidding: A MySpace Credit Card?
MySpace is announcing today that it is partnering with Citi to offer its users a co-branded credit card. We expect to start seeing cards flashed at retail outlets by 99-year olds named "bongkillah," or what have you. 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!
That's exactly what the company is aiming to become, though, with this new partnership. The "Generation Forward" campaign will reward credit card users with music downloads and other tokens of thanks when they make "responsible choices" like pay their bills on time, donate to homeless shelters and promise to be nice to small animals. How much more surreal could this get?
We're all for the webification of financial data, with proper privacy and data portability steps of course. We're big fans of some of the personal finance apps available. 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.
This is MySpace, though. It's got a lot going for it, but a "responsibility based" MySpace credit card sounds like an Octuplet Mom co-branded condom to us. This just seems too far afield from the brand that made MySpace what it is and we expect the credit cards to be something that more people make jokes about than use.
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I am always flabbergasted when I hear someone is using Myspace, and now they busted out with a credit card. Seriously, why is this happening?!
Now I can see why the Myspace execs earlier on voted with their feet and left the company....
Hi,
well, just another credit card for the wallet.
But, a MySpace credit card? I never would have thought about it.
Maybe there is some brand new service which makes this card much more valuable to the customer than a usual credit card, other than mentioned in this post.
Let's see how this experiment will work out...
All the best,
BongKillah!!!! hahaha.. You nailed this so well, there is no need to write anymore about it. MySpace CreditCard by Citi no less. :)
Despite the face that Citi is probably going to be out of business by the end of 2009, it'll be interesting to see if this actually stays afloat.
But, I highly HIGHLY doubt it.
But, then again... I haven't used Myspace in years, so I may not be "connected" to that group. Maybe this is something those users may want?
Now, if this same approach was applied to say... Apple Products, that might be something I would use. Say for every $50 you spend, you get a free song on iTunes, or get a credit towards something in the app store.
Of course, CITI is pleased as punch to have access to all those teenagers on MySpace the same way they use candy and t-shirts to grab uninitiated college students--only to saddle them with huge APRs, annual fees, and sundry fine print gotchas.
...and MySpace is more than happy to "monetize" (read:sell out) their constituents.
They got your friends, they got your hobbies, favorites, and now they have your spending patterns.
Next up: myspace auto-dialer calls you to let you know when your friend hasn't paid his credit card bill, and that he's an enemy of the state, and that associating with him will lead to your arrest.
Too much private information controlled by one super-large company. The United States of Rupert Murdoch.
Fight it while you can!
That's all we need... as if the youth of the country wasn't already deeply in debt because they been laid off of work during the recession and the cost of education and student loans, now MySpace is going to give them all credit cards. At least CitiCard doesn't get crazy with their rates... oh wait, they just tried to raise rates with current good members from 6% to 25%.
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No wonder, MySpace still ranks #1 social network because of its all such features only
I'd hate to be the guy whipping out his ghetto MySpace cc for a point-of-sale purchase.
Posted by: James Simmons
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March 4, 2009 5:38 PM
I'll hold out for the Facebook Mastercard.
I prefer to use my local bank CC, unfortunately it was not affiliate with MySpace :p
Oh, the scammers are going to love this 8(
This doesn't pass the smell test for Myspace. It reminds me of the branding partnerships Maxim magazine had with everything from furniture to cologne. Probably still do for all I know, but it dilutes, not promotes the brand, especially when financial institutions - particularly Citi - have taken a real beating in the public eye. Bizarre move for MySpace, and a clear strategic marketing win for Citi.
I guess we should all be excited: Aren't we all stockholders in Citi now?
"This just seems too far afield from the brand that made MySpace what it is and we expect the credit cards to be something that more people make jokes about than use."
I have to vehemently disagree. MySpace users are prone to making dumb choices, and I think the prospect that a credit card can give them more music downloads will cause them to froth at the mouth. This card is going to get gobbled up by the user base.
For people who want to show off BOTH the fact that they have debt, as well as how behind they are in trends!
Posted by: Isabelle
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March 5, 2009 12:54 AM
LOL.. I can't comprehend how giving teens a credit card allows them to make 'responsible choices'.. :D
What is the benefit for the members of MySpace to own a MySpace Credit Card?
Trends? Name a real alternative to MySpace? Blog, Social profile (public), unlimited photo, video, customizable main page and already a user base.
Posted by: Ryo
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March 5, 2009 1:38 AM
...
Anybody will try to get a Myspace card?
I personally can't see myself getting a MySpace credit card, but MySpace sure has shown other social networks how to make money beyond simple advertisements. 2 thumbs up for the effort.
There have also been slow changes to the "Free-miums" model - small & exclusive rewards for members. It looks like MySpace and Citi did a good job capitalizing on that (free exclusive downloads, etc) and merging this new giving generation with social. In the end, very good effort, I just don't think its too much of a change from the traditional credit card to get any traction.
~Bob
www.OneHalfAmazing.com
What a bunch of crap.
Theyre marketing to kids and inner city youth which is the primary MySpace demographic.
And if? they pay late the interest fee DOUBLES!!!!
Get it? Doubles!!!!!!! (from 14% to 29%!!!)
And they're doing this to kids with our bailout $$$ ????
Get real.
The Citi culture, like GM, is a failure. And just like a dead body...you can prop it up, but it's still a dead body.
Probably still do for all I know, but it dilutes, not promotes the brand, especially when financial institutions - particularly Citi - have taken a real beating in the public eye.
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it's hard to get it now.
I have enough plastic already, thank you. The annual ritual in our household is the cutting of the cards ;) where we cut up at least one credit card each year, getting rid of the balance altogether, or transferring it to something cheaper.
I like it. Very much. And I can see how it has grown organically from where you where yesterday (and from before that too) which is cool.