Citibank turns rewards into 'social currency'

Jan 03, 2012 By CANDICE CHOI , AP Personal Finance Writer

Credit card rewards are the new social currency. Citibank customers can now use Facebook to pool their rewards points online.

The bank on Tuesday launched a Facebook application that lets users team up to use their , whether it's for charity, a group gift or a personal goal. Citi says it's the first bank to offer such a feature.

The app builds on a service Citi introduced last year that lets customers transfer points to one another on the bank's homepage. After getting feedback, executives decided to expand the rewards sharing capability and offer it through social media.

"Now we're delivering it to where customers are every day," said Ralph Andretta, who heads Citi's and co-branded cards.

Andretta noted that customers will have far more flexibility with their points, whether it's to help a friend fly home from college or team up for a big-ticket reward. The company is giving away 2,500 free rewards points to each of the first 4,000 customers to sign up.

To get started, customers download the ThankYou Point Sharing App, which is linked on Citi's Facebook page at http://www.facebook.com/citibank .

Customers can then start a rewards pool by naming a recipient and explaining its purpose. The recipient of the points maintains control of any contributions, so it's best if you know and trust that person.

Pool recipients must be individuals and cannot be an organization, even if the intended goal is a charitable donation.

Users can promote their goals by sharing links on their Facebook pages or privately inviting other Citi customers to contribute. Donors can see the total number of points a cause has amassed.

The app can collect personal information from Facebook profiles. But Citi says it does not share any customer account information with .

The program isn't only for credit card holders either. Citi customers can also earn ThankYou points. Citi introduced its lineup of ThankYou last year.

Explore further: Twitpic to stay alive with new owner

1 /5 (1 vote)
add to favorites email to friend print save as pdf

Related Stories

Citigroup says 360,000 affected by hackers

Jun 16, 2011

Hackers stole account information of more than 360,000 of Citigroup Inc.'s U.S. credit card customers in a recent data breach, the bank said Wednesday, almost double the number initially thought.

Citigroup says iPhone banking app stored data

Jul 26, 2010

(AP) -- Citigroup Inc. said Monday that its iPhone banking program has been saving customer account information in hidden files on users' smart phones and computers.

Latest data breach strikes at financial security

Jun 11, 2011

(AP) -- Citigroup's disclosure that the names, account numbers and email addresses of 200,000 of its credit card customers were stolen strikes at the core of modern-day financial life - the ways people buy ...

Facebook adds 'app' passwords to site security

Oct 27, 2011

Facebook is ramping up security by giving people the option of setting passwords for games or other third-party applications added to pages at the leading online social network.

Recommended for you

Facebook dressed down over 'real names' policy

Sep 17, 2014

Facebook says it temporarily restored hundreds of deleted profiles of self-described drag queens and others, but declined to change a policy requiring account holders to use their real names rather than drag names such as ...

Yelp to pay US fine for child privacy violation

Sep 17, 2014

Online ratings operator Yelp agreed to pay $450,000 to settle US charges that it illegally collected data on children, in violation of privacy laws, officials said Wednesday.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Bitflux
not rated yet Jan 03, 2012
How clever and if youre short on points, you can allways buy extra... That way, if youre saving up points for an ipad, it will only cost you twice the price of buying one with cash.

What a nice way to disguise greed.