Do you have a Foursquare account? How about an American Express card? Great! You’re now part of The Social Currency. Last year, American Express partnered up with Foursquare to launch an iPhone app called Social Currency. It helped you keep track of your purchases, make a wish list, and send product requests to friends and family members. Users also earned Foursquare like badges and all checkins pushed out via the app. Unfortunately, the app wasn’t popular so it was pulled from the app store.
AMEX learned for their mistake and revamped their product. To be a part of The Social Currency, AMEX cardholders need to log into their account, enter their Foursquare info, and follow American Express on Foursquare. While initially it may seem like a lot of steps, American Express wants to make it clear that Foursquare deals will be built into their rewards program and users will get unique perks for using their AMEX card and getting discounts at select stores and restaurants.
AMEX and Foursquare tested their partnership at this year’s South by Southwest (SXSW) festival at Austin, TX. According to AMEX, cardholders who participated in the SXSW test run spent 20% more than cardholders who didn’t and have now decided to expand to a handful of chains including Sports Authority, H&M, and select New York restaurants. Cardholders who spend $75 at H&M will get a $10 credit to their Amex cards. Spend $50 at Sports Authority, and you’ll get $20.
Foursquare has recently announced that there are 10 million registered users on their site which makes the AMEX and Foursquare partnership a smart move. Would you consider using Foursquare if it meant you could get more rewards towards your AMEX purchases? If you’re currently a Foursquare user and an AMEX cardholder, what are your thoughts about this partnership?