Today, Chase Card Services [NYSE: JPM] and LivingSocial announced the launch of the LivingSocial Rewards Visa® Card. This first ever partnership of its kind will provide LivingSocial users with additional value on purchases made everywhere and special cardholder-only benefits and offers.
"LivingSocial provides a valuable service to consumers and we are pleased to offer social-buying enthusiasts a product that enhances their shopping experience with the ability to earn rewards for their purchases," said Dan Dougherty, director, Chase Card Services. "For local merchants, LivingSocial has helped redefine how businesses connect with consumers to promote their products and services and increase sales. The LivingSocial Rewards Visa Card is yet another extension of Chase's support of small businesses within our local communities."
Cardmembers have the opportunity to earn points at an accelerated rate:
Five points per $1 spent on LivingSocial purchases
Three points per $1 spent on dining
One point per $1 spent on all other purchases
There are no limits on the amount of points a cardmember can earn, with 100 points equaling one LivingSocial Deal Buck. Deal Bucks are LivingSocial credits that are automatically applied to a cardmember's next eligible purchase on LivingSocial.com.
"LivingSocial constantly strives to find new ways to energize the connection between our merchant partners and members, and the LivingSocial Rewards Visa Card is another example of how we are leading the industry in providing new and useful ways to promote these interactions," said John Bax, Chief Financial Officer for LivingSocial. "Chase's proven history and commitment to small businesses - the majority of our merchant base - makes them the perfect partner to offer this card with."
As part of a special promotion for 2012, cardmembers receive 10 Deal Bucks after making 10 purchases each billing cycle.