American Express announced this week that customers can take their Membership reward points and redeem them for Facebook ads. The credit card company reports that their cards are used by millions of small business owners and consumers who could benefit from the new program. Sure, it is not frequent fliers miles, but it may prove profitable for businesses that are trying to keep their advertising costs down.
If you are familiar with the American Express Membership Rewards program, then you know that all you have to do to redeem points for Facebook Ads is go to the program’s website. But, what you might not know is that American Express has a dedicated Facebook page for the redemption at AmEx OPEN’s Facebook Page. If you do the math for the points, you will be rewarded $50 worth of Facebook advertising for every $6,750 spent while using your credit card. That’s not too bad.
If the new program is still not clear, don’t fret because American Express will soon start rolling out a national marketing campaign to support the launch and make the process more inviting.
American Express is leading the way for credit cards to get involved with social media and social shopping. Recently, the credit card company joined up with Foursquare, expanding its relationship with social media by providing local deals to people who synchronize their American Express cards with their Foursquare accounts.