Foursquare announced a partnership with credit card company American Express on Thursday. Hoping to separate itself from the Facebook option of “checking in”, the Foursquare deal gives exclusive discounts to Amex cardholders at specific venues.
The discounts will begin at H&M, Sports Authority, and restaurants by the Union Square Hospitality Group. H&M will offer $10 back when you spend $75, and Sports Authority will offer $20 back when you spend $50, www.pcworld.com. Blue Smoke, Union Square Cafe, Untitled, and The Modern are also having special deals.
This isn’t the first time they’re launching this. According to www.pcworld.com, American Express tested a similar feature with Foursquare at the SxSW conference in Austin, Texas. Anytime cardholders spent at least $5 at a local Austin merchant, the company credited $5 back to their accounts. They said that the response to the offer was said to be "overwhelmingly positive."
Why are they doing this?
It seems that with the popularity of Facebook’s new “checking in” option, more and more people are dropping Foursquare. Discounts on checking into various locations may bring more customers home. Amex also told The New York Times that they felt these offers would to give consumers more incentive to spend.
What do you do to make this offer a reality?
Users simply have to link together their Foursquare and credit card accounts. Then, simply click on the 'load-to-card' option when checking in to a participating location. Once the purchase is made, a discount will appear on your monthly bill of the American Express card.
"The savings are automatically credited to your account within a few days," says Tristan Walker, Foursquare's director of business development told PCworld.
More deals are coming soon.