Tuesday, Citibank launched a Facebook application that lets consumers partner and use their credit card reward points to support their favorite charity, buy a group gift, or if feeling generous, by a friend something nice.
Last year Citibank launched a similar service on their homepage that allowed customers to transfer money to one another. After seeing the success in that and with a little customer feedback, they decided to utilize social media for their next phase.
Interested in participating? Sign-up quickly because Citibank is offering 2,500 points to the first 4,000 customers that sign-up. Click here to go to Citibank’s Facebook page.
There is no fee to use this service and you can transfer as many points as you have in your account. Be aware though, the points will expire 90 days after transfer if they are not used. You can cancel a contribution amount as long as the pool is still open participants can change their contribution, including reducing amount contributed to zero.
Customers will need to name a recipient and explain the purpose of the pooling. The named recipient maintains control over the contribution. If you want to donate to an organization, you still have to pick a recipient for the pooling.
Customer then can promote the reward pool on their Facebook page or have the option to privately invite of Facebook, Citibank customers to join. Citibank will be collection customer’s information through the app, but says that they will not share the information.