Whereas Facebook is the social network, Citigroup (NYSE:C) hopes to become the social bank with its new reward initiative. The company announced Tuesday the ThankYou Point Sharing App, which will allow any Facebook friends that also are Thank You Rewards members to combine their points toward millions of rewards, or even charity.
Citigroup celebrated the launch by giving away 10 million ThankYou points. The first 4,000 ThankYou users to link the app to their Facebook page will each receive 2,500 free ThankYou points. The deadline for linking the app is 11:59 p.m. Feb. 3.
Citigroup�s reward system varies, including features such as restaurant gift certificates, video games, power tools and travel vouchers. The ThankYou program itself can be linked to either a Citi credit card or Citibank checking accounts.
The initiative to spark interest in the bank comes in the face of a dreadful 2011 that ripped away at the financial sector. Citigroup shares declined steadily throughout the year, shedding about 40% of their value by Dec. 31.
A press release about the initiative can be found here.
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