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June 14, 2011

  • News:  First Social Network Credit Card 

    It's a first for social networking as the China Merchants Bank (CMB) and Renren Inc. joined together to create the first social credit card. With the new co-branded Renren CMB card, customers will have the ability to combine social, location and mobile services when they are looking for a good local deal. Currently, CMB cardholders will be able to choose from over 10,000 merchant services with more signing up as time goes by. Renren's Location Based Services will provide CMB credit cardholders with information and available services throughout the region. Cardholders will simply need to check in at their current location and Renren's functions will be able to send promotional information about the program's area merchant partners.

    With the Renren CMB co-branded credit card, cardholders will be able to choose from a variety of attractive incentives from both the bank and the social network. Chinese consumers will be able to apply for the new credit card sometime in July. Joseph Chen, Chairman and Chief Executive Officer of Renren, said the company is committed to expanding its services throughout people's lives. Chen also noted that they are pleased to be partnering with one of China's top banks and its leading credit card company. With the Renren CMB card, Renren will be realizing a long time goal to offer consumers with a combined social, location and mobile service that will make their lives more enjoyable. Renren is the leading social networking internet sites in China. The company's social networking offers users an opportunity to share information, play online games, listen to music, discount shopping along with additional features.

    China Merchants Bank is one of the nation's top banks. Mr. Jialong Liu, General Manager of CMB Credit Card Center, said that the bank is "very excited" about working with Renren to offer its customers an opportunity to be among the first to take advantage of the innovative social services. 

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