Banks have historically lured first-time credit cardholders on college campuses with t-shirts – the promise of financial independence wrapped in branded tchotchkes. We were challenged with developing a new approach. The outcome is Chase +1, a credit card offered exclusively to college students and marketed entirely through Facebook. This was Facebook’s first-ever corporate partnership, just eight months after its launch. The success of the program relied on rewarding students for good financial behavior – paying bills on time, knowing FICO score, etc. – and points could be combined with other cardholders’ balances to allow for shared rewards and experiences.
Results: the program generated 53k new card applications in its first six-months, more than four times year-one projections.