Facebook, America's second largest social network, is set to announce a partnership with J.P. Morgan Chase to promote the Chase credit card. It's a one-year marketing agreement, and Chase will become the exclusive credit-card sponsor to Facebook. The program is due to roll out by the end of the week. Facebook members will see banner ads inviting them to join a special Chase network (sounds like MySpace Marketing) - members of that group will then earn reward points for their actions, like paying their bills on time and "other activities". You can convert your points into a charity donation, or redeem them for "fraternity prizes" such as TVs.
There's no denying that poor college students and credit cards are a great match from a money-making standpoint, but it seems this could just land more students in serious debt. Is it irresponsible for Facebook to promote increased amounts of borrowing?