American Express and the social networking service Foursquare said Thursday they are launching a partnership that enables American Express card members who link their Foursquare profiles to their cards to "load" to mobile devices and redeem merchant specials without the need for coupons or special codes.
The national launch begins with specials from Swedish fashion retailer H&M, Sports Authority, and restaurant chain Union Square Hospitality Group. Additional merchants will be added, the companies said.
Holders link their card to their Foursquare profile to see the specials. When they see a special they want to take advantage of, they check in to the merchant and simply load the special to their card.
After they spend at the merchant with their enrolled card, they get a notice that they redeemed the special and will receive an American Express statement credit in three to five days.
For example, the Sports Authority special offers $20 back if the consumer spends $50.
FourSquare is a privately held company based in New York. It says it has nearly 10 million users.
Shares of American Express fell $1.30, or 2.6 percent, to $48.55 in midday trading amid a broad market retreat.
American Express card members can sign up at http://sync.americanexpress.com/foursquare .