Discover Cards has an innovative (and potentially lucrative) referral program for its existing cardmembers, if they can convince their friends to open new Discover card accounts now though September 10, 2011. As described in mybanktracker.com:
“Right now, Discover is running a credit card promotion for its current credit card holders under which they can receive $50 a Cashback Bonus for each friend that becomes a cardmember. Just log into your account online, share the deal with friends on Facebook, Twitter or via email and Discover will notify you each time you earn extra rewards. You can also opt to receive 5,000 bonus miles for each friend that signs up.”
The fine print in the Discover offer limits the deal to 100 friends per cardmember, which allows for the possibility of someone with a large number of credit-worthy, social-networked friends to earn up to $5,000, or 500,000 miles. The $50 bonus will be duplicated for the new cardholder, if they make a purchase using the card within the first three months. In essence, Discover is paying $100 for each of these new cards, indicative of a significant commitment to boosting cards in circulation.
Click here to read the story: http://www.mybanktracker.com/bank-news/2011/08/26/68883/
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Discover about the program here: http://www.discovercard.com/landing-pages/sharediscover/index.html