Will A Credit Card Solve MySpace's Woes? Who Cares, Get Free Music.

MySpace may be in deep trouble, but that isn’t stopping them from capitalizing on middle America (and Los Angeles), which still rampantly loves the site. You can now get a MySpace branded credit card and rack up points to download free music on the site.

MySpace and Citi are offering the Citi Forward/MySpace credit card. In an economy where signing up for a credit card is hardly a popular move, the card is being branded “fiscally and socially responsible,” designed to help a younger generation of users maintain healthy credit. The card lowers the purchase interest rate by a quarter of a per cent when customers use credit wisely.

The card also lets users redeem MySpace points for free song downloads, offers contests and access to shows, music concerts and other events. Card members receive 50 free music downloads after the first expenditure on the card. Users can also track their spending and learn about fiscal responsibility on a Citi Forward/MySpace page within the network. And users can accumulate additional points by participating in socially responsible acts such as using energy efficient light bulbs or volunteering (though it is unclear how this will be measured and monitored).

MySpace has the potential to make some cash from this partnership. Credit card companies pay businesses referral fees for signing up new cardholders and with MySpace’s 75-million-plus U.S. members, this could turn into a viable monetization plan if this is part of the agreement between Citi and MySpace (MySpace wouldn’t comment on the financial terms of the Citi partnership).