If you’re a fan of Foursquare or Facebook’s check-in feature, which is now available for events in addition to locations on the social networking site, you might want to check out Social Currency.

From the folks who brought us Foursquare, American Express‘s Social Currency app is similar in nature, but for cardholders and members. If your not familiar with Foursquare, it’s a free app for smartphone users. People earn “badges” or awards by checking-in to various locations and sharing their check-ins with friends. By visiting a location more than anyone else, you can become the “mayor” of the location.

Similar to Foursquare, the Social Currency app is a great way for American Express to connect with a younger audience. They even have a website, complete with a blog and other interactive features encouraging members to connect and join if they’re not already members.

Similar to Foursquare, Social Currency encourages member’s to add friends to their network and share recent purchases and wish lists. Th app also rewards members with badges and points, encouraging them to use their AmEx for purchases.

Expanding on their popular Membership Rewards program, Social Currency adds a virtual experience. By offering various downloads, games, and even an instant messaging service, AmEx has expanded their social media participation. Their Facebook page even includes a featured deal of the week.

Social Currency showcases American Express’s Membership Rewards which include over 500 brands with more than a million rewards. It’s hard to say if the app will last, or even help AmEx set themselves apart from the other thousands of loyalty programs and a daily deal offerings, but it couldn’t hurt.

The app is free to download for the iPhone, but not yet for Android devices. Click here to download the iPhone version.

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Will you download the app? Non-American Express cardholders, are you more likely to apply for a card?

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