Lending Club & Perkstreet Financial Launch the ‘Shred Your Credit Card Day’ Video Contest

A couple of day ago, I received an email from my friend Rob Garcia, Senior Director, Product Strategy at Lending Club (LC) informing me of his latest campaign: the ‘Shred Your Credit Card Day‘. ShredYourCreditCard-MicrositeRob has always been very active online, and he’s always keen to find new ways to leverage social media to better engage with his members and the american people in general. For instance last September, to fasten the registration rate, LC gave away$2,500 cash to their 25,000 registered investor. A few months ago, Rob designed a contest urging the LC members to submit their photos which were used as background images on the site. For those who are not familiar with Lending Club, LC is one of the leading peer-to-peer (social) lending services in the US. Renaud Laplanche, the Founder and CEO of the company (and a fellow frenchman), launched the service a few years ago, exclusively on facebook initally. Taking Last Year’s ‘Debtbuster Challenge’ to the Next Level A year ago, Lending Club launched ‘the DebtBuster challenge‘ to drive awareness and registration. I believe the challenge didn’t involved any financial reward nor leverage social media. The promotion relied mainly on a partnership with five DebtBuster bloggers: debtfreeadventureGetoutofdebt GuyConsumerism CommentaryDebt Kid, and The Digerati Life. The bloggers offered advice and encouragement for those committed to debt reduction during the holiday season. How Does the Contest Work This year LC partnered with Perkstreet Financial to This is a proper contest urging american torecord short videos, and aiming to be viral. Basically, ‘All you have to do is share your reasons for leaving a credit card behind in a video between now and January 28, 2011. If you feel compelled, destroy the card on camera to boost your likelihood of winning.‘ It sounds fresh and different. But how motivated will the american people be? Reward They will be as motivated as appealing the reward is. In this case, this is a financial reward: ‘The video with the most community votes by the end of the competition will take home $1,000 cash. If you don’t get your video in right away, don’t worry. The site is giving away $50 every Wednesday to the top vote-getter of the week before. The first winner will be announced NEXT WEDNESDAY and people can vote daily. Oh, and just in case asking friends for votes isn’t your thing, ShredYourCreditCard is giving away editorial prizes for creative submissions, too, in the form of $300 gift cards. The community of bloggers backing ShredYourCreditCard will also give away $25 gift cards to their favorite videos, so there are all kinds of ways to win.Partners Rob confirmed that Perkstreet and LC will partner with 10 DebtBuster bloggers. I’m still waiting for the definitive list. Social Media Presence ShredYourCreditCard-Youtube-700x450ShredYourCreditCard-Twitter-700x450ShredYourCreditCard-Facebook-700x450It looks like the initiative is led by Perkstreet: the microsite is kind of branded Perkstreet, the video (cf bottom of this post) is hosted on Perkstreet’s Youtube channel, the official twitter account @ShreditCardis managed by Kyle Psaty, Perkstreet’s Marketing and Community Manager. By the way, it looks like there isn’t a dedicated twitter hashtag yet? They also created a facebook page which I believe will struggle to find its audience. I believe for now no video has been submitted so far, except Perkstreet’s. I’m curious to find out how many Americans will destroy their (valid!) credit card on video… Let’s find out on Visible Banking next February! By the way, Lending Club is not the only Social Lending service to launch some innovative campaigns and contests to raise debt awareness and encourage personal fiscal responsibility, and urge american to consider alternative ways to borrow money such as P2P lending. Earlier this, Lending Club’s key competitor in the US, launched the overly ambitious ‘let’s talk about the taboo‘ campaign which aimed to collect 100,000 stories in just 5 weeks… More on The Contest in this Video Wondering How it Looks Like to Shredd a Credit Card?

What do you think?

Written by Christophe Langlois

Based in London for almost a decade, Christophe is an entertaining fintech marketing keynote speaker and a trusted advisor to the global financial services industry on the topics of digital marketing, innovation and B2B social media.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is advising a number of fintech startups on marketing and growth hacking and he is the Chief Marketing Officer of The Fintech Power 50, an exclusive annual programme helping fintech scale-ups to accelerate their growth globally.

Christophe's views on are his own.

Standard Chartered UAE Launches ‘Go The Distance’ to Capture Emotional Stories

#14 Links (11-19 Dec 2010) – Social Media News in Banking, Finance, Insurance