The AmericanDream Card – The Pooled Rewards Card

This card, the AmericanDream Card from HSBC, is quite unique.

Rewards programs from most credit cards usually reward cardholders with cash backs, frequent flyer miles, or points. The AmericanDream Card, on the other hand, gives card members entries to the sweepstakes. Every time a dollar is spent on everyday purchases with the card, an entry to the monthly American Dream jackpot is earned. Card members can receive up to 1,000 entries per qualified transaction and there’s no limit on the number of entries one can earn. Sounds interesting, doesn’t it?

During the promotion period (from now till September 30, 2009), the card is offering some incentives to encourage people apply for the card, including:

• 1,000 lottery entries for just applying for the card;
• 50 entries for every referral and another 1,000 entries for every approved application;
• 100 entries for paying bills online;

So what exactly is up for grab? Well, the grand prize for one lucky winner each month’s drawing is 0.5% of the total amount spent by all card members during the month, up to $25,000.

What do you think of this card? While the jackpot is pretty impressive, I won’t put too much into the odds of actually winning, obviously depending on the number of users and how much money they spend. To increase your chance of winning the sweepstakes, you will have to spend more money. The spending, however, could end up earn you nothing if you don’t win the lottery. I’d prefer a guaranteed return for the money I spend via a reward program that guarantees something, might that be rebates or miles.

Anyway, that’s just me. Take a look at the AmericanDream Card to see if it’s your type.

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