American express is the latest brand to join the social media bandwagon to connect with prospective customers. The famous credit card company has recruited money experts and clever writers to help in their launch of a new financial services community called Currency. The community is targeted at helping  recent university graduates manage their incomes better. It delves on obvious topics such as managing student loans, handling your taxes and arranging insurance. Sounds boring? To capture the interests of fun, loving young generation, Amex has introduced some fun content too. Fun posts talk about how to host a dinner party on a tight budget, or how to vet a roommate candidate on Craigslist. Which recent graduate wouldn’t want to know these fun stuff?

The community also has an in built game called Social Currency. It is an application available on Foursquare. It allows you to check in to stores and create wish lists with pictures and price tags.

Credit card companies are coming up with innovative social media strategies to involve their customers. It is time for Indian credit card companies to embrace this new media. What strategies do you think Indian companies can employ? We would love to hear your views.