MySpace indentures the next generation with branded credit card

MySpace and Citi have teamed up to turn users of the ad strewn social networking site into a new generation of Citi controlled citizens. Generation Forward, as they are being called, are invited by Citi and MySpace to get a new kind of credit card, one that has its own manifesto, and also rewards you for doing good. The rewards program is even MysSpace-centric offering up...wait for it... MySpace music downloads keeping more money in house.

Noticeably absent from the manifesto is a call to pay off your balance every month, which you'd better do since the card has a starting APR of 14.24% which is high even for a student with limited credit history. As a comparison, the same Citi FORWARD card without a MySpace logo carries an APR of 12.24% which is still high but a full 2% less than that of the MySpace card.