Foursquare announced new partnerships with Visa and MasterCard that enable customers to earn better specials by using their credit cards.

The program first launched over the summer of 2011 when Foursquare teamed up with American Express. What initially began as a way to raise awareness for the location-based social network has turned into one of Foursquare’s most promising revenue streams.

For it to work, customers must connect their Visa, MasterCard, or American Express card to their Foursquare account. Then, when an individual checks in to a participating retailer and makes a purchase using the linked card, a credit (representing the discount) will appear on his or her next statement.

Foursquare is kicking off the partnership with a deal that will run today at 8,000 Burger King locations in the U.S. Customers who check in and use a connected Visa, MasterCard, or American Express card can get a $1 discount when at least $10 is spent.

The company will also be making these offers more prominent within the app to help encourage customers to redeem them. Members will now be able to see synced cards within their profiles and all of their savings they’ve had over time. Additionally, offers from credit card companies will feature their own symbol to help differentiate them from other specials offered by local businesses.

As of right now, the program seems to be reserved for larger brands. Participating merchants have included Dunkin’ Donuts, Whole Foods, Sports Authority, and Nike. Smaller businesses looking to take advantage of similar offers should look into creating a Foursquare Special.

[Via: VentureBeat, Image credit: Andres Rueda]