American Express is embracing social media with both arms. In addition to its recently revealed partnership with FourSquare, Amex is now rolling out a new Facebook application that promises to offer cardmembers deals based upon their profile information.

Anticipated to be a competitor to daily deal sites like Groupon and LivingSocial, one advantage to Amex’s new application is that consumers will not need to pay anything upfront in order to get in on the deals. Instead, cardmembers can sign up by enabling the “Link, Like, Love” app from American Express’s facebook page and linking their American Express credit card to the program. When cardmembers then access the app, they’ll be connected to a personalized dashboard containing deals, content and experiences based on both their own Facebook likes and interests, as well as those of their friends. Cardmembers can then select the deals that interest them. As consumers shop online or in stores, American Express will send statement credits to cardmembers’ accounts without the need to pre-purchase anything, print out or show a coupon at the point of sale. Amex says credits should appear within three to five days after purchase, but may take up to two billing cycles to post.

For example, if a cardmember “likes” Whole Foods Market on Facebook or has “checked in” on Facebook Places, she may see a Whole Foods Market deal in her dashboard. If her friend has the Fox television show “Glee” as one of her interests on Facebook, she may see an exclusive experience for Glee the 3D Concert Movie on her dashboard. Cardmembers can share deals with friends, choose the deals they want and then use their card as they usually do to claim the offer.

Some of the deals currently available include:

• $5 credit for a $20 purchase at Whole Foods Market
• $25 credit for $100 purchase at Lord and Taylor
• $10 credit for a $75 purchase at H&M
• $10 credit off $25 at Outback Steakhouse

Other national merchants and partners include: 20th Century Fox, Dunkin’ Donuts, Fleming’s Prime Steakhouse & Wine Bar, Virgin America, Bonefish Grill, H&M, Roy’s Hawaiian Fusion Cuisine, Westin Hotels & Resorts, Carrabba’s Italian Grill, Sheraton Hotels & Resorts, Celebrity Cruises, Lenovo, Sports Authority, 1-800-FLOWERS, and Travelocity.