Chase and LivingSocial, the second largest daily deals site behind Groupon, just announced their newly minted co-branded credit card, the LivingSocial Rewards Visa Card. This new offering earns cardmembers 5 points per $1 spent on LivingSocial purchases, 3 points per $1 spent on dining and 1 point on everything else. In addition, as part of a special promotion for 2012, cardmembers will receive 10 Deal Bucks after making 10 purchases each billing cycle.

There are no limits to the number of points you can earn, with 100 points equaling one LivingSocial Deal Buck. Deal Bucks are LivingSocial credits that are automatically applied to a cardmember’s next eligible purchase on LivingSocial.com.

For frequent LivingSocial users, then, the card essentially returns a 5% rebate on LivingSocial purchases, 3% on dining (including restaurants and bars), and 1% anywhere else. Given the current dearth of cards that offer greater than a 2% rebate at restaurants, this could be a good option for those who dine out frequently.

For more info on the LivingSocial Visa Card, see www.chase.com/livingsocial.