China’s Facebook clone, Renren, has just announced its partnership with one of China’s leading commercial banks, China Merchants Bank, to create a co-branded Renren CMB credit card that takes advantage of the social network’s features.

This credit card program takes advantage of social, location, and mobile services, where credit card holders will be able to “check in” from their current locations to receive promotional information from any of the 10,000 CMB merchant partners who happen to be located within the vicinity.

In addition, loyalty incentive programs and perks will also be offered by the two companies exclusively for their credit card applicants and holders.

China Merchants Bank expects to benefit from Renren’s young and highly educated user base, to attract new customers. The Renren CMB co-branded credit card is expected to be issued in July 2011.