American Express announced late last week that it has reached an agreement for Citibank to issue credit cards in the United States that will be accepted on the American Express global merchant network.
American Express anticipates that the new credit card products developed by Citibank will be available in late 2005.
Citibank will be responsible for issuing the cards, managing the customer relationships, providing service, billing and credit management and designing the card product features. American Express will process transactions on its global merchant network.
Financial terms of the agreement were not disclosed. "As one of the world's most prestigious financial institutions, Citibank is a tremendous addition to the American Express network," said Kenneth I. Chenault, Chairman and CEO of American Express. "We are committed to working with outstanding partners like Citibank and the premiere customer experience they provide."