American Express Announces Card Issuing Alliance with Citibank
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."
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.