Amercian Express and MBNA In Card Issuing Alliance

Sunday 1 February 2004 22:31 CET | News

MBNA will issue its own American Express-branded credit cards in the United States, Canada, Spain and the United Kingdom.

The cards will carry the American Express logo and will be accepted on the American Express global merchant network. MBNA will own the loans and will manage and service accounts on its own systems. Financial terms of the transaction were not disclosed. The agreement is the first of its kind in the United States between American Express and a major U.S. financial institution. MBNA will begin issuing the credit cards later this year, at which time product details will be available. As a result of this agreement, MBNA will issue credit cards from each of the three leading payment networks, offering its customers a broader range of products and providing greater value, convenience, and choice. The new credit card products developed by MBNA as part of this agreement will be marketed to MBNAs qualified existing customers and new prospects. MBNA is the world’s largest credit card issuer. The company has affinity or co-branded relationships with more than 5,000 organizations, including professional associations, colleges and universities and sports teams and, through these relationships, has built a broad base of loyal, high-spending cardholders who comprise one of the most attractive customer segments for merchants worldwide. This alliance links the unique strengths of the American Express brand with the marketing strength of MBNA to provide MBNA’s customers with card products that will deliver superior service and a wide array of benefits. The partnership will help MBNA expand its product offerings and increase customer loyalty.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce