American Express, Charles Schwab Enter Co-Branded Card Agreement
Today, American Express announced it will enter into an exclusive multi-year partnership with brokerage company Charles Schwab to develop two new premium cards.
The cards will be available early next year and will carry the names of both companies. No other details were released about the cards, but some analysts believe one could be a charge card and the other a credit card.
The last month has been a rough one for American Express. In early February, the company ended a 16-year relationship with Costco stores in the United States. One week later, news broke that JetBlue Airways would be dropping American Express as its credit card provider in favor of MasterCard and Barclays.
This partnership comes as welcome news for American Express.
“We look forward to working closely with Charles Schwab to develop a strong value proposition for the new cards,” said Josh Silverman, president of Consumer Products & Services for American Express. “The partnership is designed to generate positive economics over time for our shareholders, and allow our mutual customers to benefit from a relationship with two leading financial services brands.”