American Express has inked a deal with a brokerage firm Charles Schwab to introduce two new premium co-branded credit cards in 2016. The details for the new cards will be revealed closer to the launch date.
The multi-year partnership comes on the heels of American Express ending its relationship with Costco last month. The retailer was one of their biggest partners. The ending of this partnership was due to an inability to meet financial terms, but there appears to be no such issues with Charles Schwab & Co.
“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.”
More new ventures for Amex
This new venture is just one of many changes announced by American Express in recent weeks including upgraded rewards for Premier Rewards Gold Cardholders. With this upgrade they now get double points at restaurants, grocery stores and gas stations, and travelers earn triple points on air flights.
They have also partnered with BBVA Compass and the NBA to launch the new BBVA Compass NBA American Express card and the NBA TripleDouble Rewards Program. This is the first card to become part of the NBA family, offering fans triple points on NBA-related purchases, and five times the points when it’s time for the NBA All-Star and the NBA Finals.
When they are ready to cash them in they can use them for NBA merchandise, as well as entree into games, special experiences, and events where they can actually hobnob with top players.
The Charles Schwab Corporation offers their customers a wide range of securities, money management, brokerage, banking, and financial advisory services. They work with both individual investors and independent investment advisers. Charles Schwab & Co., Inc., is a subsidiary that offers customers access to investment services and products.