Citi and American Express have inked a deal for Citi to acquire Costco’s U.S. co-brand credit card portfolio. The sale is expected to close June 2016, at which time all eligible Costco American Express Card cobranded accounts will be transferred to Citi. Additional details will be provided to Card Members in advance of the partnership…
UnionPay International, BCEL and Lao Airlines to gearing up to launch the first aviation co-branded UnionPay credit card. The aviation co-branded UnionPay credit cards issued based on the partnership will cover classic cards, gold cards and platinum cards.
American Express U.S. credit card outstandings are growing by 7.3% year-on-year (YOY) and likely to top $67 billion in the fourth quarter. U.S. Card Services reported first-quarter net income of $934 million, up 7% from $876 million a year ago, according to CardData
American Express’ (AmEx) quarterly net income for U.S. cards could exceed $1 billion next year. Forecaster RAM Research predicts AmEx net income for the first quarter of 2016 will come in at $996 million, driven by higher spending.
CardWeb.com’s CardWatch database of more than 57,000 marketing items today features the Standard Chartered PIA CoBrand Credit Card TV spot.
American Express total volume for the Japan, Asia Pacific & Australia region rose 16% year-on-year (YOY) in the first quarter; the Europe, Middle East & Africa region increased 8% YOY, while the Latin America & Canada billed business declined 4% YOY in Q1, all on a currency adjusted basis. Overall, billed business outside the USA was up 8% YOY.
American Express U.S. Card Services reported first-quarter net income of $934 million, up 7% from $876 million a year ago. Total revenues net of interest expense increased 6 percent to $4.5 billion from $4.3 billion a year ago. The increase reflected a 7% rise in cardholder spending and higher net interest income.
The Red Roof Inn is finally getting its own cobranded credit card. ADS Retail Services is expanding its footprint into the hospitality industry as a result of the deal.
American Express reported fourth-quarter consolidated total revenues net of interest expense rose to $9.1 billion from $8.5 billion a year ago, up 7% (9% when adjusted for foreign currency translations). The revenue increase primarily reflected the previously reported gain of $719 million ($453 million after-tax) on the sale of the company’s investment in Concur Technologies. The increase also reflected a rise in cardholder spending and higher net interest income.
CardWeb.com’s CardExecs database of card industry movers and shakers today features Lynne Laube, President, COO & Co-Founder of Cardlytics. The Company developed a suite of technologies that enabled banks to leverage consumer purchase data, ensure privacy for their customers and optimize a growing new channel ” online and mobile banking.
In over 30 years in the card business, R.K. Hammer has seen and done hundreds of deals presented by retailers and other marketers wanting to get a cobranded card issued. “In our experience,” noted company founder and CEO Bob Hammer, “It is the rare proposal that comes in with a well thought out presentation, and…
Ace Hardware customers can now apply for an Ace Rewards Visa Credit Card with an iPhone application developed by U.S. Bank. Downloadable at the iTunes store, the new app gives customers the opportunity to apply for and receive immediate credit to start their shopping at participating Ace stores. It also lets customers apply for an Ace Rewards Visa Credit Card, giving qualified cardholders a virtual credit card via their iPhone. They simply hand their iPhone with the virtual card displayed to an Ace Associate at checkout. Cardholders earn Ace Rewards points, receiving up to 5% back at Ace, 2% back on gas and groceries and 1% back everywhere else Visa is accepted. Users earn up to 10% back on quarterly categories and, once 12,500 points are earned, receive a $25 Reward redeemable at participating Ace stores.