American Express is in the Charles Schwab business, and vice versa, on a couple of new credit cards.
The financial services corporation announced yesterday (March 19) that it has entered into an exclusive multi-year agreement with the brokerage and banking company Charles Schwab & Co., Inc. to create two new premium co-branded cards. As the ink has only just dried on the final details of the agreement, the co-branded cards are expected to reach the consumer marketplace in early 2016.
"We look forward to working closely with Charles Schwab to develop a strong value proposition for the new cards,” Josh Silverman, president of Consumer Products & Services for American Express, said in a statement. “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.”
The partnership with Charles Schwab is certainly welcome news for American Express, as last month the company announced that it had lost not just one but two co-branding relationships, first with Costco and then with JetBlue. It’s difficult to predict at this point what kind of brand recovery — if any — the Schwab deal may offer American Express.
Not too many details are yet known about the Amex/Schwab credit cards, but American Express expects to share those once the release of the joint product is imminent.