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July
3, 2006
Bank
of America Launches Its First American Express Card
American Express continues to broaden its network of major credit
card issuing partners, this time with the launch of the Bank
of America American Express Rewards Card. While American Express
has a long way to go in matching Visa or MasterCard's thousands
of bank partnerships, this deal, in addition to recent agreements
with Citibank and MBNA (a Bank of America subsidiary), means
that American Express is now actively marketing its brand in
partnership with three of the largest issuers in the United
States.
The
Bank of America American Express Rewards Card offers a points
program with double points on dining and travel purchases, including
hotel stays, car rentals, and airfare through the end of 2006,
and one point per dollar for any other purchases. Points can
be redeemed for cash, merchandise, travel and gift certificates.
American
Express has been aggressively broadening it payment network
ever since winning a legal battle with MasterCard and Visa,
in which American Express accused the two of shutting out competition
by requiring exclusive contracts that forbid other partnerships.
Discover Card benefited from this change as well, and has been
adding to its array of partners as well.
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