HSBC Becomes Latest Issuer to Offer American Express Cards
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HSBC North America, issuer of credit cards such as the HSBC MasterCard and GM Card has announced an agreement to offer American Express-branded credit cards starting in mid-2006. As with recent agreements announced by Bank of America and Citibank, American Express will only serve as the payment network for the new HSBC cards, in much the same way that Visa and MasterCard serve as payment networks for their member banks. All card issuance, customer relationships, marketing, billing, charge authorizations and credit management will be handled by HSBC. As it did with Bank of America, American Express announced that it will dismiss HSBC from its antitrust litigation against Visa, MasterCard and a number of major U.S. banks.
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