Today American Express announced a multi year deal with Charles Schwab to issue two new premium co branded credit cards. Don’t get too excited, the cards aren’t expected to be released until early 2016. At this stage details are scarce, but more will be known about these cards as the release date approaches.
“We look forward to working closely with Charles Schwab to develop a strong value proposition for the new cards,”
“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.”
Josh Silverman, president of Consumer Products & Services for American Express
This shouldn’t really be too much of a surprise, Fidelity also offers an American Express & Visa card (issued by Bank of America) and they’ve publicly stated that those with the co-branded credit card kept on average 3.5x more in funds than those without it.
American Express also already have a partnership with brokerage Morgan Stanley, where they offer two different products (you can now view our full review of these cards here).
I’m actually pretty excited for these two new products, Charles Schwab offers an excellent checking account that has no ATM fees and refunds all owner operator ATM fees worldwide as well (there is also a $100 sign up bonus on this card).
This sounds potently promising…