Last month, Amex and Discover won a lawsuit against Visa/MC International. The court ruled that it was illegal for this organization to prevent member banks from offering other credit cards. Yesterday, AMEX bought the cc portfoilio of BSNB Bancorp in upstate New York. It is a small portfoilio {only 7000 accounts} but, Amex in the 1st qt of 2002 plans to offer Amex cards under this banks logo. Is their a Citi-Amex card in our future? This is a good deal for consumers. Bigger players will mean more competion and more choice.
Very interesting. I kinda hate to see the "exclusivity" of the AMEX (and to a lesser extent, the Discover Card) go away. But I understand that it could well be a boon for us consumers. Time will tell...
