American Express Co., the lender that cut ties with one of its biggest retailer partners last month, agreed to a multiyear venture with Charles Schwab Corp. to create two co-branded credit cards.
The cards will be available in early 2016, New York-based American Express said today in a statement. More details will be announced closer to when the products become available, according to the statement.
Amex is seeking new deals after announcing in February that it was ending its partnership next year with Costco Wholesale Corp., the warehouse retailer that accounts for about 20% of its loans and 10% of its cards. American Express is also parting ways with JetBlue Airways Corp.
"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, Amex's president of consumer products and services, said in the statement.
American Express said March 18 it was starting a loyalty program called Plenti, which allows customers to earn and use points at multiple retailers.