Here's the take on it from AXP's side, included in their earnings release. The earnings, by the way, were up a very solid 14%, including a 20% jump in Travel Related Services (which included the cards). I guess those folks who have posted on this forum how they have cancelled their AXP Sky Miles cards are a small drop in the proverbial bucket. This clearly seems like a profitable relationship for both companies.

Separately, American Express announced that it has signed agreements with Delta Air Lines to extend its co-brand, Membership Rewards and merchant partnerships. The agreements will extend these partnerships into the next decade. As part of the agreements, American Express will prepay $500 million for the future purchases of Delta SkyMiles rewards points. The company also agreed to provide a $100 million loan to Delta as part of a new credit facility currently being negotiated with other lenders as the airline struggles to fend off bankruptcy.