FlyerTalk Forums - View Single Post - American Express to Partner with Schwab. Applications online 3.21.2016.

Jan 15, 2023 | 2:17 pm

#590

mia

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Quote:

Originally Posted by ziggy29

Still, that is a good question: What would happen if the Schwab product was pulled? .

If Schwab was introducing a card from another issuer, that issuer would need to buy that portfolio from American Express. When Costco moved from American Express to VISA, Citi paid American Express $1 billion premium over the outstanding balances for the accounts. If there is no portfolio sale, American Express would convert to standard Platinum cards as they did when the Mercedes Benz Platinum card ended.

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