US payment processing giants American Express
(AMEX) have announced they are to replace Visa Inc., the world’s
biggest payments network, as the exclusive processor for US
retailer’s Macy’s and Bloomingdale’s credit cards.
According to a recent statement by Macy’s,
Citigroup, one of the largest US banks has said it will issue new
cards bearing the store names and AMEX logo by the end of the year.
The deal doesn’t affect store-issued cards, which can’t be used at
other merchants. The cards will have the same credit limits,
current balances, historical account information and loyalty
program rewards as the existing co-branded card.