Do the Rite Thing
American Express and ShopRite recently launched a new reward card, the Platinum ShopRite Credit Card. In July 2000, AMEX signed a definitive contract to purchase the co-branded ShopRite credit card portfolio from Valley National Bank. The sale of the ShopRite credit card portfolio closed in late January of this year.
As part of the transaction, ShopRite cardholders automatically received an upgraded Platinum ShopRite Credit Card from American Express, which once activated, can be used to make purchases on the American Express global network.
"The completion of the ShopRite portfolio acquisition is an important milestone for American Express," said Alfred F. Kelly, Jr., Group President, U.S. Consumer and Small Business Services at American Express. "This acquisition is consistent with our strategy of continuing to expand our lending receivables through organic growth of American Express Cards, as well as acquiring card portfolios."
The Platinum ShopRite Credit Card includes a number of card member benefits, including elimination of the rewards deductible and cap and the inclusion of the Purchase Protection Plan. The card is fee-free and enables card members to earn a 1 percent reward on ShopRite purchases and a 0.5 percent reward on all other purchases. The Card also functions as a ShopRite Price Plus card. The ShopRite Card portfolio will be processed on the Total System Services, Inc., global system, under agreement with American Express.
ShopRite Supermarkets are members of Wakefern Food Corporation, a retailer-owned cooperative and wholesale merchandiser. ShopRite Supermarkets are located in New Jersey, New York, Pennsylvania, Connecticut and Delaware. American Express Company, founded in 1850, is a global travel, financial and network services provider. For more information visit www.americanexpress.com .
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© 2001, The Green Sheet, Inc.
