Card briefs: Amex, Delta Spell Out Details of Cobrand Deal

American Express Co. and Delta Air Lines on Thursday revealed details of the cobranded card program they announced last August.

After a 5,000-mile enrollment bonus, customers will earn one mile for every dollar charged to the Delta SkyMiles Optima card, up to a $60,000 annual ceiling. A 50% mileage bonus, not subject to a cap, will accrue on purchases of Delta tickets and Delta Dream Vacations.

The card comes with an introductory 8.9% interest rate for six months, which jumps to prime plus 9.4%. The rate on cash advances and accounts not in good standing is prime plus 12.9%.

The $55 annual fee is waived for American Express personal, gold, and platinum cardholders.

Cardholders cannot earn points from cash advances or balance transfers. But cardholders who maintain a credit balance will get additional mileage equal to 20% of new purchases.