MasterCard Sees Problems For Citi, Am Ex
Not surprisingly, MasterCard is not predicting good things for a new relationship between Citibank and American Express.
Following a recent court decision that went against both MasterCard and VISA, Citibank, the nation's largest bank, is rolling out a new card in conjunction with American Express.
"Given the competitive nature of the payments industry, this kind of experimentation is to be expected," said MasterCard. "The real test will be how much traction these programs get over the long term. As evidenced by the consumer complaints that have been the subject of media reports over the last several weeks, experimental programs with American Express have thus far proven to be neither innovative nor a win for consumers."