American Express Co., which for years fiercely guarded the “platinum card” name it created and accused banks that issued low-brow platinum cards of debasing its prize product, has apparently joined the ranks of the debasers.

Now that it has completed the purchase and conversion of its first U.S. bank card portfolio — the $70 million, 230,000-card cobranded ShopRite MasterCard portfolio it bought from Valley National Bank of Wayne, N.J. — American Express is issuing a card that sounds like an oxymoron: the American Express Platinum ShopRite.

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