American Express Co. and Banco Popular of Puerto Rico have begun issuing Amex credit cards-a year after they announced an agreement to do so.

Banco Popular, the largest issuer of Visa and MasterCard cards in Puerto Rico, is marketing the cards to upscale consumers, said Fabio Garcia, assistant vice president at the bank. The interest rate on the card, 9.75% for six months and 15.95% thereafter, is a point lower than Banco Popular's Visa and MasterCard cards.

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