Citi American Express card in 2013? This is weird!

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yhou
 
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Citi American Express card in 2013? This is weird!

Postby yhou » Thu Jun 20, 2013 4:52 pm

I got a mailer for a credit card that comes from both Citibank and American Express. How is that possible when it was Citi who started Mastercard. Then I go to the AmEx website and I don't see it on there. These companies are direct competitors!!

How/why are these 2 banks issuing 1 card together?

FYI it was for a card called 'thank you'.


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djrez4
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Postby djrez4 » Thu Jun 20, 2013 6:17 pm

Citi is the issuer. The card gets processed over Amex's network.
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Gamma
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Postby Gamma » Thu Jun 20, 2013 11:04 pm

I don't think Citi started Mastercard.

yhou
 
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Postby yhou » Fri Jun 21, 2013 12:41 am

Yes Citi started Mastercard and no I don't follow the comment before that.

What do you mean they are the issuer and not the processor. If I were to call and apply for a Citi American Express which company would be on the other end answering the phone?

This is really strange. What will come next a Discover Visa card.

rockyrock
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Postby rockyrock » Fri Jun 21, 2013 1:54 am

yhou wrote:What do you mean they are the issuer and not the processor. If I were to call and apply for a Citi American Express which company would be on the other end answering the phone?

This is really strange. What will come next a Discover Visa card.


Visa, MC, Discover, Amex are all networks. It gets a little confusing because Amex and Discover issue their own cards unlike Visa/MC.

Think of it in computer terms or Mac OS and MS Windows.

Apple makes both the hardware (iMacs, MacBooks) and the software that runs them (Mac OS X). In this case American Express is both the hardware (Platinum/Gold/Green, Blue, SPG, etc.) and software (the Amex network) that allows you to use cards with the Amex logo to make charges.

On the other side you have Visa/MC; think of them like Windows. You can buy many different PCs with Windows installed: Dell, HP, Acer, etc. Just like you can get many different cards with Visa or MC--Citi, Chase, BoA, etc. In this case, Visa/MC is the network (Windows) and Citi, Chase, etc. is the hardware (Dell, HP, etc.)

Visa/MC used to tell banks they could not issue Amex cards if they issued Visa/MC. The SCOTUS ended that about 10 years ago and since we have seen banks traditionally associated with Visa/MC start to issue Amex cards—although the number is still relatively small compared to the American Express Company.

Much of this applies to Discover as well but I left them out for simplicity.
American Express (2005): Green & Blue Cash Everyday
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

Gamma
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Postby Gamma » Fri Jun 21, 2013 6:15 am

Good analogy.

MemberSince99
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Postby MemberSince99 » Fri Jun 21, 2013 6:41 am

I got a couple of those bank issued Amex cards, not realizing I'd ever be able to get an actual Amex again. Now that I have Amex cards the bulk of my spending goes on them, with CSP getting a lot of the rest. I still want to keep the FNBO card active but it's hard supporting them all, at least on my income/spend.

So, I have 4 Amex cards, two issued by Amex themselves, and two issued by other banks (as Amex is now a bank).

C.K.
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Postby C.K. » Fri Jun 21, 2013 8:49 am

Discover IT: $2,500 CL
BankAmericard Better Balance Rewards Platinum Plus Visa: $2,000 CL

758 FICO Score from TransUnion at no charge thanks to Discover!

Robrus1
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Postby Robrus1 » Fri Jun 21, 2013 9:00 am

yhou wrote:Yes Citi started Mastercard and no I don't follow the comment before that.

What do you mean they are the issuer and not the processor. If I were to call and apply for a Citi American Express which company would be on the other end answering the phone?

This is really strange. What will come next a Discover Visa card.


http://creditcardforum.com/visa-mastercard/27-history-mastercard-credit-cards.html
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

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Socelli
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Postby Socelli » Fri Jun 21, 2013 10:57 am

I see that Citi does in fact offer a Citi/AAdvantage American Express card but no Thank You American Express card. You're right, it is a bit strange for Citi to get on the Amex bandwagon since, like yhou said, they are direct competitors.
Cards:
American Express: Business Platinum-NPSL, Delta SkyMiles Gold-$2K
Chase: Sapphire Preferred-$5K, Southwest Airlines Visa-$3.7K, Freedom-$400
USAA: Platinum MC-$4K, Advantage Rate MC-$4K, Amex-$4K
FBNO: BucksBack Visa-$1K, Amex-$1.7K
GECRB: Walmart Discover-$3,7K
Barclays: Financing Visa-$3.2K, Juniper MC-$1.1K
Capital One: Platinum MC-$1.5K, Platinum MC-$750
CFNA: Firestone-$1.6K
CitiBank: Office Depot Business Card-$1K



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