Australian banking group Westpac has signed a new partnership agreement with American Express (Amex) to launch a new set of credit card in 2018.
As per terms of the collaboration, Westpac will no longer issue American Express branded reward cards.
Instead, the bank will roll out a new range of rewards cards in early 2018 for eligible customers, which will be issued and serviced by Amex.
Westpac said that recent regulatory changes to credit card interchange fees are responsible for the bank’s decision to cease its current range of Amex reward cards from April 2018.
The new Amex-issued cards will provide Westpac customers with a number of reward options, including accelerated reward points earn rate, uncapped points and complimentary retail and travel insurance, among others benefits.
Westpac CEO of consumer bank George Frazis said: “We know how popular our American Express offer has been and our new partnership will ensure we continue to deliver innovative, market-leading products to our customers.”
Westpac will announce the further details about the new credit card products in early 2018.