This June it was announced that Hilton would be entering into an exclusive credit card agreement with American Express as of January 2018. Previously Hilton was in a unique position, as they had co-brand cards issued by both American Express and Citi. It seems American Express was willing to pay the price for exclusivity, meaning…
Continue reading: How Much Is Amex Paying For Citi’s Hilton Card Portfolio?
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Amex wasted their money for my Citi accounts as I cancelled both of my Citi Hilton cards. I already have an Amex Hilton Surpass and having two more would be redundant as I'm only allowed four personal Amex cards.
But pre-tax gains are different from gross proceeds (AMEX is paying for Citi)...
The meaningful number is how much they paid PER ACCOUNT. Do you have that info?
My wife and I also cancelled our 6 (3 each) Citi HH cards. We already have both of the AMEX HH cards open, so AMEX isn't getting anything from this purchase from us. Will be happy to apply for the new AMEX HH cards though, assuming a decent sign up bonus, and their being considered new products. 😉
I have to wonder if AMEX had any way of knowing how many Citi HH cardholders already also had AMEX HH cards when they decided to do this deal. If not, they may be getting far fewer new customers than they were hoping to get.
Gain on sale and sale price are different. I get what you were trying to communicate though 🙂
I wonder if Amex expects to lose the SPG card to Chase and is putting all its weight with Hilton?