They dragged their heels, then introduced cheap imitations of our gold and platinum cards. They've not yet matched the Centurion Card or Blue. Nor have they been quick to introduce new products for the online world. By contrast again, later this year, American Express will introduce new products that will enable consumers to browse and shop online with virtually complete security and as much privacy as they wish. The unfortunate byproduct of these policies is that they limit consumer choice.
Many consumers rely on their bank to provide all of their financial services.
A significant number of consumers who carry credit cards got them through the bank where they have their primary checking or savings account. The associations claim that banks could choose to give up Visa and MasterCard to work with American Express, if our offer was good enough. However, if the restrictions were eliminated, banks and consumers would benefit. The existing payment card networks, and maybe some new card networks, would compete for bank business by striving to create the most compelling products, services and pricing. Banks could make their own decisions, based on their own requirements, about what their customers want.