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Wednesday, January 28, 2009 Cardholder Announcement: Transition from GE Capital (MasterCard) to American Express
Dear Procurement and Travel Cardholders:
In 2008, GE Capital was purchased by American Express. This was an unexpected acquisition, but reflective of current economic times!
Upon careful review by a cross-campus committee of bank options, American Express was selected to be the future issuer of USC Travel Plus and Procurement Cards.
There were three (3) principal reasons for choosing American Express:
- Merchant Acceptability: Data suggest an extremely high acceptability rate of American Express among merchants used by USC cardholders (97% compatibility among travel-related suppliers; 96% compatibility among suppliers of goods). We are working diligently with American Express to further narrow the gap, and to set up as many non-accepting merchants on American Express as possible;
- Consistent Systems: American Express purchased GE Capital largely because of GE Capital's robust systems. Therefore, all of the systems cardholders currently use will remain the same after the acquisition. For example, cardholders can continue to use netservice and current logins to access their monthly statements. American Express's proposition -- that cardholders will experience virtually no disruption -- was very compelling;
- Added Services: American Express, given its size and international scope, offers many added services from which our cardholders will benefit.
Over the next few weeks, we will communicate to you details about this transition. In the interim, please post questions you may have to our blog: www.usc.edu/bservices/blog and note the following points:
- MasterCards issued by GE Capital will not be replaced by American Express until mid-March, 2009;
- Continue to use your GE Capital MasterCard until you receive your new American Express Card. Your MasterCard will remain valid until March 31, 2009. We will coordinate the delivery of new American Express Cards with your department's business office;
- New applications will not be required;
- All cardholders will automatically receive an American Express card, provided the card was used over the past 18 months. For Travel Plus Cards to be automatically replaced, the card must also be in good standing (not past-due more than 60 days);
We will be in attendance at the forthcoming Supplier ecoExpo and can answer questions you may have (www.usc.edu/bservices/supplierexpo). Please be assured that we will be in close contact with you over the next few weeks, and are committed to a smooth and successful transition.
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