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Last week, Marriott announced that it extended and signed a new multi-year deal to issue U.S.-based co-branded credit cards with JPMorgan Chase and American Express. The company provided limited details but said that more information will be given in the New Year.
Marriott’s CEO Arne Sorenson said, “Marriott’s co-brand credit cards have been a meaningful contributor to the success of Marriott’s loyalty programs and a sign of the extraordinary value of our portfolio of brands.” Sorenson added that the company expects that both current members and shareholders alike will benefit from these future changes.
Marriott plans to release the co-branded cards in 2018; the cards will be associated with the hotel chain’s loyalty programs and will have improved member benefits. But for the time being, there won’t be any changes made to Marriott’s current co-branded cards and members can continue to obtain and redeem their points as usual.
This means current customers can continue to use their Marriott Rewards, Ritz-Carlton Rewards Visa, and Starwood Preferred Guest credit cards like always. Members can earn two points for every dollar spent on their Starwood Preferred Guest credit card. And Marriott Rewards and Ritz-Carlton Rewards members earn five Rewards points for every dollar spent on purchases made at Marriott Rewards and SPG properties.
But while member benefits will stay the same for now, changes are in the works. According to Marriott’s new release, in 2018 the company will introduce a “single technology platform” for Marriott Rewards, Ritz-Carlton Rewards, and Starwood Preferred Guest.
The company also plans to add a new Chase Visa “mass consumer” card as well as a premium co-branded card. The company also plans to offer a “super-premium” consumer card with American Express, geared toward its more affluent customers.
Marriott International is headquartered in Bethesda, Maryland and has a portfolio that includes more than 6,000 properties around the world and includes brands like Ritz-Carlton and Starwood Preferred Guest. The company’s 2016 acquisition of Starwood Hotels and Resorts made it the largest hotel chain in the world.
So what does this mean for the average consumer looking to apply for a hotel credit card? It is too soon to say but for current customers, this announcement will likely come as welcome news. And for both current and future customers, this change will probably result in better products and increased options.
Author: Dave Rathmanner
As the VP of Content at LendEDU, Dave regularly plans and writes content to help consumers with their personal finances. Dave’s work has been featured in the Chicago Tribune, Bloomberg, CNBC, US News, Yahoo Finance, NPR, and more.